Nuvei Receives Approval for Event Wagering and Fantasy Sports Payments in Arizona

Rhea-AI Summary

Nuvei Corporation (Nasdaq: NVEI) has secured an Event Wagering and Fantasy Sports Supplier license in Arizona, enhancing its presence in the U.S. online sports betting market. With Arizona's legal sports betting generating an estimated $3 billion annually, this move positions Nuvei to leverage its payment technologies for increased revenue opportunities in the state. The approval complements the Company's existing operations, allowing for optimized transaction flows and instant payouts in a rapidly growing sector.

Positive

• Secured Event Wagering and Fantasy Sports Supplier license in Arizona, expanding market presence.
• Estimated $3 billion annual sports wagering market in Arizona, providing significant growth potential.

Negative

• None.

MONTREAL and PHOENIX, Nov. 23, 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 an Event Wagering and Fantasy Sports Supplier license in Arizona.

Online sports betting became legal in Arizona in April 2021. Regulated sportsbooks and sportsbook apps formally began operating in the state on September 9, 2021, just prior to the kickoff of the 2021 NFL season. It is estimated that sports wagering in the state will be worth over $3 billion annually and generate over $200 million in gaming revenue⁽¹⁾.

The approval from the Arizona Department of Gaming allows Nuvei to further grow its U.S. online sports betting footprint into yet another state. The Company’s deep-rooted industry expertise and future-forward solutions including a broad range of payment methods, optimized transaction flows, and instant payouts can offer state operators even greater revenue possibilities.

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 204 markets worldwide, with local acquiring in 45 markets. With support for over 500 local and alternative payment methods, 210 currencies including 100 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⁾ PlayAZ.com: Arizona Sportsbooks Will Grow To Take In More Than $3 Billion In Bets Annually

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• Nuvei

FAQ

What recent license did Nuvei (NVEI) receive in Arizona?

Nuvei Corporation secured an Event Wagering and Fantasy Sports Supplier license in Arizona.

What is the estimated value of the sports wagering market in Arizona?

The sports wagering market in Arizona is estimated to be over $3 billion annually.

When did online sports betting become legal in Arizona?

Online sports betting became legal in Arizona in April 2021.

How does the new license benefit Nuvei's operations?

The license allows Nuvei to enhance its U.S. online sports betting footprint and offer greater revenue possibilities to state operators.