Nuvei Approved to Provide Payment Processing Services to Sports Wagering Operators in Louisiana

Rhea-AI Summary

Nuvei Corporation (Nasdaq: NVEI) has received approval from the Louisiana Gaming Control Board to offer payment processing services for daily fantasy sports and sports wagering operators in Louisiana. This enables Nuvei to facilitate online sports betting across the state, which is projected to generate over $200 million in operator revenue and $2.5 billion in annual wagers. The company aims to optimize transactions for online gaming operators, expanding its services to 17 states where online wagering is legal.

Positive

• Approval for payment processing services in Louisiana enhances Nuvei's market reach.
• The Louisiana sports betting market is projected to generate over $200 million in operator revenue and $2.5 billion in annual wagers.
• Nuvei can now serve online gaming operators with advanced payment technology, increasing potential revenue streams.

Negative

• None.

MONTREAL AND BATON ROUGE, LA, Nov. 29, 2021 (GLOBE NEWSWIRE) -- Nuvei Corporation ("Nuvei" or the "Company") (Nasdaq: NVEI) (TSX: NVEI), the global payment technology partner of thriving brands, has announced that its wholly-owned subsidiary has been granted permission to provide payment processing services to daily fantasy sports and sports wagering operators in Louisiana. The approval by the Louisiana Gaming Control Board enables the Company to support online sports betting across the state.

The Louisiana sports betting industry is expected to attract more than $200 million in operator revenue and over $2.5 billion in annual sports wagers⁽¹⁾. Louisiana's first four commercial retail sportsbooks started operating on October 31 and November 1, 2021. While online sports betting is anticipated to go live by January 1, 2022, consumers currently have access to pre-launch offers from online sportsbooks.

Nuvei’s approval ensures that it can provide online gaming operators in Louisiana with its innovative payment technology and industry expertise, allowing them to accept more payment types and optimize transactions to drive additional revenue streams. Currently, the Company can offer its services to operators in 17 states where online wagering has been legalized, as it continues to expand its footprint across the U.S. Notable industry clients include Carousel Group, 888 and SI Sportsbook, PrizePicks, Triplebet/Matchbet, and BetMGM.

About Nuvei

We are Nuvei (Nasdaq: NVEI) (TSX: NVEI) the global payment technology partner of thriving brands. We provide the intelligence and technology businesses need to succeed locally and globally, through one integration – propelling them further, faster. Uniting payment technology and consulting, we help businesses remove payment barriers, optimize operating costs and increase acceptance rates. Our proprietary platform provides seamless pay-in and payout capabilities, connecting merchants with their customers in over 200 markets worldwide, with local acquiring in 45 markets. With support for over 500 local and alternative payment methods, nearly 150 currencies and 40 cryptocurrencies, merchants can capture every payment opportunity that comes their way. Our purpose is to make our world a local marketplace.

For more information, visit www.nuvei.com.

⁽¹⁾ PlayLouisiana.com: Louisiana Sportsbooks to Draw More Than $2.5 Billion in Annual Wagering Once Market Matures

Attachment

• Nuvei

FAQ

What recent approval did Nuvei (NVEI) receive?

Nuvei received approval from the Louisiana Gaming Control Board to provide payment processing services for daily fantasy sports and sports wagering operators.

How much revenue is expected from Louisiana's sports betting industry?

The Louisiana sports betting industry is expected to generate over $200 million in operator revenue.

When will online sports betting go live in Louisiana?

Online sports betting in Louisiana is anticipated to go live by January 1, 2022.

How many states can Nuvei (NVEI) currently serve for online wagering?

Nuvei can currently offer its services in 17 states where online wagering has been legalized.