Sightline Payments (“Sightline” or the “Company”), a dynamic Financial Technology (FinTech) company that is enabling the next generation of cashless, mobile and omni-channel commerce solutions for the gaming, lottery, sports betting, entertainment and hospitality ecosystems, today announced a strategic investment from Searchlight Capital Partners (“Searchlight”), a leading global private investment firm with more than $8 billion in assets under management. The transaction establishes a post-money valuation of $525 million for the Company.
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Sightline serves many of the premier gaming and entertainment operators in the United States including the top-10 sports betting and gaming operators. The Company is poised for significant growth with 60+ programs live in 39 States. Additionally, sports betting is now legalized in 25 states with ballot initiatives underway in more key markets.
Play+, Sightline’s flagship solution for seamless and secure pay-and-play with nearly 1.5 million enrolled accounts, is the leading cashless mechanism for users to safely and easily store money and fund their entertainment on gaming apps, on the gaming floor, and on sports platforms with instant access to their money, anytime, anywhere – all from a smartphone. Customers can also use their Play+ account for transactions at restaurants, retail or e-commerce outlets, and can make ATM withdrawals to easily access their funds while earning valuable loyalty benefits.
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The Play+ solution has proven particularly valuable to operators and customers given accelerating demand from consumers for digital payments and cashless integration. Not only has demand for cashless payments in integrated resorts gained tremendous momentum, but sports betting is burgeoning. Play+ remains the premier choice of patrons moving money in and out for iGaming, mobile sports, horse racing and lotteries – all forms of entertainment that are experiencing significant growth.
“Sightline is undergoing an exciting and important transformation and Joe will be an incredible leader, a fierce customer advocate, and is an industry powerhouse. I am confident in his ability to deliver truly phenomenal business performance,” said Kirk Sanford. “I also want to offer my sincere thanks to my incredibly talented colleagues and to the Sightline Board for their guidance and leadership during my tenure. Searchlight is a first-class firm that values and respects those who built the company and whose capital, strategic guidance and operational support will help create considerable long-term value.”
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