KUALA LUMPUR (Oct 14): Genting group-backed Sightline Payments, a digital payment solution provider for the sports betting and casino markets, is eyeing global expansion after achieving unicorn status just two months ago.
In an email response to a query by theedgemarkets.com on whether the group has plans to introduce its expertise and products to Genting’s global casinos and hotels outside the US, the company’s spokesperson reply in brief, “Sightline is currently evaluating a number of legal jurisdictions outside of North America, including some in Asia and Europe.”
Early this month, Sightline launched its first branded Play+ Mastercard with Genting’s US$4.3 billion (RM17.8 billion) Resort World Las Vegas, which opened on June 24, 2021. This allows cardholders to pay for all their gaming and non-gaming activities by syncing the card with their smartphones using digital wallets or the Resorts World Las Vegas mobile app, which was built by Sightline mobile engagement and loyalty solution JOINGO.
According to Sightline, the opening of Resorts World Las Vegas signified a benchmark in the casino gaming industry’s digital transformation by offering a “first-of-its-kind fully cashless experience” across the entire integrated resort.
“The foundation of Play+ is to provide customers with a safe, secure and responsible payments experience to fund their gaming and entertainment,” said Joe Pappano, Co-CEO of Sightline Payments.
Pappano added that its collaboration with Mastercard will further cement that goal and both companies look forward to working together to enhance payment options within the gaming industry and further the digital transformation of the consumer experience, the statement released on Oct 6 showed.
According to the company’s website, Sightline said it is committed to help the gaming industry move towards a cashless society, in the wake of the pandemic.
It said the coronavirus pandemic has generated concern over bills circulating among hundreds of hands on the casino floor, and that is pushing casinos toward cashless technology after years of discussion.
“Cashless payments bring casinos more in line with everyday life. Fears over the spread of Covid-19 are leading to broader consumer adoption of mobile-phone payment systems to avoid contact at cash registers,” it added.
Hence, it believes a cashless casino floor experience means a safer experience for guests.
Notably, Sightline is the first unicorn in Nevada after securing US$244 million in August that turned it into a unicorn.
In startup-funding terminology, the term unicorn refers to a private company that has achieved a valuation of US$1 billion.
Sightline said in a statement on Aug 17 that the US$244 million funding round is the company’s second this year, after it successfully raised US$100 million in April 2021.
Genting group’s investment in Sightline is undertaken via Genting group's corporate venture arm Genting Ventures, according to Genting Ventures’ website.
Genting Ventures’s website shows that the investor had invested in nine companies which include Sightline, Hoolah Holdings Pte Ltd, PT Bukalapak.com and PLAYSTUDIOS Inc.
Genting Bhd’s shares closed down eight sen or 1.52% to RM5.19, giving it a market capitalisation of RM20.12 billion.