"Mobile app payments have the potential to revolutionize loyalty in the casino gaming industry"
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Sightline Payments is a FinTech company that provides cashless, mobile, and omni-channel payment solutions for regulated gaming markets. Sightline will buy JOINGO's app technology to create a mobile engagement and loyalty platform for the casino gaming industry.
JOINGO will join Sightline's value-added solutions portfolio. Sightlin's focus is on offerings that enhance revenue, patron loyalty and operational efficiencies for its casino operator partners.
Sightline is planning to expand into sports betting and cashless casinos. They are working with regulators in Louisiana, Mississippi, New Jersey, Michigan and Ohio. They will be opening new markets this fall and into early next year.
JOINGO has acquired a payment app that meets the needs of both the end consumer and the operators. It provides real-time payment trends to personalize offers and understand consumer preferences. It also helps operators differentiate from the competitor down the street. The company acquired JOingo to meet the demands of the casino customers and operators and to develop a better solution.
The gaming industry posted an $11 billion Q1, the highest-grossing quarter on record. Commercial gaming revenue in April was up 25% over April 2019. This explosion is fueled by rising vaccination rates, an overall positive trend in consumer spending and momentum in the sports betting and iGaming verticals.
Contactless payments through a mobile app have the potential to revolutionize loyalty in the casino gaming industry. JOINGO has provided loyalty and marketing personalization. Sightline’s cashless payment solutions can be used to create something that can provide value to guests and casino operators alike.
American Gaming Association released a report last year. Eilers & Krejcik Gaming analysts say mobile app payments have the potential to revolutionize loyalty in the casino gaming industry. They say the innovation of cashless options far outweighs the issues. They believe the industry must modernize to attract younger consumers. The risk of fraud is akin to that of high-end retail. It is important to have policies, regulation and enforcement in place to avoid potential new risks.
Sightline serves both the online sports betting and iGaming markets. The combined market is expected to grow from $3 billion in total revenue to $22 billion over the next five years. Sightline is well positioned to transform the gaming industry's $250 billion revenue market.
Sightline is working on new payment technologies. There are concerns about AML, KYC and source of funds in the payments landscape. Sightline will continue to innovate and be at the cutting edge of payments technologies, while also bringing to market solutions that gaming regulators would deem permissible in their jurisdictions.
