123Gaming launch million pound crowd funding campaign

UK-based technology firm 123Gaming has launched a GBP 1 million funding round on equity crowdfunding platform, Seedrs, to upgrade its horse race betting platform in the US and fund further online expansion with the intended launch of a UK online horse racing contest and wagering site mid-2017.

The UK-registered company, which is licensed to accept horse race wagers in 24 US states, has provided proprietary skill-based gaming platforms to US horse tracks for more than a decade and operates a US-based horse racing online wagering site www.123bet.com.

Sportech PLC, who provides the back-end wagering services and technology to 123gaming in the US, has kick-started the campaign with an investment of GBP 100,000.

Founded by New Zealand-born horse breeder and IT expert Rob Earle, 123gaming raised US$1.5 million through private investors in May 2015 to obtain licences in the US and soft-launch an online wagering site.

The Company has achieved turnover of more than US$10 million since launch including US$4.5 million last year. A successful GBP 1 million fundraising for 23 percent of the company would value 123gaming at GBP 4.3 million. Potential exits include an IPO or continued expansion as part of a larger group.

Rob Earle, CEO of 123gaming, said: “We are very pleased that Sportech has helped us get this funding underway. We have successfully undertaken smaller funding rounds through the Enterprise Investment Scheme. There has been a significant response to our games in the US, with very little marketing spend, and we are now 100% focused on expanding our offering in both the US and UK with Sportech as our partner.”

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