Sightline Payments Hits $1 Billion Valuation, Becomes Nevada’s First Fintech Unicorn

Sightline Payments, a provider of cashless gaming solutions, eclipsed a common soldier market valuation of to a greater extent than $1 billion, making the accompany Nevada’s first off fintech “unicorn.”

“Unicorn” is financial idiom for nearly held companies with valuations of at least $1 billion. Just 700 worldwide startups get the unicorn designation. Las Vegas-based Sightline reached that position next a $244 1000000 funding round out led past Bill Foley’s Cannae Holdings (NYSE:CNNE).

In increase to Cannae Holdings, this funding unit of ammunition included existing investors Genting Group, Point Break Washington Management, and founding investor Walter Kortschak,” according to a statement.

Sightline’s cashless gaming systems are used at Resorts World Las Vegas. That $4.3 1000000000000 integrated resort, which debuted nearly deuce months ago, is owned past Genting.

Sightline Funding Arrives as Cashless Gaming Takes Off

The aforementioned $244 meg investiture inwards Sightline follows a $100 zillion funding round of drinks inward April that was led past Cannae Holdings and Foley and included Kortschak, Genting Group, Point Break Capital, Searchlight Capital Partners, Shift4 Ventures, and Vectr Ventures.

Investors’ enthusiasm comes as more brick-and-mortar casinos are embracing cashless gaming inwards the wake of the coronavirus pandemic.Reducing the enjoyment of hard cash in casinos is an efficient avenue for operators’ up wellness and safety protocols, and some executives are going so far as to telephone cash in “antiquated.”

Beyond increased acceptance in the land-based casino market, Sightline is tethered to other fast-growing gaming segments, including iGaming and sports wagering as substantially as drawing and racing.

“Payments companies the likes of Sightline Payments helped sports betting acquire past nearly 70 percent and iGaming past nearly 200 percent inwards 2020,” according to the company. “The combined online sports betting and online casino securities industry is projected to grow from $3 one thousand million inwards 2020 to $22 one thousand million by 2026.”

Some longer-ranging online casino and sports betting projections are far higher than that. Sightline’s online clients include BetMGM, Caesars, DraftKings, FanDuel and WynnBET, among others.

Sightline Funding Could Be Another Big Win for Foley

In the statement telling the in style(p) funding labialize and the $1 one thousand million valuation, Sightline doesn’t discuss the possibleness of an initial public offering (IPO), but that is a stair many unicorns eventually take.

Should that happen, it’d live a windfall for investors similar Foley’s Cannae and Genting. For his part, Foley, the possessor of the National Hockey League’s Las Vegas Golden Knights, has an impressive runway record book of digital gaming investments.

Last year, his special aim acquisition accompany (SPAC) Foley Trasimene Acquisition Corp. II revealed plans to merge with Paysafe Group Holdings Ltd., a processor of online payments for online sportsbooks. Paysafe now trades on the New House of York Stock Exchange below the ticker “PSFE.”

In May, Foley’s battle of Austerlitz Acquisition Corp. I (NYSE:AUS), another blank-check firm, agreed to merge with Wynn Interactive to wreak that accompany public. That sell has an estimated post-transaction endeavour economic value of $3.2 billion.

line Payments, a provider of cashless gaming solutions, eclipsed a buck private securities industry valuation of to a greater extent than $1 billion, making the society Nevada’s first fintech “unicorn.”

“Unicorn” is financial parlance for intimately held companies with valuations of at to the lowest degree $1 billion. Just 700 world-wide startups hold the unicorn designation. Las Vegas-based Sightline reached that position next a $244 trillion funding unit of ammunition led by Bill Foley’s Cannae Holdings (NYSE:CNNE).

In addition to Cannae Holdings, this funding circular included existing investors Genting Group, Point Break Capital Management, and founding investor Walter Kortschak,” according to a statement.

Sightline’s cashless gaming systems are used at Resorts World Las Vegas. That $4.3 one thousand million integrated resort, which debuted nearly deuce months ago, is owned past Genting.

Sightline Funding Arrives as Cashless Gaming Takes Off

The aforementioned $244 gazillion investiture inward Sightline follows a $100 meg funding unit of ammunition inwards April that was led past Cannae Holdings and Foley and included Kortschak, Genting Group, Point Break Capital, Searchlight Washington Partners, Shift4 Ventures, and Vectr Ventures.

Investors’ enthusiasm comes as to a greater extent brick-and-mortar casinos are embracing cashless gaming in the backwash of the coronavirus pandemic.Reducing the habituate of hard currency inwards casinos is an efficient boulevard for operators’ up wellness and refuge protocols, and some executives are going so far as to call in cash in “antiquated.”

Beyond increased adoption inward the land-based gambling casino market, Sightline is tethered to other fast-growing gaming segments, including iGaming and sports wagering as swell as lottery and racing.

“Payments companies the like Sightline Payments helped sports betting get past nearly 70 percent and iGaming by nearly 200 percent in 2020,” according to the company. “The combined online sports betting and online cassino market place is projected to produce from $3 one thousand million in 2020 to $22 1000000000000 by 2026.”

Some longer-ranging online casino and sports betting projections are far higher than that. Sightline’s online clients include BetMGM, Caesars, DraftKings, FanDuel and WynnBET, among others.

Sightline Funding Could Be Another Big Win for Foley

In the statement revealing the modish funding troll and the $1 one thousand million valuation, Sightline doesn’t discuss the possibility of an initial public offering (IPO), but that is a tread many unicorns eventually take.

Should that happen, it’d live a windfall for investors the likes of Foley’s Cannae and Genting. For his part, Foley, the possessor of the National Hockey League’s Las Vegas Golden Knights, has an impressive caterpillar track enter of digital gaming investments.

Last year, his special aim acquisition companionship (SPAC) Foley Trasimene Acquisition Corp. II revealed plans to merge with Paysafe Group Holdings Ltd., a processor of online payments for online sportsbooks. Paysafe now trades on the New York Stock Exchange below the ticker “PSFE.”

In May, Foley’s battle of Austerlitz Acquisition Corp. i (NYSE:AUS), another blank-check firm, in agreement(p) to merge with Wynn Interactive to fetch that fellowship public. That deal has an estimated post-transaction go-ahead note value of $3.2 billion.

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