EQL Games lands undisclosed investment from Bullpen Capital
Lottery supplier says partnership with venture capital and private equity firm will allow it to “accelerate innovation” and expand its reach
EQL Games has announced venture capital and private equity firm Bullpen Capital has invested in the lottery provider.
Although the level of investment wasn’t revealed, it was said the agreement will help EQL Games to “accelerate innovation” and expand its reach to deliver its games to lotteries around the globe.
Taking to LinkedIn to announce the collaboration, EQL Games CEO Brad Cummings thanked its new investment partner Bullpen Capital.
He wrote in a statement: “This investment from Bullpen Capital is a major validation of our mission.
“We’re excited to have a partner who’s been at the vanguard of regulated markets and gaming.
“With Bullpen’s help, we’re going to help lotteries with innovation and growth, especially on the digital side of the business.”
Bullpen Capital said more than $100bn is spent annual on lotteries in the US, yet said traditional state-run lotteries “are struggling to evolve.”
On the partnership, Bullpen Capital general partner Paul Martino noted: “Lottery is one of the most widely played games in the world, yet it’s been historically underserved when it comes to innovation.
“EQL Games is bringing modern infrastructure and content to a massive, regulated market – and doing so with a deep understanding of what government partners and players want.
“We believe they’re positioned to be the backbone of digital lottery.”
EQL Games currently powers games for the Michigan, Virginia, and Washington DC lotteries.
The supplier also plays a role in both the United Arab Emirates and Peru lotteries, with plans to expand into Europe in the next year.