Paysafe Strengthens Canadian iGaming Presence With Ontario Market Launch

Rhea-AI Summary

Paysafe (NYSE: PSFE) has officially launched its services in Ontario's new private iGaming market, providing payment solutions to operators. This comes after establishing a significant presence in Canada, with over 20 years of experience in online payments. The Ontario market, expected to generate gross revenues of C$1.86 billion by 2026, will allow players to use various payment methods, including credit and debit cards. Paysafe plans to introduce new iGaming payment products soon, signaling growth potential in North America's competitive gaming sector.

Positive

• Launch of payment services in Ontario's private iGaming market, expanding Paysafe's footprint.
• Expected significant revenue growth in Ontario's market, projected at C$1.86 billion by 2026.
• Provides a wide range of payment options including credit and debit cards, enhancing user experience.

Negative

• None.

New Ontarian market for private online gambling brands sees Paysafe support multiple operators with traditional and alternative payment solutions

MONTREAL--(BUSINESS WIRE)-- Paysafe (NYSE: PSFE), a leading specialized payments platform, has announced that it is live and supporting private iGaming operators with payments in the Canadian province of Ontario’s expanded market, which launched today. Building on longstanding payments partnerships with the Canadian provincial government-operated lotteries, Paysafe is now powering payments for leading operators in Ontario’s new private market.

With roots in the city of Montreal and 20+ years’ experience in iGaming payments, Paysafe has processed online payments for the Ontario Lottery and Gaming Corporation (OLG)’s online gaming brand OLG.ca since its launch in 2015.

Today, Paysafe has strengthened its presence in Canada’s most populous province of 14.6m by extending its multi-state U.S. payment partnerships with a range of operators into the Ontarian market, which is expected to generate gross revenues of C$1.86bn by 2026, according to Vixio. Among others, these partners include PointsBet (ASX: PBH) and theScore Bet, a wholly-owned subsidiary of Penn National Gaming (NASDAQ: PENN).

Through a single, streamlined integration with Paysafe, these online sports-betting and casino brands enable Ontarian players to make deposits by credit and debit card, with all transactions processed seamlessly by Paysafe’s best-in-breed payment gateway. The gaming brands’ connectivity to Paysafe will also allow them to offer players the full suite of the company’s alternative payment methods, including its eCash solutions.

Paysafe is scheduled to unveil new iGaming payments products and operator partnerships for the Ontarian market in the coming weeks.

Zak Cutler, CEO of North America iGaming at Paysafe, said: “Today’s launch of the new, expanded Ontarian iGaming market marks a milestone for the North American industry and our global company, which has its origins in Canada. Ontario will likely rival the largest U.S. state iGaming jurisdictions when it reaches maturity, and we look forward to facilitating payments for operators and their Ontarian customers to help the market grow to its full potential.”

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 April 4^th, 2022, the company supports 75% of operators in the country with payments or marketing solutions across 21 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/20220404005315/en/

For further information:

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

T: +1-514-452-8747; E: Nick.Say@Paysafe.com

Source: Paysafe

FAQ

What is the significance of Paysafe's launch in Ontario for its stock (PSFE)?

The launch supports Paysafe's expansion in the lucrative Ontario iGaming market, potentially driving revenue growth.

What revenue is projected for Ontario's iGaming market by 2026?

Ontario's iGaming market is expected to generate gross revenues of C$1.86 billion by 2026.

Which companies are partnering with Paysafe for Ontario's iGaming market?

Paysafe partners with leading operators like PointsBet and theScore Bet to power their payment solutions.

How does the launch in Ontario affect investors in Penn National Gaming (PENN)?

The partnership with Paysafe may enhance theScore Bet’s offerings, potentially benefiting Penn National Gaming's market position.