GBank Financial Holdings Inc. Pleased to Share the Press Release of Sightline Payments Announcing Its Groundbreaking Partnership with Marker Trax to Enable Credit Funding Options for Sports Betting and Online Casino

Rhea-AI Summary

GBank Financial Holdings Inc. (OTCQX: GBFH) announced a partnership between Sightline Payments and Marker Trax to provide credit funding options through Sightline's Play+ mobile app for sports betting and online casinos. This new offering aims to enhance consumer engagement in legal sports betting markets. As of March 31, 2021, GBank reported approximately $520 million in assets, with its fintech division supporting over $1.1 billion in transactions since launching Play+ in Nevada. The partnership emphasizes responsible gaming while expanding GBank's role in the gaming industry.

Positive

• Partnership with Sightline Payments and Marker Trax to offer credit funding options for sports betting.
• Expansion of GBank's fintech services through Play+ with over $1.1 billion in transactions.
• Recognition as a top 100 U.S. community bank by S&P Global Market Intelligence.

Negative

• None.

LAS VEGAS, July 16, 2021 /PRNewswire/ -- GBank Financial Holdings Inc. ("GBank" or the "Company") (OTCQX: GBFH), the parent company for Bank of George (the "Bank"), is pleased to share the press release by Sightline Payments, a FinTech company specializing in digital payments solutions for the sports betting and casino markets, announcing its groundbreaking partnership with Marker Trax to enable credit funding options for sports betting and online casino.  Per the press release, Sightline Payments and Marker Trax have entered into an exclusive partnership to offer a credit option withing Sightline's Play+ mobile app payment solutions for legal, regulated sports betting and online casino markets.

"The key to drawing consumers into the legal, regulated sports betting market is offering them the same conveniences that, until now, were not available to anyone in a legal setting. This new partnership with Marker Trax will enable Sightline to offer credit wagering options in the legal, regulated market for the first time," said Sightline CEO, Joe Pappano. "Play+'s built-in responsible gaming safeguards will ensure that consumers are able to wager in a safe manner, including special features that help them control how much they spend and how long they play."

The full press release from Sightline Payments can be found here:

Sightline Payments and Marker Trax Announce Groundbreaking Partnership

Through its contract with BankCard Services, LLC, Bank of George has been providing the banking solutions for Sightline Payments since 2016.

About BankCard Services, LLC 

BankCard Services, LLC entered into an agreement with Sightline Payments in 2014 to provide Bank of George as a sponsor bank to enable Sightlines Play+ cashless solutions for the gaming industry. Today, the Sightline/BankCard Services, LLC/Bank of George partnership services over 700,000 accounts at Bank of George with over $1.1 billion in transactions since the Play+ sports betting launch in Nevada.

Bank of George, a subsidiary of GBank Financial Holdings Inc (GBFH), and BankCard Services, LLC  also launched the Oregon State Lottery online sports wagering program with SB Tech, World Pay (FIS) and Sightline Payments in 2018 with the development of BankCard Services, LLC's proprietary "Player Information Management System (PIMS)".  PIMS created the Pooled Player Account structure to enable digital cashless transactions.

The Company

GBank Financial Holdings Inc. ("GBank" or the "Company") (GBFH), a bank holding company with approximately $520 million in assets as of March 31, 2021, conducts business through its wholly owned subsidiary, Bank of George (named in honor of George Washington).  Founded in 2007, the Bank operates two full-service commercial branches in Las Vegas, Nevada, with primary lending activities focused on engaging clients in Nevada, California, Utah, and Arizona.  Bank of George has key businesses in three prominent divisions: SBA Lending, FinTech Gaming Division, and Commercial Lending.  The Bank conducts business nationally through its SBA lending activities (ranked 17th in the nation by the U.S. Small Business Administration for SBA 7(a) dollar loan volume through September 30, 2020) and its BankCard Services, LLC ("BCS") partnership.  Launched in 2016, its FinTech Gaming Division is powering Sightline Payments Play+ Solution (https://sightlinepayments.com/) for seamless and secure pay and play that is enabling cashless, mobile commerce solutions for gaming, lottery and sports betting ecosystems – positioning GBank as a financial leader in this new payments world. The Bank also provides general commercial banking services with an emphasis on serving the needs of small- and medium-sized businesses, high net worth individuals, professionals, and investors.  The Bank offers a full complement of consumer deposit products and is focused on delivering a premium level of service.  Bank of George has been recognized every year for each of the past five years by S&P Global Market Intelligence as a top 100 U.S. community bank under $3 billion in assets.  For more information about Bank of George, please visit its website at https://www.bankofgeorge.com. GBank's Common Stock is quoted on the US OTCQX Market under the symbol GBFH.

Forward-looking Statements

GBank has made forward-looking statements in this Press Release. These forward-looking statements are subject to risks and uncertainties. Forward-looking statements include information concerning possible or assumed future results of operations of the Company and its subsidiaries. When words such as "believes," "expects," "anticipates," or similar expressions occur in this Press Release, the Company is making forward-looking statements. Note that many factors could affect the future financial results of the Company and its subsidiaries, both individually and collectively, and could cause those results to differ materially from those expressed in the forward-looking statements contained in this Press Release. Those factors include, but are not limited to: the recent and continuing coronavirus (COVID-19) pandemic which poses risks and may harm the Company's business and results of operations in future quarters, credit risk, changes in market interest rates, inability to achieve merger-related synergies, competition, economic downturn or recession, and government regulation and supervision. The Company undertakes no obligation to update or revise any forward-looking statements.

Questions or comments concerning this Press Release should be directed to:

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SOURCE GBank Financial Holdings Inc.

FAQ

What is the significance of the partnership between Sightline Payments and Marker Trax for GBFH?

The partnership allows GBFH to expand its fintech offerings by providing credit options for sports betting through the Play+ mobile app, enhancing consumer engagement in legal markets.

How much in assets did GBank report as of March 31, 2021?

GBank reported approximately $520 million in assets as of March 31, 2021.

What transaction volume has GBank facilitated through its Play+ solution?

Since the launch of Play+ in Nevada, GBank has facilitated over $1.1 billion in transactions.

How has GBank been recognized in the banking industry?

GBank has been recognized every year for the past five years as a top 100 U.S. community bank under $3 billion in assets by S&P Global Market Intelligence.

What measures are included in the Play+ solution for responsible gaming?

The Play+ solution includes features that help users control their spending and manage their gaming time responsibly.