GeoComply Solutions, the provider of geolocation services to gaming operators, is in rarefied broadcast among privately held emerging growing companies.
Following the first-class honours degree influx of institutional chapiter into the Canadian River cybersecurity firm, the accompany is valued at magnetic north of $1 billion. That agency “unicorn” position is applicable. “Unicorn” is industry-speak for closely held engineering companies with valuations of at least $1 billion.
GeoComply’s upgrade to that lofty status comes with the aid of Atairos and common soldier equity business firm Blackstone (NYSE:BX). Those companies made unrevealed minority investments inward the technology firm.
Previously based inward Las Vegas, GeoComply moved to Vancouver inward 2010. It’s simply the tertiary accompany inward that realm of Canada to get a unicorn, according to Business In Vancouver.
Good Timing for Atairos, Blackstone
With the US sports wagering securities industry booming, exact is on the jump for GeoComply’s services, indicating Atairos and Blackstone may welfare from favorable timing with their investments.
Services and engineering provided past GeoComply to gaming companies are straightforward. Sportsbook operators habituate GeoComply products to ensure internet clients are placing bets inwards states where the activity is legal.
That’s an important pointedness inwards the US, because sports wagering is unrecorded and legal in just now Washington, DC, and 21 of 50 states. Additionally, non all of those states currently Trachinotus falcatus true roving and online betting. For example, Arkansas, Mississippi, and New York don’t grant roving wagering.
For gaming companies, engineering provided past GeoComply and its competitors is a necessity, because sports betting is highly regulated at the body politic level. Operators lay on the line running afoul of regulators if they don’t actively ensure wagers placed on their platforms are occurring inwards a say where sports betting is legal.
GeoComply and competing vendors are also relevant to gamblers. Many online sportsbook operators require that a punter is inward the nation where the wager was placed to cash in winning tickets.
Other Offerings, Impressive Client Roster
Last year, GeoComply launched PlayPause, which is aimed at facilitating responsible gambling habits inwards online venues.
That production allows bettors that placed themselves on a self-exclusion list inwards 1 res publica to run that status o'er to another state. The troupe provides that table service to operators at no more cost.
GeoComply gaming clients include FanDuel, DraftKings, and BetMGM. These are the tercet largest online sportsbook operators inward the US.