Paysafe expands FOX Bet partnership into Michigan

Rhea-AI Summary

Paysafe (NYSE: PSFE) has announced an expanded partnership with FOX Bet, enhancing its Michigan sportsbook's payment options with the integration of the Skrill digital wallet and paysafecard eCash solution. This collaboration builds upon Paysafe's long-standing relationship with Flutter Entertainment, integrating payment solutions across multiple states. With 40% of Americans using digital wallets monthly, this move is set to improve user experience for sports bettors in Michigan, providing secure deposits and quick payouts.

Positive

• Expanded partnership with FOX Bet enhances payment options in Michigan.
• Integration of Skrill and paysafecard meets consumer preferences for digital wallets and eCash solutions.
• Long-term relationship with Flutter Entertainment strengthens market position.

Negative

• None.

Paysafe (NYSE: PSFE), a leading specialized payments platform, today announced an expanded partnership with FOX Bet, a U.S. online and mobile sports-betting platform operated by Flutter Entertainment plc (LSE: FLTR; EURONEXT: FLTR). Building on Paysafe integrations across multiple states, FOX Bet has now strengthened its Michigan sportsbook’s payments offering with the Skrill digital wallet and paysafecard eCash solution.

Paysafe has streamlined payments for Flutter Entertainment’s Betfair and PokerStars brands for well over a decade, and its Skrill solution is already integrated with FOX Bet’s Colorado, New Jersey, and Pennsylvania offering.

Now, the addition of both Skrill and paysafecard will allow FOX Bet to better serve sports bettors in Michigan. After credit and debit cards, digital wallets are Americans’ preferred online payment method, with 40% of consumers using a wallet like Skrill at least monthly, according to Paysafe’s 2021 consumer survey. The research also revealed that 12% of Americans are using eCash products like paysafecard once a month or more.

Players in Michigan wanting to wager on FOX Bet’s comprehensive range of sports markets – from NFL football, NBA basketball, MLB baseball, and NHL hockey, to Mixed Martial Arts (MMA) and local and international soccer games – can use Skrill to make rapid and secure deposits into their sportsbook accounts.

paysafecard is also now available to make deposits with FOX Bet in Michigan and becomes the brand’s very first integrated eCash solution for players whose payment preference is cash. Available at thousands of U.S. retailers, the solution can be purchased in denominations of $10, $25, $50, and $100, providing consumers with a 16-digit code to make online or mobile deposits into their FOX Bet account.

As well as deposits, the expanded Paysafe partnership supports payouts. Winnings can be withdrawn directly into Michigan players’ Skrill accounts and then transferred in real time to their bank accounts. Customers can also use the Skrill Visa® Prepaid Card to withdraw winnings as cash from an ATM.

Philip McHugh, CEO of Paysafe, said: “We’re delighted to strengthen our partnership with FOX Bet. Americans are keenly embracing alternative payment methods, so integrating our best-in-class Skrill and paysafecard solutions, both specifically tailored to sports betting, will ensure that FOX Bet offers all the different ways that players want to pay when they play.”

About Paysafe Limited

Paysafe Limited (“Paysafe”) (NYSE:PSFE) (PSFE.WS) is a leading specialized payments platform. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash solutions. With over 20 years of online payment experience, an annualized transactional volume of US $92 billion in 2020, and approximately 3,400 employees located in 12+ global locations, Paysafe connects businesses and consumers across 70 payment types in over 40 currencies around the world. Delivered through an integrated platform, Paysafe solutions are geared toward mobile-initiated transactions, real-time analytics and the convergence between brick-and-mortar and online payments. Further information is available at www.paysafe.com.

About FOX Bet

FOX Bet is an online and mobile sportsbook developed through a first-of-its kind national media and sports wagering partnership in the United States with FOX Sports. FOX Bet brings sports fans closer to the games they love by integrating regulated real-money sports wagering on a wide range of sporting events. FOX Bet Super 6 is a free-to-play sports prediction game available nationwide in the United States, excluding Washington state.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210629005186/en/

FAQ

What does the Paysafe and FOX Bet partnership involve?

Paysafe's expanded partnership with FOX Bet includes the integration of Skrill and paysafecard for enhanced payment options in Michigan.

How will the partnership impact sports bettors in Michigan?

The partnership will provide sports bettors in Michigan with secure deposit methods and efficient payout options.

Which payment solutions are now offered through FOX Bet?

The payment solutions include Skrill digital wallet and paysafecard eCash for deposits.

What is the significance of digital wallets in the U.S. according to Paysafe?

According to Paysafe, 40% of Americans use digital wallets like Skrill at least monthly, highlighting their popularity.

When was the announcement regarding Paysafe and FOX Bet made?

The announcement was made on June 29, 2021.