In a significant development, Xpoint has acquired licenses to operate in 12 additional states and the District of Columbia, further solidifying its position in the online gaming and sports betting industry. Already operational in various states, the company’s expansion reflects a vote of confidence in the growing market of online gaming in the USA.
Geographical Expansion:
CEO Manu Gambhir expressed enthusiasm about the company’s multi-licensure announcement, emphasizing its role as a milestone in their journey. The expanded reach now includes Colorado, Indiana, Iowa, Kentucky, Louisiana, Maryland, Michigan, New York, Pennsylvania, Virginia, West Virginia, Wyoming, and the District of Columbia. This strategic move is poised to unlock new opportunities and broaden the availability of Xpoint’s geolocation platform.
Xpoint Verify: Advancing Geolocation Technology:
Xpoint’s geolocation platform, known as Xpoint Verify, takes center stage in the company’s strategy. Tailored for iGaming and sports betting, it places a strong focus on regulatory geo-compliance. The platform is designed to ensure precise geolocation tracking, prevent fraud, and provide valuable marketing insights to operators. CEO Manu Gambhir sees these additional licenses as a pivotal step towards bringing the most advanced geolocation platform to the market.
Market Impact: Breaking the Monopoly:
The CEO highlighted the significance of breaking the monopoly in the geolocation industry, citing the existence of a single provider that has hindered innovation and increased costs. Xpoint’s move to offer an alternative brings competition into play, fostering innovation and potentially driving down costs for operators.
Strategic Partnership: PrizePicks and Xpoint Collaborate:
In a strategic move, fantasy sports operator PrizePicks recently announced a collaboration with Xpoint. This partnership aims to integrate Xpoint’s geolocation technology, Xpoint Verify, into PrizePicks’ platform. By incorporating this technology, PrizePicks seeks to counter online gaming fraud, ensure regulatory compliance, and enhance the overall user experience. The integration aligns with PrizePicks’ commitment to meeting industry demands and staying at the forefront of technological advancements.
Maryland Expansion:
Xpoint’s expansion into Maryland, in collaboration with Crab Sports, adds another layer to their growing presence. The Maryland Lottery and Gaming Control Commission awarded Xpoint a sports wagering contractor license in 2023. This move aligns with the company’s commitment to strict compliance with Maryland’s gaming regulations, ensuring that players are located within authorized betting jurisdictions.
Xpoint’s recent multi-licensure announcement signifies a significant stride in the online gaming and sports betting landscape in the USA. The expansion into additional states and the District of Columbia, coupled with strategic partnerships and a focus on advanced geolocation technology, positions Xpoint as a key player in the evolving industry. The breaking of the geolocation monopoly and the commitment to compliance and innovation mark Xpoint’s journey toward shaping the future of online gaming in the United States.