Paysafe, a specialist payments platform has announced this week its expansion into the New York regulated sports betting market to strengthen its position as a leader in North American iGaming payments and affiliate marketing.
As a result of this expansion, Paysafe is now processing deposits and online payments for New York players with mobile sports betting brands in the new market, which is expected to hit $1 billion in annual revenue, according to Macquarie. Software from Income Access, Paysafe’s marketing technology and service provider, is also already powering New York-focused affiliate programs from various brands.
Last year, Paysafe, which has 20+ years’ experience supporting North American and global gaming operators, established a payments footprint in Arizona, Connecticut, Louisiana, Michigan, Montana, Virginia, and Wyoming, where the company either went live with operators or received licensing.
Paysafe, which appointed former DraftKings and Jackpocket leader Cutler in Q3 to lead its new North America iGaming division and deliver an ambitious operator-first growth strategy, is now supporting gaming brands with payments and affiliate marketing in a total of 18 states plus Washington, D.C.
Flagship brands FOX Bet, Golden Nugget Online Gaming, and PointsBet expanded their existing payments partnerships with Paysafe into new states in 2021. New partners Fubo Sportsbook, PlayUp, SuperBook™ Sports, and WynnBET, among other brands, plugged into Paysafe for traditional credit and debit card payments, the Skrill USA digital wallet and paysafecard and Paysafecash eCash solutions.
The past year has also seen technology innovation, with a major Skrill USA revamp in Q4 tailoring the digital wallet specifically for iGaming brands and the full spectrum of their customers – from recreational players to VIP sports bettors. Spanning instant funding of player deposits and receiving payouts plus enhanced UX, the first of several planned Paysafe product upgrades has enjoyed strong adoption 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. This and longstanding processing partnerships with Atlantic Lottery Corporation, BCLC, Loto-Québec, and Ontario Lottery and Gaming (OLG) ensured Paysafe remained the unquestionable leader in Canadian iGaming payments. The company was strongly positioned when federal regulation last June permitted single-event sports betting, especially in the most populated Canadian province of Ontario, whose iGaming market is expected to generate gross revenue of C$1.86bn by 2026, according to Vixio.
Income Access also continued to dominate the U.S. iGaming affiliate marketing space in 2021, with the Paysafe company entering Arizona, Colorado, Connecticut, Michigan, West Virginia, and Virginia. New flagship affiliate program partners included Betfred Sports USA, Virginia Lottery, and WynnBET. solutions.
Paysafe’s CEO of North America iGaming, Zak Cutler, commented:
““Payments and affiliate marketing play essential roles in customer conversion and the growth of iGaming brands and the wider market. We’re proud to have supported the ongoing expansion of the North American online gaming space in 2021 through 2022, with our recent entry into New York – a pivotal market that will hopefully galvanize broader U.S. state and Canadian provincial regulation.””
About Paysafe
Paysafe Limited is a multinational online payments company that provides simple and secure payment solutions for businesses of all sizes around the world. Its market-leading capabilities allow the group to offer services under the Paysafe brand and subsidiary brands that have become part of the group through various mergers and acquisitions, most notably Neteller, Skrill, Paysafecash and Paysafecard.
The company has more than 20 years of online payments experience, an annual transaction volume of $100 billion in 2020, and approximately 3,400 employees located in more than 12 global locations.
Paysafe has expert payments experience supporting the global iGaming and sports betting industries and offers operators a comprehensive set of traditional and alternative payment methods through a single, streamlined API integration. Paysafe is also a leader in digital and affiliate marketing technology and services for iGaming operators through its Income Access business unit.
Since opening the US iGaming market in May 2018, Paysafe has consistently stated its ambitions to be the payments leader in the fast-growing industry, building on its leadership in Canada and Europe. The company now supports 75% of the country’s operators with payment or marketing solutions in 19 jurisdictions. In Canada, Paysafe also has a leading position and partners with most regulated iLottery and gaming brands.
Last year, Paysafe acquired SafetyPay for $441 million (nearly €375 million) in an all-cash transaction.
Liz Moreno is a New Jersey based freelance writer and a huge US Sports aficionado. She keeps up to date with all things US when it comes to betting, casinos and regulations.