Paysafe (NYSE:PSFE), a leading specialty payments platform, today announced its expansion into the regulated New York sports betting market to strengthen its leadership position in iGaming payments and affiliate marketing by North America. Led by Zak Cutler, Paysafe’s new CEO for iGaming in North America, the move builds on the company’s strong growth in 2021 in the US and Canada, where its established presence has benefited from regulation Federal Sports Betting Authority, and a major upgrade to the Skrill USA digital wallet for iGaming. .
Through its payment gateway, Paysafe now processes online deposits and payments for New York players with mobile sports betting brands in the new market, which is expected to reach $1 billion in annual revenue, according to Macquarie. Software from Income Access, Paysafe’s marketing technology and services provider, is also already powering the affiliate programs of several New York-focused brands.
Last year, Paysafe, which has over 20 years of experience supporting North American and global gaming operators, established a payment footprint in Arizona, Connecticut, Louisiana, Michigan, Montana, in Virginia and Wyoming, where the company has either commissioned operators or received a license.
Paysafe, which appointed former DraftKings and Jackpocket chief Cutler in the third quarter to lead its new iGaming division in North America and implement an ambitious operator-focused growth strategy, is now supporting gaming brands with payments and affiliate marketing in a total of 18 states plus Washington, DC
Flagship brands FOX Bet, Golden Nugget Online Gaming and PointsBet have expanded their existing payment partnerships with Paysafe into new states in 2021. New partners Fubo Sportsbook, PlayUp, SuperBook™ Sports and WynnBET, among other brands, have signed on to Paysafe for traditional credit and debit card payments, Skrill USA digital wallet and paysafecard and Paysafecash eCash solutions.
2021 has also seen technological innovation, with a major overhaul of Skrill USA in the fourth quarter, tailoring the digital wallet specifically to iGaming’s brands and all of their customers – from recreational gamers to VIP sports bettors. Covering instant funding of player deposits and receipt of payments as well as an improved UX, the first of several planned upgrades to the Paysafe product has been strongly adopted by operators.
In Canada, Paysafe unveiled a payments partnership with PlayAlberta.ca following the Q4 2020 launch of Alberta’s only regulated online gambling website. These longstanding processing partnerships with the Atlantic Lottery Corporation, BCLC, Loto-Quebec, and Ontario Lottery and Gaming (OLG) have allowed Paysafe to remain the undisputed leader in iGaming payments. in Canada. The company was strongly positioned when federal regulations last June allowed single-event sports betting, particularly in Canada’s most populous province of Ontario, whose iGaming market is expected to generate $1.86 billion in gross revenue. Canadian dollars by 2026, according to Vixio.
Income Access also continued to dominate the iGaming affiliate marketing space in the US in 2021, with Paysafe entering Arizona, Colorado, Connecticut, Michigan, West Virginia and Virginia. New flagship affiliate program partners included Betfred Sports USA, Virginia Lottery and WynnBET.
Cutler said, “Payments and Affiliate Marketing play a critical role in converting customers and growing iGaming brands and the wider market. We are proud to have supported the continued expansion of the North American online gambling space from 2021 to 2022, with our recent entry into New York – a pivotal market that will hopefully galvanize broader regulation of US states and Canadian provinces.
About Paysafe Limited
Paysafe Limited (“Paysafe”) (NYSE: PSFE) (PSFE.WS) is a leading specialist payment platform. Its main objective is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet and online payment solutions. With over 20 years of online payment experience, an annualized transaction volume of US$100 billion in 2020, and around 3,400 employees in more than 12 locations globally, Paysafe connects businesses and consumers to across 70 payment types in more than 40 currencies around the world. Delivered through an integrated platform, Paysafe solutions are geared towards mobile-initiated transactions, real-time analytics and convergence between physical and online payments.
The assets, liabilities and results of operations of Skrill USA are consolidated in the consolidated financial statements of Paysafe Limited; however, Paysafe Limited has no direct ownership interest in Skrill USA. Further information is available at www.paysafe.com.
About Paysafe iGaming Paysafe brings over two decades of specialist payments experience to the global iGaming and sports betting industries and provides operators with a full suite of traditional and alternative payment methods through a single, streamlined API integration. Paysafe is also a leader in digital and affiliate marketing technologies and services for iGaming operators through its Income Access business unit. Since opening the US iGaming market in May 2018, Paysafe has consistently affirmed its ambitions to be the payments leader in the growing industry, building on its leadership in Canada and Europe. The company now supports 75% of carriers nationwide with payment or marketing solutions in 19 jurisdictions. In Canada, Paysafe also holds a leadership position and partners with the majority of iLottery and regulated gaming brands.