Paysafe Strengthens Iowa iGaming Market Presence with ClutchBet Deal

Rhea-AI Summary

Paysafe (NYSE: PSFE) has partnered with BlueBet Holdings Ltd. to integrate its Skrill USA digital wallet and Paysafecash solution into ClutchBet, a new mobile sportsbook operating in Iowa. This collaboration simplifies payment processes for sports betting, catering to player preferences with quick deposits and cash options. With the launch coinciding with the NFL season, ClutchBet aims to enhance the online wagering experience. The partnership is expected to expand into additional states including Colorado, Indiana, and Louisiana.

Positive

• Integration of Skrill USA and Paysafecash enhances payment options for ClutchBet users.
• Partnership aligns with the NFL season, potentially boosting user engagement.
• ClutchBet can attract more users with immediate withdrawal and flexible deposit limits.

Negative

• None.

ASX-listed BlueBet’s new U.S. mobile sportsbook plugs into Paysafe for upgraded Skrill USA digital wallet plus Paysafecash eCash solution

LONDON--(BUSINESS WIRE)-- Paysafe (NYSE: PSFE), a leading specialized payments platform, today announced a partnership with ClutchBet, the new Denver-headquartered U.S. mobile sportsbook from Australia’s BlueBet Holdings Ltd. (ASX: BBT). The first stage of a multi-state partnership sees Paysafe’s revamped Skrill USA digital wallet and its Paysafecash eCash solution facilitate online payments for ClutchBet’s Iowa sportsbook and its players.

Launched last month for the 2022 NFL season, the new ClutchBet sportsbook enables Iowans to wager on football, other North American sports-league games plus international sports – with the payments experience streamlined by Paysafe, which has had a presence in the Iowa iGaming market since 2020.

ClutchBet’s cashier now features the Skrill USA digital wallet, which Paysafe upgraded in Q4 2021 to allow players to make deposits with an iGaming brand direct from their bank accounts in a matter of seconds. Skrill will allow ClutchBet to better meet Iowa players’ payment preferences, with digital wallets being the favorite alternative payment method of American sports bettors, according to Paysafe’s 2021 iGaming research.

ClutchBet will also be offering its high-stakes customers the recently unveiled Skrill USA VIP player program. The program significantly increases the single transaction limit for instantly funded deposits, depending on individual KYC verification.

ClutchBet players can also seamlessly cash-out through Skrill, with their winnings available in real time. Payouts can be transferred from the wallet to their linked bank account in seconds.

The Paysafecash eCash solution is also now available in ClutchBet’s cashier for players who prefer wagering with cash. Sports bettors specify the deposit amount, then fulfill the payment with cash at thousands of in-store retailers in Iowa and across the U.S.

Beyond Iowa, ClutchBet has market access agreements for its home state of Colorado plus Indiana and Louisiana, where the Paysafe payments partnership is expected to be extended going forward.

Zak Cutler, President of Global Gaming at Paysafe, said: “We’re delighted to support BlueBet USA, Inc.’s entry into the States with the new ClutchBet brand, starting in Iowa, an iGaming market where we have significant experience. We share ClutchBet’s player-centric approach and look forward to ensuring the brand’s customers, including VIP players, enjoy a fast and frictionless payments experience whether wagering with our Skrill wallet or Paysafecash.”

Jake Francis, SVP of Operations for BlueBet USA, commented: “Paysafe has a storied history in our industry and has leaned-in on its goal to provide technologically forward payment methods for online players. The Skrill USA electronic wallet revamp will immediately benefit a player database that has cried out for instant withdrawals and flexible limits for far too long.”

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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 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 7^th, 2022, the company supports 75% of operators in the country with payments or marketing solutions across 22 jurisdictions. In Canada, Paysafe also has a leading position and partners with the majority of regulated iLottery and gaming brands.

About BlueBet
BlueBet is a mobile-first, online bookmaker with a vision to provide more innovative wagering products to customers of Australian and international racing and sports.

BlueBet offers wagering products on 31 sports in Australia and internationally, plus entertainment and politics wagering markets. BlueBet provides customers a wide range of traditional wagering products as well as more innovative products, such as Exotics, Same Game Multis and Same Race Multis.

BlueBet is powered by a scalable, cloud-based technology platform, which has been materially customized and enhanced by the Company to focus on providing customers with the best experience possible. BlueBet has developed its customer-facing technology platform, website and native apps with a mobile-first strategy, to deliver a premium mobile experience to the customer.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220907005256/en/

For further information about Paysafe, please contact:

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

E: Nick.Say@Paysafe.com

Source: Paysafe

FAQ

What is the recent partnership announced by Paysafe (PSFE)?

Paysafe has partnered with BlueBet to integrate its Skrill USA digital wallet and Paysafecash eCash solution into ClutchBet, a new mobile sportsbook.

How does Paysafe (PSFE) enhance ClutchBet's payment experience?

Paysafe enhances ClutchBet's payment experience by allowing users to make deposits quickly through the Skrill USA wallet and giving cash options via Paysafecash.

In which state is ClutchBet operating with Paysafe's payment solutions?

ClutchBet is operating in Iowa with Paysafe's payment solutions.

What are the expected benefits of Paysafe's partnership with ClutchBet?

The partnership is expected to streamline payment processes, improve user experience with quick deposits, and expand into more states like Colorado, Indiana, and Louisiana.