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Paysafe Streamlines Payments for Interactive Wagering With Fubo Gaming in US
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Paysafe (NYSE: PSFE) announced a partnership with Fubo Gaming to integrate its payment solutions into the upcoming Fubo Sportsbook, expected to launch in Q4 2021 pending regulatory approvals. This collaboration will allow users to deposit and withdraw funds via various methods, including credit/debit cards and digital wallets like Skrill USA. The partnership aims to enhance the betting experience by combining user data from fuboTV with the sportsbook, transforming passive viewers into active participants, while expanding market access in several states.
Positive
Partnership with Fubo Gaming for Fubo Sportsbook enhances market reach.
Integration of diverse payment solutions, including Skrill USA and paysafecard, allows for seamless transactions.
Designing a hyper-personalized betting experience using user data from fuboTV aims to increase user engagement.
Negative
None.
Forthcoming Fubo Sportsbook to plug into Paysafe for full suite of traditional and alternative payments
HOUSTON--(BUSINESS WIRE)--
Paysafe (NYSE: PSFE), a leading specialized payments platform, today announced a partnership with Fubo Gaming, the Chicago-based subsidiary of leading sports-first live TV streaming platform fuboTV Inc. (NYSE: FUBO). Expected to launch in Q4 2021 subject to obtaining requisite regulatory approvals, Fubo Gaming’s mobile sportsbook, Fubo Sportsbook, will plug into Paysafe for credit and debit card payments, the Skrill USA digital wallet, and paysafecard and Paysafecash eCash solutions.
Through Paysafe’s best-in-breed payment gateway, Fubo Sportsbook users will be able to seamlessly fund a deposit via credit card, debit card or ACH bank transfer from a checking or savings account. Bettors will also be able to use Skrill USA to make rapid and secure deposits from their digital wallet account into their Fubo Sportsbook account. Those who prefer cash can choose to deposit using either paysafecard or Paysafecash, with both eCash solutions available at thousands of U.S. retailers.
In addition, Paysafe will facilitate payouts, with bettors able to choose between ACH withdrawals or Skrill USA’s digital wallet, which will allow winnings to be transferred in real-time to players’ bank accounts. Alternatively, they can use the Skrill Visa® Prepaid Card to withdraw winnings as cash from an ATM.
Designed as a holistic, hyper-personalized betting experience reflecting what users are watching on fuboTV, Fubo Sportsbook intends to combine data from both the betting and streaming platforms. Leveraging fuboTV’s first-party user behavior data to understand consumers’ viewing preferences and recommend relevant bets, the company intends to turn passive viewers into active, engaged participants.
In addition to its licenses and market access agreements in Arizona via Ak-Chin Indian Community and Iowa via Casino Queen, Fubo Gaming has also obtained market access agreements in Pennsylvania via The Cordish Companies as well as Indiana and New Jersey via Caesars Entertainment Inc.
Zak Cutler, CEO of the North America iGaming division at Paysafe, said, “We’re delighted to partner with Fubo Gaming’s forthcoming Fubo Sportsbook. Our comprehensive range of payment solutions, with a strong emphasis on fast and frictionless deposits and payouts, will be key for Fubo Sportsbook’s interactive wagering model, and we look forward to providing strong support to the brand’s launch in Q4 and its future growth.”
Scott Butera, President of Fubo Gaming, commented: “We are building our Fubo Sportsbook to deliver a truly integrated and interactive betting experience, where sports fans can be active and engaged participants of the games they are watching and wagering on. To bring that vision to life, we needed a payment partner who was going to provide secure, fast, and easy-to-use solutions for our sportsbook users. Paysafe checks all of those boxes, and we look forward to our continued partnership.”
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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 U.S.$100 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.
The assets, liabilities, and results of operations of Skrill USA are consolidated in Paysafe Limited’s consolidated financial statements; however, Paysafe Limited has no direct equity ownership in Skrill USA.
Fubo Gaming Inc. is a Chicago-based subsidiary of live TV streaming platform fuboTV Inc. (NYSE: FUBO) that is dedicated to delivering a unique, hyper-personalized sports entertainment and wagering experience. Launched in 2021, Fubo Gaming brings together fuboTV’s leading sports-first live TV streaming platform with the soon-to-be-launched Fubo Sportsbook in an omniscreen ecosystem. Fubo Sportsbook is expected to launch in Q4 2021, subject to obtaining requisite regulatory approvals. In addition to its licenses and market access agreements in Arizona via Ak-Chin Indian Community and Iowa via Casino Queen, Fubo Gaming has also obtained market access agreements in Pennsylvania via The Cordish Companies as well as Indiana and New Jersey via Caesars Entertainment Inc. For more information, visit fubosportsbook.com.
