123gaming launches £1m funding campaign

Gaming technology company 123gaming has announced plans to raise up to £1 million (€1.2 million/$1.2 million) on equity crowdfunding platform Seeders.com.

123gaming said it will use the funds to upgrade its betting platform in the US and launch an online horse racing contest and wagering site in the UK later this year.

Sportech has kick-started the funding campaign by committing to an investment of £100,000 in 123gaming, which has provided skill-based gaming platforms to US horse tracks for over a decade and also operates US-based horse racing online wagering site 123bet.com.

A successful £1 million fundraising for 23% of the firm would value 123gaming at £4.3 million.

“We are very pleased that Sportech has helped us get this funding underway,” 123gaming chief executive Rob Earle said.

“We have successfully undertaken smaller funding rounds through the Enterprise Investment Scheme.

“There has been a significant response to our games in the US, with very little marketing spend, and we are now 100% focused on expanding our offering in both the US and UK with Sportech as our partner.”

Andrew Gaughan, president of the Sportech Racing and Digital arm of Sportech, added: “Based on our experience distributing the 123racing wager in the USA, Sportech continues to be bullish on the appeal of the 123gaming platform in the US gaming marketplace and the opportunity for expansion in the UK.”

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