Las Vegas Sands eyes igaming gains with Huddle Tech investment
Integrated resort developer inks undisclosed deal with newly formed sports betting supplier
Las Vegas Sands (LVS) has made a strategic investment into newly formed sports betting and igaming supplier Huddle Tech, the global casino resort operator has confirmed.
Financial terms of the investment have not been disclosed; however, media reports have claimed that it could be as high as $15m.
It is understood the financial injection into the business has been made based on the strength of the newly formed business, which came about due to the merger between the Huddle and DeckPrism businesses.
Huddle operates a number of automated solutions for sports trading, odds feeds, as well as risk management services for igaming operators.
DeckPrism provides US odds and in-play betting markets for the NFL, NCAA football, NBA, NCAA basketball, MLB, and NHL. The company was founded by Ed Miller in 2018, with Miller transitioning to VP of innovation at Huddle Tech following the merger.
The merger between the two sees Huddle expand its team to 80 employees, with expertise spread across the US and European markets, something which allows the combined group to better facilitate full suite service provision for igaming operators seeking to move into sports betting.
Primarily an integrated resorts developer in the US and Asia, LVS moved into online gambling with the creation of a separate business entity aimed investing into B2B businesses in the sector in July 2021.
In April, LVS made an undisclosed investment in US Integrity, a sports betting monitoring platform similar to that used by the International Betting Integrity Association.
Despite the influx of investment from LVS, it is understood the day-to-day business, which is primarily based in Serbia and spread across Eastern Europe, will remain the same and will retain Europe as its primary focus area.
Addressing the merger and the impact of LVS investment, Huddle Tech CEO Francesco Borgosano reiterated the firm’s commitment to pursuing its current strategy and focus on technological development.
“Our long-term vision remains the same – we believe that there is no technology out there that will be better constructed to meet the needs of the modern operator,” Borgosano said.
“Operators need product differentiation, innovation, and operational efficiency, and that’s what Huddle brings.
“By combining our expertise with the IP and know-how of DeckPrism Sports, we have both solidified our existing products as well as dramatically accelerated our product development along that path,” he added.
Borgosano’s sentiments were echoed by Miller, who added: “This move enables us to see through our vision to change the way the global sports betting industry does its odds-making and managed trading.
“The merger between Huddle and DeckPrism Sports gives us all the capabilities to become the new worldwide gold standard in the space,” he concluded.