Skill-Based Video Game Gambling Company GameCo, Inc. Raises $8.25 Million To Bring Popular Games Into Casinos
Sep 21, 2016, 09:00 ET
LAS VEGAS, Sept. 21, 2016 /PRNewswire/ -- GameCo, Inc., the creator of the world's first skill-based video game gambling machines (VGM™), announced today that it has raised both Seed and Series A financing totaling $8.25 million with the latest round led by Javelin Venture Partners, with participation by Courtside Ventures, QB1 Ventures, New York Angels, Steel Partners, and numerous strategically helpful individual investors. This capital allows GameCo to launch its first games into multiple casinos in 2016 and support the development and rollout of an ongoing pipeline of new games in 2017 and beyond.
GameCo's vision is to create a VIP destination for the next generation of casino customers–"the video game casino", combining the entertainment, engagement, and excitement of video games, esports, and gambling. The company is poised to deliver the world's first introduction to skill-based video game gambling when VGMs hit casino floors in Atlantic City this fall.
GameCo's proprietary VGM is an arcade-style video game cabinet and controller. Each VGM features a single-player game, generally 60-90 seconds to play, adapted from top console, pc, and mobile developers. The patented VGM gambling platform allows a player's skill in popular video games to determine the payout and winnings, while maintaining the same casino economics as slot machines. Game genres such as action, adventure, sports, racing, fighting, platformer, and casual games will soon be prominent as casinos adapt to GenX and Millennial gamers who grew up playing video games.
GameCo was founded in 2015 and is based in New York with offices in Las Vegas. "Casinos are eager to get the machines on their floors and study how their customers react to the revolutionary prospect of video game gambling. The key to success is balancing the game design and game math," said GameCo co-founder and CEO Blaine Graboyes. "We're working closely with our casino and game partners to learn from player data and feedback and to optimize the gameplay experience."
"GenX and Millennials don't play slots, but they do play video games," said Jed Katz, Managing Director of Javelin Venture Partners. "And while casinos have been attracting those customers with hot nightclubs, bars, and restaurants, it's only logical that they offer a gambling product that's attractive and fun for this customer base. We love GameCo's methodical approval to filling that void and we expect that they will establish a long term leadership position in a space that's about to get really big," Katz added.
Deepen Parikh, Partner at Courtside Ventures shares that "GameCo's vision of offering video gaming experiences within casinos, presents a unique opportunity to be a part of both, the multi-hundred billion dollar slot machine industry and the rapidly growing global esports market. Blaine has brought together a group of highly experienced casino and gaming industry veterans, developing what we believe is a strong competitive advantage, in a highly regulated industry."
About GameCo, Inc.:
GameCo, Inc. (gco.gg) is a pioneering new company that is uniting video games with casino floor gaming. GameCo is the creator of the world's first skill-based video game gambling machines (VGM™), proprietary arcade-style cabinets that balance player skill with patented game design, while maintaining the same return to players as traditional slot machines. Founded by video game, casino gaming, technology, and live event veterans, GameCo brings together executives from Scientific Games, IGT, and AGS along with award-winning producers for game publishers such as Blizzard Entertainment, WarGaming, Ubisoft, DreamWorks, and The World Series Of Video Games. The company is currently completing the regulatory approval process and expects to begin field trials within major casinos in 2016.
GameCo is privately held and headquartered in New York City, New York.
For the latest GameCo news, visit gco.gg and follow the company on Twitter at twitter.com/GameCoInc.
SOURCE GameCo, Inc.