US sports betting geo-compliance firm Xpoint secures investment from Bettor Capital ahead of launch
Location-based technology and compliance company xpointspecialist in the American sports betting and iGaming markets, has signed an investment partnership with Bettor’s capitalthe company announced on Tuesday.
Bettor Capital, an early-stage venture capital firm focused on real-money online gaming opportunities, is investing in Xpoint ahead of its launch. The geolocation platform should be put into service with its first partner “early 2022”, according to a press release.
With this agreement, the venture capital firm is poised to support the company’s goal of “bringing innovative, partner-focused solutions” to the established geo-compliance market. Funding will play a key role in Xpoint’s accelerated expansion into the US market.
“I am delighted that Bettor Capital has taken the opportunity to invest in us at such an exciting time in our development,” commented Marvin Sanderson, CEO and co-founder of Xpoint. “2022 is going to be an incredible year for Xpoint as we look forward to the full launch of our location-based platform and a series of partner announcements, beginning early in the first quarter.”
The recently announced deal builds on the late 2021 announcement of Xpoint’s first major US sports betting partnership, with a sports betting exchange Sporttrade. The partnership will see Xpoint’s location-based technology integrated into all of Sporttrade’s digital platforms, ensuring that all transactions made by Sporttrade customers strictly adhere to state and federal regulations.
As part of this agreement, Xpoint is also ready to work with Sporttrade to use customer data generated by the Xpoint platform “to improve customer engagement”. and to improve the user experience for the betting exchange’s customers, according to a press release.
“Xpoint offers an essential and highly valuable solution that will benefit from the continued strong end-market tailwinds in the online gaming space today,” said Dave VanEgmond, Founder and Partner of Bettor Capital.. “We couldn’t be more excited to work with Marvin and the Xpoint team to help drive continued growth, scale and momentum in the North American online gaming end market.”
Founded in 2019, Xpoint describes itself as a company bringing innovative, partner-focused solutions to the established geo-compliance market. It aims to facilitate safe and compliant betting and gaming, as well as provide enhanced marketing benefits that can be used across multiple business functions..
Led by CEO and co-founder Marvin Sanderson, the company has offices in Miami, Florida. It aims to bring innovation to an industry that has, until now, “viewed geo-compliance as a utility” rather than a new business opportunity..
The company made its US debut at G2E last year, officially launching in the country at the Vegas industry summit, which ran from October 4-7.. It has partnered with sports betting, iGaming, casinos and sports market advice SCCG Management for the occasion.
“Xpoint will change the landscape of sports betting and iGaming compliance in the United States,” CEO Marvin Sanderson said ahead of G2E. “Our platform provides our partners with the secure and compliant framework in which to operate in the United States and, uniquely in the global location-based market, the ability to develop a range of marketing benefits that can be deployed across multiple business functions. ”