PaySafe Group and Worldpay Announce Partnership in US Sports Betting
PaySafe and Worldpay have joined in partnership to offer digital payment solutions in the US sports betting and gaming market. The two companies are only the latest to delve into the burgeoning US sportsbook market, which holds the hope of a lucrative industry in the coming few years.
PaySafe Group brings with it several of the best known global payment processors in the online gambling industry: Neteller, Skrill-Moneybookers, and PaySafeCard. Worldpay brings with it range of payment processing services of its own, along with five times the resources of PaySafe Group. Both companies have world famous financial backers.
Worldpay is the merged company created when US payment processor Vantiv bought the original UK-based Worldpay, a deal which finalized on January 16, 2018. Worldpay is owned by private equity firms like Bain Capital and Advent International.
The company offers payment processing services like Streamline, Streamline International, Lynk (US), Bibit (Netherlands), RiskGuardian, and PaymentTrust. Its yearly revenue sits between £4.5 billion and £5 billion per year.
Worldpay EVP Discusses Deal
Shane Happach, Worldpay’s EVP of Global Enterprise eCommerce, said of the new partnership between PaySafe and Worldpay, “As a leading payments provider for iGaming companies, state lotteries and land-based casinos, Worldpay is excited about the enhancements this partnership will bring when it comes to maximizing payment acceptance, enabling new digital wallets, as well as minimizing fraud risk and lowering cost.”
“Our combined strengths and capabilities will simplify payments for gaming operators, while also continuing to show our attentiveness to responsible gaming and our mission to protect the integrity of every transaction.”
About PaySafe Group
PaySafe is the owner of several top payment processors, including Neteller, Skrill (Moneybookers), and PaySafeCard. PaySafe Group combined the three payment methods when the parent company, Optimal Payment PLC, acquired Skrill in 2014.
The Blackstone Group and CVC Capital Partners bought Optimal Payment PLC in December 2017 with the intention of expanding operations into other sectors. PaySafe Group Limited is based on the Isle of Man and is well known in the online gambling industry. PaySafe Group has revenues just over £1 billion per year.
The partnership between Worldpay and PaySafe Group combines PaySafe’s 15+ year experience in the online gambling industry with Worldpay’s greater assets and world famous payment processing services. The partnership gives American sports bettors new ways to move money to and from their online and mobile sportsbook accounts.
Joel Leonoff on Partnership
Joel Leonoff, President and CEO at Paysafe Group, said of the deal, “Through this partnership, Worldpay and Paysafe will be able to champion the needs of US iGaming operators and their players by providing a secure, cost-effective and highly configurable payments platform that delivers an unparalleled player experience.”
“Our innovative approach means we can support all transactions, no matter how the player wants to pay. We’re very excited to once again get behind a new and growing sector.”
US Sports Betting Expansion
The U.S. sports betting industry expands month by month. Since May 14, six US states have legalized single-game sports bets and six more are debating the merits of legal sportsbooks. They join Nevada as the longstanding center of single-game sports betting in the United States.
Rhode Island became the 7th US state to legalize land-based sportsbooks and intrastate live sports betting apps on Monday. Twin River Casino began taking sports bets on pro US sporting events.
On the day his state began offering bookmaker bets, Rhode Island Senate President Dominick Ruggerio (D) said, “Sports gaming provides the state with revenue that offsets reliance on taxes to support essential state services, such as education and fixing roads and bridges.”