GameCo Inc.—which has created what it bills as the first skill-based video game gambling machines—has raised .25 billion for new game development.
The capital was raised through both Seed and Series A financing led by Javelin Venture Partners, with participation by Courtside Ventures, QB1 Ventures, New York Angels, Steel Partners, and numerous strategically helpful individual investors, the company said in a press release.
The capital allows GameCo to launch its first games into multiple casinos in 2016 and support the development and rollout of an ongoing pipeline of new games in 2017 and beyond, it said.
GameCo says its skill-based machines combine entertainment, engagement, and excitement of video games, eSports, and gambling. The company is preparing to launch the machines this year in Atlantic City.
According to the release, GameCo’s proprietary VGM is an arcade-style video game cabinet and controller. Each VGM features a single-player game, generally 60-90 seconds to play, adapted from top console, pc, and mobile developers. The patented VGM gambling platform allows a player’s skill in popular video games to determine the payout and winnings, while maintaining the same casino economics as slot machines.
Game genres such as action, adventure, sports, racing, fighting, platformer, and casual games will soon be prominent as casinos adapt to GenX and millennial gamers who grew up playing video games, the release said.
“Casinos are eager to get the machines on their floors and study how their customers react to the revolutionary prospect of video game gambling. The key to success is balancing the game design and game math,” said GameCo co-founder and CEO Blaine Graboyes. “We’re working closely with our casino and game partners to learn from player data and feedback and to optimize the gameplay experience.”
