Bacta has sold its share in Game Payment Technology to JCM Global, with the transaction technologies firm now working alongside Latitude 91 to deliver “a long series of exciting developments in the near future.”
Game Payment Technology has announced that JCM Global has acquired Bacta’s stakeholding in the company, with JCM now working alongside Latitude 91 to “drive the amusement and gaming machine industry forward with cashless payment solutions.”
The move comes five months after Bacta confirmed that a corporate courtship was in play and an offer had been made. The JCM connection was reinforced just two months later when the company unveiled its GPT-integrated Ticket2Go system at this year’s ICE.
“There is no doubt that the need for cashless solutions, alongside other forms of payment within the gaming sector and the wider world, is growing,” said Payam Zadeh, EMEA GM and UK MD of JCM Global. “Therefore, this investment in Game Payment Technology is strategically very important for JCM Global and an extension of the market-leading service our customers have come to expect from us.”
“These are exciting times for JCM Global, and we anticipate that players in jurisdictions around the world will soon be able to pay and collect winnings via Ticket2Go using the GPT app, effectively replacing cash handling with a simple, ticket-based solution.”
The combination of the two systems allows operators to of fer cashless payment without altering individual gaming machines, while incorporating SR measures and opportunities for “precisely targeted marketing initiatives.”
Commenting on the deal, Bacta’s head of finance and operations Robert Gibb said: “It has been a pleasure working with the team at Latitude 91. We set out to deliver a reliable solution to address growing concerns about the decline of cash within the amusement and gaming machine industry.”
“I believe we have taken great strides toward this goal, and I am extremely positive about the future of Game Payment Technology. Now, with the backing of JCM, GPT will be able to expand its payment solutions for the benefit of operator s and players around the world.”
Tim Stratton, CEO of Latitude 91, added: “This is clearly an exciting development for GPT. The joint venture with Bacta achieved such a lot, but working with JCM literally opens up a world of new opportunities. I’m confident that you can look forward to a long series of exciting developments in the near future.”
Job done for Bacta as it takes its bow from the GPT project
Trade association Bacta has sold its joint ownership share of the industry’s pioneering payments project Game Payment Technology. Launched in September 2019 to deliver a solution to the rapidly growing cashless economy which would extend to gaming and gambling machines, the GPT app has – against a wave of unfavourable market conditions – proved to be one of the product highlights of the decade so far.
Completing its divestiture on 31 March 2023, Bacta sold its share to JCM whose global reach will certainly move the cashless app on to new territories across the world. But it’s an exit the trade body is content with.
“It’s fair to say that Bacta are pleased with the result,” said Bacta’s head of finance and operations Robert Gibb. “We set out to provide our industry with an alternative payment option that would help businesses operate successfully in an environment where cashless was growing. The GPT app has achieved that objective.”
And indeed it has – available in pub machines and arcades up and down the country, on all NSM jukeboxes and in pool tables – the app functionality is eating through market share. For Bacta it’s job done at this stage.
Gibb confirmed: “It was always the aim that Bacta would divest at some point in the future. When the opportunity came along to speak with JCM it seemed like the perfect solution for GPT and the industry to take the business on to its next stage of development.”
The focus now is “ensuring a smooth handover” but the association leaves with a strong legacy, not least with Bacta members being key customers of the GPT service. Reflecting on the three and a half year project which started in a mood of scepticism, and then battled through Covid and lockdowns, it has been an interesting journey. “It has certainly been a bit of a roller coaster,” Gibb reflected. “But, I think our team, notably Greg Wood, Quentin Stott and latterly Nick Harding, can all look back with a degree of pride in having developed a product and business that has the potential to deliver significant benefits to the industry and our members. And personally, it has been an absolute pleasure working with the team to deliver this result.”