Gaming license platform provider Compliable, formerly Rebric, has secured $1.7m seed funding in a round led by Chicago-based KB Partners, a venture firm investing in early-stage companies at the intersection of sports and technology.
Compliable offers US sportsbooks a solution that makes it easy to onboard and manage employees’ gaming licenses across multiple states. The platform cuts the time it takes to get staff licensed from weeks to days, lowers the workload for compliance teams, significantly reduces the costs related to licensing, and accelerates moving into new markets at a time when first mover advantage is so critical.
The Compliable platform allows employees to securely enter their information just once with the data then being auto-populated across multiple forms making it simple to apply for numerous jurisdictions.
Compliable has signed a deal with one of the largest sportsbooks in the US to facilitate the leading operator’s employee licensing process after already securing hundreds of licenses for the sportsbook during an initial trial. Under the agreement, Compliable will manage the licensing process for over 500 employees, helping to ensure the company is compliant across states where it operates.
Compliable, founded by seasoned entrepreneurs and backed by high-profile gaming industry figures, is currently in talks with several top tier sportsbooks with more deals to be announced soon.
Chris Oltyan, CEO of Compliable, said: “Every US state has different requirements when it comes to employee licensing, putting a huge strain on compliance teams and generating substantial costs for operators.
“After speaking to sportsbooks, their vendors, partners, and suppliers, we found that all of them were facing the same problem around employee licensing and were looking for the same solution. Our platform is the answer. Our technology helps sportsbooks quickly and effortlessly secure the licenses they need to be compliant.
David VanEgmond, founder and CEO of Bettor Capital, a fund focused on the US sports betting opportunity and investor in Compliable’s latest round, said: “Regulatory compliance is serious business in gaming and providing software to automate this saves companies in the industry significant time and money. I know the value of Compliable’s software personally as a previously licensed executive in the space, and was excited to invest in and support the company’s vision to become the ‘TurboTax’ for the online gaming space.”