PAYNEARME
sufficient size where companies like PayPal have entered the market and see the revenue opportunities. The bank acceptance rate is over 80%, so the market is starting to mature from that perspective. But where it is still very early days is where states are still regulating. In the US we have the big four: New York, California, Texas, and Florida. Out of the big four only New York is live today, there is a lot of growth potential in the US and new entrants coming into the market. This is a great opportunity for us because companies will come in and need payment solutions. PayNearMe operates and processes payments for licensed online sports betting and iGaming operators in 19 US states and is expanding its gaming footprint as new states legalise OSB. The payment solution is part of the product, it’s not a plug-in, it’s an integral part of the player experience. It is critical that the operators get that right.
AS: How did your relationship with the Arkansas casino begin? LW: Discussions with Saracen started last year when it was clear that Arkansas was going to regulate and make online sports betting available. They saw the value in our platform and we worked with them to consummate that deal and bring it to market in Arkansas.
AS: What are your plans for the future? LW: The answer here is twofold. First, we will continue to make MoneyLine available throughout the US as new states regulate online sports betting and iGaming. Second, we will continually enhance the platform by adding new payment and disbursement methods to operators as it makes sense. The US market is growing and we’re excited to be at the forefront of it as Arkansas expands and new states take online sports betting live. We’re going to stay focused on the new technology we can bring to operators to make the whole end-to-end payment experience easy for operators and players. That is our mission in the market.
GIO JULY 2022 13
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