Blackhawk Network Gains Approval to Process Online Sports Betting in New York and Louisiana

Rhea-AI Summary

Blackhawk Network received approval from the New York Gaming Commission and the state of Louisiana to offer its payments and sports betting gift card services. This includes its Game On card, which allows users to fund accounts with various sportsbooks. The sports betting market is experiencing rapid growth, with a reported $1.42 billion in wagering revenue for Q2 2022, a 58.7% increase from the previous year. The Game On cards are now available at select retailers in New York and Louisiana, expanding funding options for sports fans.

Positive

• Approval from New York and Louisiana to offer sports betting gift card services.
• The Game On card facilitates easy funding for accounts with multiple sportsbooks.
• Notable market growth with Q2 2022 sports wagering revenue at $1.42 billion, a 58.7% increase year-over-year.

Negative

• None.

Approval paves the way for Blackhawk to work with sportsbooks on payments and gift card options in two additional states

PLEASANTON, Calif.--(BUSINESS WIRE)-- As the sports betting industry continues to grow by double digits¹, new innovations in the payment and customer acquisition space will be critical to the industry’s success. Today, Blackhawk Network announced it has received approval by the New York Gaming Commission as well as the State of Louisiana to provide its payments and sports betting gift card services in these states, which includes Blackhawk’s original Game On^® card, a gift card featuring multiple sportsbook brands that allows consumers to easily add funds to their accounts with select sports betting operators.

As sports betting earns state approval in respective states across the U.S., the industry is seeing significant spikes in sports betting dollars spent. For instance, second-quarter sports wagering revenue in 2022 soared to $1.42 billion, a 58.7% increase over the same period in 2021.²

“As a branded payments provider for many top retailers, we’re bullish about providing our partners with the most compelling and on-trend gift card content, which now includes our Game On cards and other single-branded sports betting products,” said Steve Dekker, Managing Director, Americas at Blackhawk Network. “As New York, Louisiana, and other states upon approval continue growth in the gaming category, we’re pleased to be able to provide retailers with another option for players to spend, budget and also gift the entertainment of sports betting.”

The Game On cards from Blackhawk Network, which were introduced in 2020, have seen quick adoption and expansion. Since its launch, the Game On cards have helped give players the flexibility of an exciting new funding option for any sports fan. Consumers can share the thrill of sports betting with friends and family as a gift or to treat themselves to some fun while watching their favorite teams. Now, the Game On cards are approved for sale at New York and Louisiana retailers or as an egift available for purchase on GetGameOn.com.

Players can use the money associated with a Game On card to fund their accounts with several operators, including FanDuel Sportsbook, DraftKings Sportsbook, BetRivers and BetMGM, with options varying by state.

This innovative way to fund sports betting accounts is expected to become available in additional states, subject to applicable law and state approval. For more information or to purchase an egift, visit GetGameOn.com.

Game On Cards are issued by Pathward, N.A., Member FDIC.

About Blackhawk Network:

Blackhawk Network delivers branded payment solutions through the prepaid products, technologies and network that connect brands and people. We collaborate with our partners to innovate, translating market trends in branded payments to increase reach, loyalty and revenue. We reliably execute security-minded solutions worldwide. Join us as we shape the future of global branded payments. Learn more at www.blackhawknetwork.com.

About Pathward^TM

Pathward™, N.A., a national bank, is a subsidiary of Pathward Financial, Inc.™ (Nasdaq: CASH). Pathward is a U.S.-based financial empowerment company driven by its purpose to power financial inclusion for all™. Pathward strives to increase financial availability, choice and opportunity across our Banking as a Service and Commercial Finance business lines. The strategic business lines provide end-to-end support to the individuals and businesses who are powering the everyone economy. Learn more at Pathward.com.

¹ “Americans to Wager on 2021 NFL Season” was published on AmericanGaming.org on September 7, 2021.
² “US Sports Betting Revenue Booms in Q2 of 2022, AGA Reports” was published on Covers.com on August 15, 2022.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220818005092/en/

Geoff Renstrom

Geoff@fletchergroupllc.com

208-871-9280

Source: Blackhawk Network