US-focused player account management (PAM) platform Strive Gaming has sealed new investment from major gambling industry stakeholders.
The funding round was led by sports betting supplier OpenBet, which has in return received a significant minority stake in the Strive Gaming business.
Strive Gaming’s proprietary PAM technology will now be integrated into the OpenBet sports betting solution, alongside regulatory compliance features from Neccton.
The deal marks OpenBet’s first strategic foray into iGaming – or online casino – since splitting off from Light & Wonder (formerly Scientific Games) in 2022.
OpenBet expects the investment to provide increased opportunities for both organisations across North America, including in tribal gaming markets.
OpenBet CEO Jordan Levin said the investment would unlock “major new opportunities” for OpenBet as a global industry supplier.
“With the strength of Strive Gaming’s PAM as a future-proofed solution for the US market, combined with OpenBet’s high standards, we can offer US operators a fully integrated, turnkey proposition that will fuel responsible betting experiences,” he added.
“This new partnership sparks a new chapter in our history, and we are looking forward to working closely with the Strive Gaming team.”
Investors with gaming pedigree
Knutsson Holdings AB also participated in the round. The Swedish family-owned fund was previously the largest shareholder in NetEnt before its sale to Evolution.
Finally, specialist gaming fund Astralis Capital Management was added to the investment consortium alongside Betsson, which was a seed investor in Strive Gaming.
Strive to remain independent
Strive Gaming was founded in 2021 by ex-Kambi duo Damian Xuereb and Max Meltzer.
Despite the cash injection from OpenBet, Strive will continue to operate independently, with Meltzer continuing as CEO and Xuereb remaining as president and CCO.
NEXT.io understands Strive Gaming will use the fresh capital to obtain licences in all US iGaming states, while continuing to improve its PAM solution and online casino suite.
Strive Gaming currently supports US customers including Four Winds Casino, Golden Nugget (DraftKings), Desert Diamond and Betsson-owned Betsafe.
In December, the firm also landed a contract to develop PointsBet’s online casino product in Ontario.
“Strive Gaming is perfectly positioned to increase our PAM market share and become a leader in the US online betting industry over the coming years,” said CEO Meltzer.
“OpenBet is a key, trusted brand in the global sports betting arena, and we welcome the company’s investment, in a move that will take us in a bold new direction, while maintaining our independence.
“Together, OpenBet and Strive Gaming have expertise across the entire betting industry, combined with strong tech and talent,” he added.
2024 investment landscape
Strive Gaming is one of the first early-stage online gambling companies to announce a major investment in 2024.
https://next.io/news/strive-gaming-secures-funding-with-openbet/
We are ecstatic for our partner, PointsBet, as we celebrate an extraordinary milestone in our journey together!
Sam Swanell, PointsBet Group CEO said, in their recent earnings call, “We also recently announced our strategic partnership with Strive Gaming, which will transform our iGaming offering and accelerate our growth in this critical market.
Through partnering with Strive, we will be able to bring our customers a broader selection of games and enhanced overall experience. We’ve been hard at work with Strive, working through the integration, and we’ve begun the progressive rollout of Strive capability onto our platform. We expect this new offering will accelerate the growth of our iGaming business, helping drive more favorable game mix over time with higher gross margins, along with enhanced retention and customer lifetime values.” – A testament to our successful partnership!
At Strive Gaming, we take immense pride in being instrumental in this remarkable achievement. Together with PointsBet we’ve pushed the boundaries of iGaming, bringing a diverse and exciting array of games to players, and enhancing promotional offerings to create an unparalleled gaming experience.
This record-breaking revenue is not just a number; it’s a testament to our dedication, innovation, and commitment to excellence. Here’s to many more milestones and continued success together!
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Check out our CEO and co-founder, Max Meltzer, discussing the North American market on the G3 Pulse podcast.
Strive was built with you in mind, and our PAM is a necessity for anyone looking to succeed in this market. Don’t miss out on this amazing tech!
Watch the full podcast here: https://lnkd.in/dcqxUdsw
Strive Gaming is pleased to unveil our collaboration with the well established Four Winds Casinos, a prominent US operator featuring four casinos. Together, we’re poised to revolutionize the online gaming landscape in Michigan. This strategic alliance will leverage advanced technologies, including operational automation and real-time engagement, with a keen focus on enhancing the overall online gaming experience through a player-centric approach.
Drawing on Strive’s deep market expertise in the North American igaming industry, our platform, operational in multiple states, stands ready to deliver cutting-edge solutions for the expansion endeavors of Four Winds Casinos.
We are proud to share some remarkable achievements that mark a significant milestone for our company.
Max Meltzer, CEO at Strive Gaming, “We are thrilled to announce that Strive Gaming has attained ISO 27001 certification and received a provisional internet gaming supplier license in Michigan. These milestones are a testament to our unwavering commitment to excellence, security, and regulatory compliance.”
As we expand our presence in Michigan, we’re bringing not only our innovative technology but also a promise of a secure and enjoyable gaming experience for our partners and their customers.
Our journey doesn’t stop here. We are committed to continuous improvement and setting new benchmarks in the industry.
Join us in celebrating this incredible achievement and stay tuned for more exciting announcements in the coming weeks.
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Curious about the future of iGaming in North America? Our CEO, Max Meltzer, spills the beans in a recent interview with iGB. Explore the ins and outs of our industry, from the groundbreaking PointsBet collaboration to the strategic vision driving Strive Gaming.
Read the full interview for an exclusive deep dive
https://igamingbusiness.com/tech-innovation/platform/strive-pointsbet-gaming-platform-deal/
Don’t miss out on the insights shaping the iGaming landscape!
Exciting times ahead as we announce our strategic partnership with PointsBet, a leader in live sports betting and cutting-edge technology!
Positioned as PointsBet’s strategic casino partner, this collaboration is set to redefine the Canadian iGaming experience starting in early 2024.
PointsBet will leverage Strive Gaming’s tech platform to seamlessly integrate diverse content providers and create a world-class online casino experience. From North American retail options to European content, users can expect an unparalleled gaming library.
Our proprietary tool, the Infinity Engine, adds sophistication by tailoring offers to thousands of game titles in real time. Scott Vanderwel, CEO of PointsBet Canada, is enthusiastic about elevating the online casino experience.
“As the iGaming landscape evolves rapidly, we are excited to continue our expansion in North America and add a top-tier operator like PointsBet,” said Max Meltzer, CEO of Strive Gaming. “Partnering with this incredibly smart and technology-focused business is a testament to the quality of our platform and people. We look forward to working closely with PointsBet to deliver a world class online casino experience to their users.”
The PointsBet and Strive Gaming partnership marks a milestone in the evolution of Canadian iGaming, promising innovation, user engagement, and responsible gaming practices!
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Nathan Caruana, our Finance Director at Strive Gaming, is a top 5 finalist for Finance Manager of the Year at the iGaming Idol 2023 Awards! Best of luck to Nathan on the awards night—he’s been instrumental in our success, and we’re proud to have him leading our financial team.
Strive Gaming was honored to sponsor the Kick Up Your Heels Event at the Global Gaming Expo this year. The fundraiser was a resounding success, filled with unforgettable moments that epitomized the spirited camaraderie of the gaming community. Our commitment to supporting industry events aligns with our dedication to innovation and collaboration. Here’s to more shared successes and memorable experiences in the gaming world!
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A seasoned legal specialist with a proven track record, Tommaso joins our award-winning North American PAM provider at a pivotal moment in our journey.
Tasked with overseeing all legal and compliance activities, he brings a wealth of experience in navigating the complex realm of regulatory frameworks. With pending applications in key states such as New Jersey, Pennsylvania, and Michigan, Tommaso’s expertise will play a crucial role in ensuring Strive Gaming’s seamless compliance with laws and regulations on a global scale. His leadership will extend to growing and fortifying our legal and compliance teams, empowering them to navigate challenges and seize opportunities as the North American market continues to evolve.
