Paysafe expands into Kansas online sports-betting market

Rhea-AI Summary

Paysafe has expanded its presence in the U.S. by entering the Kansas online sports-betting market, now supporting multiple sportsbooks with deposit options and affiliate marketing services. This marks the 23rd U.S. state where Paysafe operates, with forecasts predicting Kansas will generate $1.78 billion in sports-betting revenue in its first year. Earnings from this expansion are expected to contribute positively as Paysafe strengthens partnerships with major operators like Caesars, DraftKings, and PointsBet, enhancing player acquisition and retention capabilities.

Positive

• Entry into the Kansas online sports-betting market, expanding Paysafe's footprint to 23 U.S. states.
• Forecasted Kansas sports-betting revenue of $1.78 billion in the first year, indicating significant market potential.
• Strengthened partnerships with Caesars, DraftKings, and PointsBet, improving customer acquisition and retention.

Negative

• None.

Paysafe’s online payments and affiliate marketing solutions now optimizing player conversions for multiple sportsbooks in new market

LONDON--(BUSINESS WIRE)-- Paysafe (NYSE: PSFE), a leading specialized payments platform, today announced its entry into the new Kansas online sports-betting market. The move sees Paysafe supporting multiple online sportsbooks in the state with players’ credit and debit card deposits plus ACH payments, while its marketing technology and services provider Income Access is powering the affiliate marketing programs of several Kansas iGaming brands.

With Kansas going live this month with online and retail sports-betting in time for the 2022 NFL season’s kickoff, the market becomes the 23^rd U.S. state or jurisdiction where Paysafe has a presence supporting operators with payments. The Midwestern state, which BetKansas forecast will generate $1.78bn in first-year sports-betting revenue, is just the latest North American iGaming milestone for Paysafe after entering New York, Louisiana, Oregon, Ontario, and Arkansas, in 2022 so far.

In Kansas, Caesars Entertainment, Inc. (NASDAQ: CZR), DraftKings Inc. (NASDAQ: DKNG), and PointsBet (ASX: PBH), have all extended their longstanding payments partnerships with Paysafe. The three operators’ Kansas online sportsbooks have plugged into Paysafe’s best-in-breed payment gateway to support online credit and debit card deposits, with all transactions processed seamlessly.

Through Paysafe, Caesars Sportsbook and PointsBet are also now enabling their players in Kansas to link their bank accounts to their sportsbook accounts to then make ACH deposits and receive payouts of their winnings. The ACH payments with both brands are supported by Paysafe’s connectivity to third-party ACH Warranty providers.

As well as strengthening customer conversions through payments, Paysafe is also supporting player acquisition for Kansas-facing operators using the affiliate marketing channel. The affiliate software of Paysafe’s Income Access is being used to track, manage, and optimize the affiliate programs of several brands in the new Kansas market, including Caesars Entertainment’s Caesars Sportsbook.

Zak Cutler, President of Global Gaming at Paysafe, said: “We’re delighted to continue our 2022 North American expansion by entering Kansas, the newest regulated U.S. iGaming market. We look forward to using our payment solutions and affiliate marketing technology to help operators in Kansas establish their brands by acquiring new players and retaining them, to also ensure the wider market’s growth.”

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 over U.S. $120 billion in 2021, and approximately 3,500 employees located in 10+ countries, Paysafe connects businesses and consumers across 100 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 Paysafe iGaming
Paysafe brings over two decades of specialized payments experience supporting the global iGaming and sports-betting sectors and provides operators with a comprehensive suite of traditional and alternative payment methods through a single, streamlined API integration. Paysafe is also a leader in digital and affiliate marketing technology and services for iGaming operators through its Income Access business unit.

Since the opening-up of the U.S. iGaming market in May 2018, Paysafe has consistently stated its ambitions to be the payments leader in the fast-growing sector, building on its leadership in Canada and Europe. As of September 26^th, 2022, the company supports 75% of operators in the country with payments or marketing solutions across 23 jurisdictions. In Canada, Paysafe also has a leading position and partners with the majority of regulated iLottery and gaming brands.

Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Paysafe Limited’s (“Paysafe”, “PSFE” or the “Company”) actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially, and potentially adversely, from those expressed or implied in the forward-looking statements. While the Company believes its assumptions concerning future events are reasonable, a number of factors could cause actual results to differ materially from those projected, including, but not limited to factors included in the “Risk Factors” in our Form 20-F and in other filings we make with the SEC, which are available at https://www.sec.gov. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in their expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220926005205/en/

For further information about Paysafe, please contact:

Nick Say, Senior Manager of Corporate Communications for North America, Paysafe

E: Nick.Say@Paysafe.com

Source: Paysafe