Finance

GameCo funding round attracts investment from Playtech and SpringOwl

| By Robert Fletcher
Casino games developer GameCo has announced that its latest funding round attracted investment from gambling technology giant Playtech and SpringOwl Asset Management, the industry investor headed by Jason Ader.

GameCo said funds raised through the round, which also drew interest from a number of existing investors, will be used to help develop new game titles and expand the scope of its online, esports betting and retail businesses.

This, GameCo said, will support its ongoing aim of expanding into more markets around the world. The developer is currently licensed in over 30 jurisdictions globally, including New Jersey in the US.

“We’re thrilled to bring on board new investors like Playtech and SpringOwl, who represent the best-of-the-best in strategic financiers, to help us advance these exciting business initiatives,” GameCo chairman Robert Montgomery said.

“The online gambling space represents an enormous opportunity for GameCo to capitalise on mobile-native Gen X and Millennial players – core constituents within the digital gaming and esports industries.”

In related news, GameCo has entered into a long-term distribution deal with Playtech, granting GameCo access to Playtech’s network of online casino brands.

GameCo will have direct access to build igaming products on Playtech’s Gaming Platform as a Service (GPAS) system, as well as the ability to leverage Playtech’s advanced technology and distribution footprint.

The developer added that this arrangement will enable it to access a wide range of new markets across Europe, Latin America and North America.

Playtech chief executive Mor Weizer said: “GameCo’s entry into the regulated iGaming market is extraordinarily well timed, and we are delighted to be supporting its growth with our investment and our platform.”

SpringOwl chief executive Ader (pictured) added: “I have no doubt that this funding will open many doors for GameCo and its exceptional team, who are innovating at a rapid pace to bring a distinct change to the casino experience and attract the next generation of players.

“The scaling opportunities in this relatively untapped sector are extremely exciting, and SpringOwl is delighted to support the company’s mission to be the foremost player in key next-gen gambling categories – including arcade-style gambling and igaming.”

The funding round and Playtech distribution deal comes after GameCo last week also confirmed the appointment of Adam Rosenberg as its new chief executive.

Rosenberg will be join GameCo from Fortress Investment Group, where he has been responsible for investments made across the capital structure in the gaming and leisure sector globally as managing director and global head of gaming and leisure.

He has been a board observer on GameCo’s board of directors since 2018, when affiliates of Fortress first invested in GameCo.

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