GBank Financial Holdings Inc. Pleased to Share the Press Release of Sightline Payments Announcing that Resorts World Las Vegas Becomes 1st Resort to Launch Next Generation of Cashless

Rhea-AI Summary

GBank Financial Holdings Inc. (OTCQX: GBFH) announces the launch of Sightline Payments' 2nd generation cashless technology at Resorts World Las Vegas, enhancing the consumer journey with remote identity verification, biometric authentication, and a unified digital wallet experience. GBank has partnered with BankCard Services since 2016, supporting Sightline's digital payment solutions in the gaming industry, which is projected to exceed $150 billion. GBank reports assets of approximately $667 million as of September 30, 2022, and has served around 400,000 accounts with over $2 billion in transactions since launching Play+ in Nevada.

Positive

• Launch of advanced cashless technology enhances the consumer experience.
• Partnership with Sightline Payments positions GBank as a leader in digital payment solutions.
• GBank's assets of approximately $667 million as of September 30, 2022.
• Served around 400,000 accounts with transactions over $2 billion since Play+ launch.

Negative

• Subject to risks associated with the COVID-19 pandemic impacting business operations.
• Potential competition and economic downturns may affect future financial results.

LAS VEGAS, Dec. 16, 2022 /PRNewswire/ -- GBank Financial Holdings Inc. (the "Company") (OTCQX: GBFH), the parent company for GBank (formerly known as "Bank of George") (the "Bank"), is pleased to share the press release by Sightline Payments, a FinTech company specializing in digital payment solutions for the sports betting and casino markets, announcing the launch of 2^nd generation cashless technology ushering in an experience with unprecedented functionality, greatly enhancing the omnichannel consumer journey.  The update includes remote identity verification and enrollment for loyalty and payments, biometric authentication, and a single "digital wallet" user experience.

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

Sightline Payments Announces Resorts World LV Becomes 1^st Resort to Launch Next Generation of Cashless

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

About Sightline Payments

Sightline Payments is the U.S. sports betting and casino gaming market's leading digital payments provider and mobile app developer. Sightline leverages cutting-edge technology to apply modern solutions to a traditionally cash-based industry projected to grow to more than $150 billion in the next few years. Sightline's suite of mobile solutions gives consumers a safe, secure, and responsible way to fund their online and in-person gaming activities and enables casinos to offer cashless wagering and personalized loyalty options across the entire property. With more than 1.5 million Play+ accounts, 3 million mobile loyalty platform downloads, and 80+ partners across the sports betting, lottery, racing, and online and brick-and-mortar casino markets, Sightline is uniquely positioned to transform the traditional gaming landscape.

About BankCard Services, LLC

BankCard Services, LLC entered into an agreement with Sightline Payments in 2014 to provide GBank as a sponsor bank to enable Sightline's Play+ cashless solutions for the gaming industry. Today, the Sightline/BankCard Services, LLC/GBank partnership services nearly 400,000 accounts at GBank with over $2 billion in transactions since the Play+ sports betting launch in Nevada.

BankCard Services, LLC developed its proprietary "Pooled Player Account Powered by PIMS_TM," which expanded the Pooled Player Account structure with FDIC Insured individual player ledger accounts that enable digital cashless transactions.

The Company

GBank Financial Holdings Inc. (the "Company") (GBFH), a bank holding company with approximately $667 million in assets at September 30, 2022, conducts business through its wholly owned subsidiary, GBank (formerly known as "Bank of George") (the "Bank"). 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, Gaming FinTech, and Commercial Lending. The Bank conducts business nationally through its SBA lending activities (ranked 14^th in the nation by the U.S. Small Business Administration for SBA 7(a) dollar loan volume through September 30, 2022) and its BankCard Services, LLC ("BCS") partnership. Launched in 2016, its Gaming FinTech Division, through its contract with BCS, is empowering Sightline Payments Play+ Solution (Sightline Payments) for seamless and secure pay-and-play that is enabling cashless, mobile commerce solutions for gaming, lottery, and sports betting ecosystems – positioning the Bank 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 six years by S&P Capital IQ in its Top 100 Best-Performing Community Banks. For more information about GBank, please visit its website at www.g.bank. The Company'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.

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SOURCE GBank Financial Holdings Inc.

FAQ

What is the recent development announced by GBank Financial Holdings (GBFH)?

GBank announced the launch of Sightline Payments' 2nd generation cashless technology at Resorts World Las Vegas.

How has GBank Financial Holdings been performing financially?

As of September 30, 2022, GBank reported assets of approximately $667 million.

What is the significance of the partnership between GBank and Sightline Payments?

This partnership allows GBank to provide digital payment solutions in the rapidly growing gaming industry.

What financial transactions has GBank facilitated since launching Play+?

GBank has supported around 400,000 accounts with over $2 billion in transactions since launching Play+ in Nevada.

What risks does GBank Financial Holdings face moving forward?

GBank faces risks such as the impact of COVID-19, potential competition, and economic downturns that could affect its financial performance.