Paysafe Expands US iGaming Presence With Ohio Market Entry

Rhea-AI Summary

Paysafe (NYSE: PSFE) expands its payment processing services into the Ohio online sports-betting market, enhancing its operations in 25 U.S. jurisdictions. Following its entry into Maryland in Q4 2022, the company aims to capitalize on Ohio's market, projected to generate $900M in annual gaming revenue. Paysafe is collaborating with major sportsbooks like DraftKings (NASDAQ: DKNG) and Betway (NYSE: SGHC), offering a suite of payment solutions, including deposits via credit and debit cards and its Skrill digital wallet. This expansion positions Paysafe as a leader in the rapidly growing iGaming sector.

Positive

• Expansion into Ohio's online sports-betting market aligns with growth strategies.
• Projected $900M annual gross gaming revenue in Ohio can significantly enhance Paysafe's revenue.
• Established partnerships with major operators like DraftKings and Betway strengthen market presence.

Negative

• None.

Company now powering payments for multiple online sportsbooks in Ohio plus 24 other U.S. jurisdictions following recent Maryland expansion

LONDON--(BUSINESS WIRE)-- Paysafe (NYSE: PSFE), a leading payments platform, today announced its expansion into the new Ohio online sports-betting market after entering the Maryland iGaming space in Q4 2022. Paysafe is now powering play safely for a range of sportsbooks in the Midwestern state by providing their players with a comprehensive suite of payment options, including credit card and debit card deposits, Paysafe’s Skrill digital wallet for both deposits and payouts, and other solutions.

By kicking-off 2023 with a move into Ohio – whose sports-betting market is expected to generate as much as $900m in gross annual gaming revenue when mature, according to PlayOhio – Paysafe now supports iGaming operators with payments in 25 different U.S. states or jurisdictions. The milestone of Ohio, which is the 7^th most populated U.S. state with 11.8m residents, follows Paysafe’s entry into Maryland in late November, with the company providing DraftKings Inc. (NASDAQ: DKNG) and PointsBet (ASX: PBH), among other operators, with online payment solutions.

Now, Paysafe has extended its longstanding payments partnerships with these two operators into Ohio along with several other existing partners – Betfred Sportsbook, Betway (subsidiary of Super Group; NYSE: SGHC), Hard Rock Sportsbook, and SuperBook™ Sports, among others.

The separate integrations of Betfred Sportsbook, DraftKings, Hard Rock Sportsbook, and PointsBet, with Paysafe’s payment gateway enables their Ohio sports-betting customers to securely make deposits via either credit card or debit card. All transactions will be processed seamlessly by Paysafe.

Ohio sports bettors wagering with the Betway sportsbook will also be able to make deposits and receive payouts using Paysafe’s Skrill digital wallet. The wallet, which was recently upgraded and boasts a state-of-the-art user experience (UX), will support instant online deposits direct from Betway customers’ bank accounts (when linked) as well as the ability to cash-out winnings rapidly.

In addition, through their connectivity to the Paysafe payments platform, Betway, PointsBet, and SuperBook™ Sports, can provide their Ohio customers with a range of other alternative payment methods (APMs) from third-party providers.

Zak Cutler, President of Global Gaming at Paysafe, said: “We’re delighted to begin the year by extending our U.S. iGaming payments footprint into Ohio, which ranks as the most important American sports-betting market to launch since New York a year ago. Through our best-in-class payments platform and our Skrill wallet, we look forward to supporting the growth of our operator partners in Ohio.”

About Paysafe
Paysafe (“Paysafe”) (NYSE: PSFE) (PSFE.WS) is a leading 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 January 18^th, 2023, the company supports 75% of operators in the country with payments or marketing solutions across 25 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/20230118005299/en/

For further information about Paysafe, please contact:

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

E: PR@Paysafe.com

Source: Paysafe

FAQ

What is Paysafe's expansion in Ohio?

Paysafe has expanded its payment processing services into Ohio, supporting online sportsbooks with a comprehensive suite of payment options.

How much revenue is Ohio's sports-betting market expected to generate?

Ohio's sports-betting market is projected to generate up to $900 million in gross annual gaming revenue.

Which operators has Paysafe partnered with in Ohio?

Paysafe has partnered with major operators like DraftKings (DKNG) and Betway (SGHC) for its payment solutions in Ohio.

How many U.S. jurisdictions does Paysafe operate in?

Paysafe is now operating in 25 different U.S. jurisdictions, enhancing its presence in the iGaming sector.