Paysafe is the latest company to enter the NY sports betting market, launching a mobile app that allows users to place bets on all major sporting events. Paysafe’s platform will allow customers in New York State (and soon expanding)
to bet on athletic competitions and horse races through their smartphones. Sport bookies have traditionally faced heavy competition from illegal offshore websites which offer lower commission rates but generally more security for consumers.
Paysafe has entered the mobile sports betting field with its newly acquired Draftkings brand. This is a move that could potentially threaten the dominance of industry leader, FanDuel.
Paysafe, a leading specialized payments platform, continues to grow its brand throughout North America’s regulated gaming market, this time in New York State. The firm has now entered the Empire State’s freshly created mobile sports betting industry, bolstering its position as the continent’s leading provider of iGaming payments and affiliate marketing.
In April of last year, New York chose to authorize mobile sports betting, and the New York State Gaming Commission approved nine companies to start the growth in November. The first few operators began accepting bids in early January, and the market is now open for New Yorkers to gamble from the comfort of their own homes.
Obtaining Access to a New Market
Paysafe is handling online deposits and payments for the Empire State’s brand-new online sports betting regime via its premium payment gateway and collaboration with the operators. In addition, the firm is the driving force behind a number of operators’ state-based affiliate programs. The mobile sports betting industry in New York State is expected to surpass $1 billion in yearly revenue.
The platform has over two decades of expertise working with and supporting North American and international gaming companies. The corporation expanded its foothold in Arizona, Connecticut, Louisiana, Michigan, Montana, Virginia, and Wyoming only last year. In addition, in Q3 of last year, the business hired Zak Cutler, the former CEO of DraftKings and Jackpocket.
Mr. Cutler has been given the task of overseeing and leading the company’s new North American iGaming business, which is tasked with delivering an innovative operator-first growth strategy. The business currently provides payments and affiliate marketing services to gaming companies in 18 states, as well as partnerships in Canada, such as one with PlayAlberta, ALC, BCLC, Loto-Québec, and the OLG.
Operators including FOX Bet, Golden Nugget Online Gaming, and PointsBet increased their current ties with the payment platform provider last year as well. Paysafe has also added a number of new partners, including Fubo Sportsbook, PlayUp, SuperBookTM Sports, and WynnBET, who are now accepting conventional credit and debit card payments via the firm. It also aided Skrill USA in customizing the wallet for iGaming companies.
The Long-Awaited Launch has Arrived
New York State finally launched its mobile sports betting framework on January 8, 2022, after a protracted delay. Four gambling companies released their online sportsbook applications for the state this morning. Caesars Sportsbook, DraftKings, FanDuel, and Rush Street Interactive were the four operators, and the state’s iGaming sector launched a new chapter.
BetMGM got all regulatory permits and became the fifth online sports betting provider in the Empire State shortly after the first four operators launched. On January 17, 2022, this became a reality, and it greeted bettors with some interesting bonuses and promos. For example, on the NFL Wild Card Round, there was a risk-free initial bet up to $1,000, as well as a chance to stake $10 and win $200.
BusinessWire, January 26, 2022, “Paysafe Strengthens iGaming Market Leadership With New York Entry.”
The “paysafe a buy” is the latest addition to the NY mobile sports betting field. Paysafe will offer both online and land-based wagering on sporting events.
- latest news on paysafe stock
- investorplace paysafe
- paysafe future growth
- should i buy psfe stock
- minty bets