American casino operator Las Vegas Sands Corporation has reportedly announced that it has made an inaugural strategic investment in iGaming technologies and services firm Huddle Tech Incorporated.
According to a report from Inside Asian Gaming, the Las Vegas-headquartered firm declared that the move for an undisclosed amount of cash is due to see its latest partner invest in supporting ‘a team of 80 with diverse expertise and skills’. The source also explained that this alliance comes as the embryonic online gaming market of the United States was last year valued at around $61.5 billion with this figure now expected to rise to exceed $114 billion by 2028.
Decided departure:
Las Vegas Sands Corporation reportedly has a bank balance of some $6.25 billion after exiting the American land-based casino market in February via the sale of its The Venetian Resort Hotel Casino as well as that venue’s 3,000-room The Palazzo hotel. This move purportedly left the operator reliant on its remaining properties in the Asian gambling hotspots of Macau and Singapore although it had earlier communicated a desire to ‘become a strategic investor in digital gaming technologies’ with a primary focus on the ‘business-to-business space.’
Future focus:
The Chairman and Chief Executive Officer for Las Vegas Sands Corporation, Robert Goldstein, reportedly proclaimed at the time of his company’s American withdrawal that it would remain ‘focused on growth’ and look to capitalize on ‘meaningful opportunities on a variety of fronts.’
A statement from Goldstein reportedly read…
“Asia remains the backbone of this company and our developments in Macau and Singapore are the center of our attention. There are also potential development opportunities domestically, where we believe significant capital investment will provide a substantial benefit to those jurisdictions while also producing very strong returns for the company.”
Embryonic enterprise:
For its part and Huddle Tech Incorporated is a concern recently created via the strategic merger of American iGaming software developer Huddle Gaming Incorporated with in-play odds compatriot DeckPrism Sports LLC. The newly-constituted enterprise has now reportedly committed to growing its presence in the rapidly-expanding online gaming market of the United States via the provision of advanced automated solutions for odds, trading and risk management.
Persistent pursuit:
Francesco Borgosano serves as the Chief Executive Officer for the new-look Huddle Tech Incorporated and he reportedly pronounced that the vision of his firm ‘remains the same’ in that it will endeavor to supply expertly-constructed iGaming technologies ‘to meet the needs of the modern operator’.
Reportedly read a statement from Borgosano…
“Operators need product differentiation, innovation and operational efficiency and that’s what we bring. By combining our expertise with the intellectual property and know-how of DeckPrism Sports LLC, we have both solidified our existing products as well as dramatically accelerated our product development along that path.”
