Playtech makes strategic investment in video game casino company GameCo
London-listed supplier inks long-term access and distribution agreement with Las Vegas-based firm
Playtech has made a strategic investment in video game gambling company GameCo. The Las Vegas-based company confirmed the investment by Playtech as part of a new funding round, with prominent Playtech shareholder and SpringOwl Asset Management CEO Jason Ader among the investors. Playtech has signed a long-term distribution agreement which aims to provide greater global commercialisation of GameCo’s products, via access to Playtech’s existing online casino portfolio. In addition, GameCo will receive access to Playtech’s Gaming Platform as a Service (GPAS) system and full igaming development tool suite. Commenting on the strategic investment, Playtech CEO Mor Weizer said: “We have followed GameCo’s progress for some time and have been very impressed with its innovative and creative content. “GameCo’s expansion into digital markets comes during a period of great industry growth and potential. Today, players at US online casinos alone spend more than 30 million minutes daily playing games. “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,” Weizer added. GameCo has said the new funding will used to develop new game titles and to expand its online, esports betting and retail businesses during 2021. The firm has also said it is looking to become the leading esports betting operator in the US and is aiming to attract mobile-native Gen X and Millennial players. GameCo is currently licensed in more than 30 jurisdictions globally, including the state of New Jersey. Discussing his investment in GameCo, SpringOwl CEO Ader said: “There are very few market segments which are completely global, totally consumer-facing and instantly scalable. “The intersection of skill and gambling online is rapidly emerging as a massive opportunity, and GameCo is uniquely positioned as one of the most innovative players in the industry. “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,” he added.