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US-focused player account management (PAM) platform Strive Gaming has sealed new investment from major gambling industry stakeholders.

The funding round was led by sports betting supplier OpenBet, which has in return received a significant minority stake in the Strive Gaming business.

Strive Gaming’s proprietary PAM technology will now be integrated into the OpenBet sports betting solution, alongside regulatory compliance features from Neccton.

The deal marks OpenBet’s first strategic foray into iGaming – or online casino – since splitting off from Light & Wonder (formerly Scientific Games) in 2022.

OpenBet expects the investment to provide increased opportunities for both organisations across North America, including in tribal gaming markets.

OpenBet CEO Jordan Levin said the investment would unlock “major new opportunities” for OpenBet as a global industry supplier.

“With the strength of Strive Gaming’s PAM as a future-proofed solution for the US market, combined with OpenBet’s high standards, we can offer US operators a fully integrated, turnkey proposition that will fuel responsible betting experiences,” he added.

“This new partnership sparks a new chapter in our history, and we are looking forward to working closely with the Strive Gaming team.”

Investors with gaming pedigree

Knutsson Holdings AB also participated in the round. The Swedish family-owned fund was previously the largest shareholder in NetEnt before its sale to Evolution.

Finally, specialist gaming fund Astralis Capital Management was added to the investment consortium alongside Betsson, which was a seed investor in Strive Gaming.

Strive to remain independent

Strive Gaming was founded in 2021 by ex-Kambi duo Damian Xuereb and Max Meltzer.

Despite the cash injection from OpenBet, Strive will continue to operate independently, with Meltzer continuing as CEO and Xuereb remaining as president and CCO.

NEXT.io understands Strive Gaming will use the fresh capital to obtain licences in all US iGaming states, while continuing to improve its PAM solution and online casino suite.

Strive Gaming currently supports US customers including Four Winds Casino, Golden Nugget (DraftKings), Desert Diamond and Betsson-owned Betsafe.

In December, the firm also landed a contract to develop PointsBet’s online casino product in Ontario.

“Strive Gaming is perfectly positioned to increase our PAM market share and become a leader in the US online betting industry over the coming years,” said CEO Meltzer.

“OpenBet is a key, trusted brand in the global sports betting arena, and we welcome the company’s investment, in a move that will take us in a bold new direction, while maintaining our independence.

“Together, OpenBet and Strive Gaming have expertise across the entire betting industry, combined with strong tech and talent,” he added.

2024 investment landscape

Strive Gaming is one of the first early-stage online gambling companies to announce a major investment in 2024.

Industry investors are set to adopt a cautious approach in 2024, according to a new free report produced by BettingStartups.com in partnership with NEXT.io.

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