Cannae Holdings, Inc. announced a $32 million investment in Sightline Payments, a dynamic fintech company that is enabling the next generation of cashless, mobile and omnichannel payment solutions for the gaming, lottery, sports betting, entertainment and hospitality ecosystems, as part of a completed $100 million funding round.
“Sightline Payments’ seasoned leadership team has a proven track record and a vision to capitalize on many of the highest growth sectors in the entertainment industry, and I look forward to working side-by-side with them to achieve their goals,” said William P. Foley II, chairman of Cannae. “Sightline is the only fintech company specializing in the gaming industry. Their solutions will provide the first true omnichannel solution for gaming—connecting a customer’s sports betting account, online casino accounts, and integrated casino resort loyalty accounts together for use across any and all of those verticals.”
Foley, who also owns the NHL’s Vegas Golden Knights, says that the advantage Sightline has is its simplicity.
“Sightline’s Play+ solution is the only platform that spans the entirety of the gaming operation, from digital to the casino floor and across the essential non-gaming activity of the modern integrated casino resort,” he says. “When an account is created, patrons receive a single, FDIC-insured account that can work seamlessly across all channels, verticals, properties, and jurisdictions.”
Sightline CEO Joe Pappano says that Play+ will encourage customer loyalty.
“Research by both the AGA and Paysafe indicates that a consumer’s top priority when choosing a sportsbook is the ease of payments and quick and easy deposits,” he points out. “Through our discussions with operators nationally, we stress to them the importance of payments in loyalty and retention, particularly given the high cost of player acquisition for them.”
With more than five years of experience on the casino floor, Pappano says Play+ is now a mature system, accepted by players.
“Play+ was designed from the beginning as an omnichannel solution, with integrations in place with the top digital platform and all of the key CMS providers,” he says. “We first brought slots live in the market over five years ago, then the Supreme Court invalidated PASPA and the rapid expansion of mobile sports led to our explosive growth in the digital channel. Now we are supporting our casino partners to bring these channels and verticals together and extend the cashless experience across the entire digital and integrated casino resort experience.”