GameCo, a gambling company based in Las Vegas, has announced a funding round to help it expand its market, including its presence in esports betting.
The round, led by gaming technology companies Playtech and SpringOwl Asset Management, will finance the production and distribution of gaming goods to draw new players and demographics to casinos.
The capital injection comes less than a week after the company named Adam Rosenberg as its new Chief Executive Officer, succeeding former CEO Blaine Graboyes. The amount invested was not disclosed.
“GameCo was created with the goal of attracting and monetising younger gamers and gamblers who, unlike older generations, want immersive and diverse digital gaming experiences both at casinos and from the comfort of their homes,” Rosenberg said in a statement about the funding round. COVID-related shutdowns intensified these developments, as did the need for vast portions of the global population to be remote.”
“There are very few business segments that are fully global, completely consumer-facing, and immediately scalable,” said SpringOwl CEO Jason Ader. GameCo is strategically positioned as one of the most creative players in the industry, as the intersection of talent and gambling online is increasingly emerging as a huge opportunity.
“We are always searching for the next generation of trailblazers, and we believe GameCo is exactly that for the regulated gaming industry,” says SpringOwl.
GameCo will continue to advance into digital markets in 2021, including widening the reach of its gaming, esports betting, and retail businesses, and will use the funds to fuel these innovations.
GameCo made several moves last year to strengthen its presence in the esports betting market, including the launch of its esports-focused brand iGameCo and an esports wagering solution.
In December 2020, the company launched an esports-focused sportsbook in Colorado in collaboration with US Bookmaking and Sky Ute Casino Resort.
GameCo also uses esports data provider GRID to provide its integrated data and streaming solution, which is accessed through the aforementioned betting apps. The partnership, which has been a vital part of GameCo’s esports campaign, was formalised in March 2020 when the two agreed to work together to offer esports wagering products in North America.