Streaks Gaming PLC, a UK-based provider of conversational gaming products is pleased to announce its intention to join the main market of the London Stock Exchange this autumn.
The flotation is expected to value Streaks at approximately £10.2m (pre-money) and will make it the first LSE-listed “pure-play” conversational gaming company.
The company will apply to a standard listing and raise between £5m-10m through an initial public offering for ordinary shares. This will also include a retail sale.
Tennyson Securities will act as Bookrunner and Corporate broker to the Company. PrimaryBid will make a retail sale for the Company.
The net proceeds of the IPO will go towards the development and marketing of casual games, with an initial focus on the US market.
The Company’s goal is to be the “conversational gambling” partner for licensed US sportsbook operators. This will allow them to leverage their licenses to increase engagement and monetisation, as well as acquire new users.
Between 2022 and 2026, the global market for sports betting is expected to grow by $143.73 million. This growth will be driven by the continued legalization of sports betting in all parts of the world, in particular in the United States.
The growing trend of legalization at the state level for sports betting in the US is responsible for the projected growth. This has led to competition among established land-based casinos and digital-first daily fantasy sport (DFS) platforms. The battles were fought via regulatory actions.
The Directors are not convinced that legacy technology will convert a large portion of this audience. This younger audience will instead be introduced to betting through casual conversational games that use cutting-edge natural language processing models such as the OpenAI GPT series.
Mark Rutledge, CEO of Streaks, said, “We are thrilled to be the first pure-play conversational gambling company to list on LSE. In the US, sports betting has seen huge growth over the past few years. Listing on the London Stock Market will give us the visibility, credibility, and access to global capital we need to propel our growth.”
Streaks were founded in March 2021. It aims to create a conversational gaming platform and partner with licensed sportsbook operators to increase engagement and monetization and to help them acquire new users.
Streaks Gaming’s proprietary conversational gaming platform was launched in 2021, just in time for the NFL Season. The Company had over 80,000 registered users as of May 2022.
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