Las Vegas-based gambling company GameCo has announced a financing round intended to accelerate the expansion of its business, including its footprint in esports betting.
The funding round, led by gaming technology companies Playtech and SpringOwl Asset Management, will fuel the design and provision of gaming products to drive new players and demographics to casino environments.
The capital infusion arrives one week after the company appointed Adam Rosenberg as its new Chief Executive Officer, filling in the role of former CEO Blaine Graboyes. The investment figure was not disclosed.
Rosenberg commented on the funding round in a release: “GameCo was founded with the intention of attracting and monetising younger gamers and gamblers who, unlike older generations, want interactive and varied digital gambling experiences both at casinos and from the comfort of their homes. COVID-related shutdowns and the need for large portions of the global population to be remote accelerated these trends.”
Jason Ader, CEO of SpringOwl, added: “There are very few market segments which are completely global, totally consumer-facing and instantly scalable. The intersection of skill and gambling online is rapidly emerging as a massive opportunity, and GameCo is uniquely positioned as one of the most innovative players in the industry.
“SpringOwl is always looking to invest in the next generation of trailblazers, and we believe GameCo is exactly that for the regulated gaming industry.”
Throughout 2021, GameCo will continue pushing into digital markets, including expanding the scope of its online, esports betting, and retail businesses, using the funding to power these developments.
Over the course of last year, GameCo made several moves to advance its position in the esports betting space, including the launch of its esports-dedicated brand iGameCo, as well as an esports wagering solution.
Through a joint partnership with US Bookmaking and Sky Ute Casino Resort, the firm also debuted an esports-focused sportsbook in Colorado in December 2020.
GameCo additionally leans on esports data provider GRID to supply its integrated data and streaming solution, which is tapped through its aforementioned betting applications. The union, which has served as a key piece of GameCo’s push into esports, began formally in March 2020 when the pair partnered in an effort to deliver esports wagering products in North America.
Esports Insider says: Esports betting is just one piece of GameCo’s expansion strategy following this investment, but it has been an area they’ve invested in considerably over the last 12 months. We’ll continue to keep an eye on the company to see how it intends to pursue further esports wagering opportunities.