UK-based ‘conversational’ gaming supplier plans £10.2m IPO
Streaks Gaming to target US market through deals with operators looking to drive new engagement opportunities
Streaks Gaming, a UK-based supplier of ‘conversational’ gaming products, has confirmed its intention to go pubic with a flotation on the London Stock Exchange’s main market.
The float is expected to value the London-headquartered business at approximately £10.2m, with Streaks applying for a standard listing.
The firm plans to then raise £5m-£10m via an IPO of ordinary shares which are expected to include an offering to retail investors, with regulated capital markets technology platform provider PrimaryBid looking after the retail segment.
Brokerage firm Tennyson Securities is acting as primary bookrunner and corporate broker to Streaks Gaming.
‘Conversational’ games are so called because they require only conversational skills and are therefore accessible anywhere and are easy to develop.
Proceeds from the IPO will be used to “develop and market” conversational games with an initial focus on the US market.
Streaks Gaming CEO Mark Rutledge welcomed the impending IPO as a positive step for the business.
“We are delighted to be the very first pure-play conversational gaming company to list on the LSE,” Rutledge said.
“The last few years have seen massive growth in the US sports betting market.
“A London stock market listing will provide us with the profile, credibility and access to global capital to drive our growth,” he added.
Streaks Gaming aims to become the ‘conversational gaming’ partner of licensed sportsbook operators in the US, utilising their licences to drive additional engagement and monetisation for their existing user bases and acquiring new users.
The firm launched its proprietary platform in advance of the NFL season in 2021. As of May 2022, the site had over 80,000 registered users.
Part of the company’s ethos is based on the assertion that a significant portion of younger US players will not become sports bettors based on acquisition via ‘legacy technologies’ such as marketing and partnership deals, which serve as traditional methods of audience conversion.
Instead, Streaks Gaming believes new players can be driven to sports betting via a “wave of casual conversational betting games that leverage cutting-edge natural language processing models”.