$25 Million in Financing Raised by Gambling Gaming – The Skill Based Gaming Developer
Gamblit Gaming Plc., the real- money, skill- based gambling platform developer, was successful in raising USD $25 million in financing for their upcoming projects. Based in Glendale, California, the company termed the investment as new growth financing. The money will provide them with the backing needed to expand their operations even further than they have in recent months.
Gambling Gaming Plc. gained recognition from all corners of the world for creating the renowned Model G interactive gaming table. These tables can now be found dotted around selected MGM Resorts International and Caesars Entertainment Corp. properties. The Model G table is an interactive table that encourages communication between players. The table allows a maximum of four individual players to interact together. To use the game table, the four gamblers have to stand around the display. They can then choose to compete co-operatively with each other or competitively between each other. Once these options have been selected, the table prompts the players to make their real money contributions before allowing them to engage in their chosen games. Additionally, unlike traditional casino games, the outcomes of these games do not depend entirely on chance. In fact, they make use of elements of aptitude to determine a winner.
The company explained in a press release that the newly acquired capital will be used to develop new offerings for their clients. It has been known for a while now that younger adults, namely the millennials, are rather uninterested in casino games. Gamblit Gaming said that these new products were being created to appeal specifically to a younger audience.
The Chairman of Gambling Gaming Plc., Miles Arnone, mentioned that Gamblit Gaming has gone from strength to strength in the past. He also said that he is confident that their new investors share in the same belief and expects to see the company expand even more with the new contributions.
He said, “As Gamblit [Gaming] prepares for full commercial launch of its gaming products in Las Vegas and other gaming jurisdictions, we’re confident our new investor relationships will drive growth as they share in our vision.”
The younger audience of today has shown to be rather anti- gambling compared to their parents or grandparents. Slots and simple games of chance simply do not cut it for them. Many gaming experts have gone as far as to label casino games enthusiasts a dying breed. As a result, casino resorts and other gambling establishments have been looking towards new technology and fresh ideas that can help them bring young adult customers to their gaming floors for a while. However, they have to note that the typical millennial is not interested in games of the low odds category. They instead favour gaming styles that utilise their ability to dictate a potential win.
For the longest time, the state law in Nevada mandated that gaming machines need to offer the same odds to all the players that sit down at any single unit. This meant that slot machine creators had to design their games in a way that would give no player an advantage over the next. This law was finally modified in 2015. This is when the Silver State approved what can be termed as flexibility in pay out percentages. This also extends to the outcome of a game being determined on the basis of non-discriminatory factors. As a result, gaming developer have been able to add a skill based element to their newer products. Meaning, if a player is better skilled at a game, they stand a higher chance of getting a win compared to someone who is not.
In Nevada, skill based platforms are required to have a minimum pay out figure of 75 per cent. Similar measures have been taken by Atlantic City; though the rules in New Jersey state that pay outs must be 83 per cent or higher for players using these special machines.
Given recent developments, it seems like that Caesars Entertainment Corp. is taking the lead into the future. Caesars was the first major casino operator to partner with games developers that were working particularly on products that would appeal to the millennials. Both Gamblit Poker and Cannonbeard’s Treasure made their debuts in New Jersey at the Harrah’s Resort Atlantic City. Their successful debut in with the Caesars’ properties in AC in March 2016 was followed by the games being rolled out to their Nevada gaming establishments. Gambling offerings were soon introduced in Las Vegas at The Linq, Planet Hollywood and Paris.
MGM Resorts International was also quick to react to this development. They approached Gamblit Gaming and finalised a development deal with them earlier this month. As a result, the aforementioned games can now be seen on the floors inside the MGM Grand on the Las Vegas Strip. Both casino companies are committed towards expanding these innovative formats further. This is provided that the test periods for the skill based units come out to be a success.
As Gamblit Gaming is a private company, they are not required to file financial disclosure documents with the authorities. This means the investors behind the USD $25 million buy- in can remain anonymous forever, if they choose to do so.
The company is optimistic about its future and believes that the soft launch into MGM and Caesars has been very well received by the punters so far.
The CEO of Gamblit Gaming Plc., Eric Meyerhofer, said that there was a lot of demand for the new kind of technology.
He said, “There is significant demand from casino operators for our innovative products. At Gamblit, we have begun to launch field trials in Las Vegas … and play engagement has been very strong.”
Gamblit Gaming Plc.
Gamblit Gaming Plc. is a leading technology provider for a new and emerging field in gambling. The new initiative points at casino games that bring interactive entertainment to the gambling space. The trend allows for developers to modify gaming titles from a wide range of video game genres. These can then be accommodated with the wagering experience for both the online and on- site platforms anywhere in the world. Gamblit Gaming provides all the essential regulated technology, customer operations, and licenses for this type of gaming. This means with the help of Gamblit Gaming, video game developers, publishers, and casino operators are free to focus on just making the best possible video game experience for their players. Founded with the goal of bridging the gap between video games and gambling in mind, Gamblit draws on their executive team, which has deep roots in both the industries. The company is headquartered in Glendale, California and has already struck up a partnership with American gaming corporation, Caesar’s Entertainment Corp. Their products are currently on trial; if successful, hundreds will be rolled out across the casino floors of the USA.