PayNearMe Expands Footprint with Approval to Process Online Sports Betting Payments in New York

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PayNearMe received New York approval in December of 2021, expanding its iGaming and online sports betting footprint to 18 states.

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Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Tuesday, January 11, 2022
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Mobile, Wireless, Technology, Casino, Gaming, Finance, Entertainment, Other Technology, Professional Services, Software, Internet, Data Management, TVG, New York State Gaming Commission, Technology, Moneyline, LinkedIn, General manager, FanDuel, Super Bowl, Sport, Gambling, NFL, Industry, Environment, Mark (given name), 2021–22 NCAA football bowl games, Twitter, MGM Resorts International, Online gambling, Facebook
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NEW YORK, US
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PAYNEARME
Summary
Key Points: 
  • PayNearMe received New York approval in December of 2021, expanding its iGaming and online sports betting footprint to 18 states.
  • Managing deposits and payouts is a complex process that requires technology designed specifically for the sports betting and iGaming industries.
  • PayNearMe is focused on quickly and efficiently gaining approval as new states legalize online sports betting and iGaming.
  • PayNearMe develops technology to facilitate the end-to-end customer payment experience, making it easy for businesses to manage and accept payments.


PayNearMe, the payments company designed to manage the complexities of iGaming and sports betting, today announced it has been granted approval by the New York Gaming Commission to provide its MoneyLine™ platform to licensed operators across the state. In conjunction with the state Gaming Commission giving approved operators the green light to launch in the state, three operators expanded into New York with MoneyLine.

“These clients are some of the industry’s largest operators. They have been accepting cash deposits at retail locations with PayNearMe for years and can now accept players’ cash deposits for mobile sports betting in New York,” said Michael Kaplan, Chief Revenue Officer and General Manager at PayNearMe. “We are actively working to launch additional operators upon approval and are thrilled to be paving the way in iGaming with our MoneyLine platform.”

PayNearMe received New York approval in December of 2021, expanding its iGaming and online sports betting footprint to 18 states. “Enabling our clients to go live on the same day online gambling was legalized in the state of New York ensures they will be able to seamlessly manage the billions of dollars projected to be wagered online in New York over the next year,” Kaplan said. “Ahead of the Super Bowl, millions of fans are watching and wagering on NFL and college playoffs. PayNearMe operators will be able to offer cash as a convenient and guaranteed deposit method.”

Managing deposits and payouts is a complex process that requires technology designed specifically for the sports betting and iGaming industries. “We have deep expertise in the industry and have worked closely with the New York Gaming Commission to ensure our service is compliant with all applicable statutory requirements,” said Connor McNulty, Senior Regulatory Counsel, PayNearMe. “PayNearMe is focused on quickly and efficiently gaining approval as new states legalize online sports betting and iGaming.”

PayNearMe provides a complete payment platform for online sports betting and iGaming, with a focus on removing friction to enable operators to deliver a best-in-class player journey. With one platform and integration, operators can facilitate deposits, payouts and engagements using data to automate decisioning and better manage payment experiences that ultimately reduce costs and increase revenue.

About PayNearMe

PayNearMe develops technology to facilitate the end-to-end customer payment experience, making it easy for businesses to manage and accept payments. Our modern, flexible and reliable platform is built from the ground up to increase engagement, improve operational efficiency, and drive down the total cost of accepting payments.

MoneyLine™, powered by PayNearMeⓇ, simplifies end-to-end money movement for iGaming and sports betting operators. It delivers the most reliable payment experience across key touch points with players, including cashiering, deposits, payouts, cash at cage, engagements and more. With one platform and one integration for key deposit and payout types, operators can reduce costs, get to market faster, and make the entire payment experience seamless for their players. Player insights within the platform deliver a holistic view of key player and payment metrics.

PayNearMe has been servicing the iGaming market since 2013 and is currently active in 18 regulated gaming markets in the US. The company processes cash deposits for 16 of the 17 largest online casinos in the U.S. and 9 of the 10 largest U.S. operators, including BetMGM, TVG, PointsBet, FanDuel and Caesars Sportsbook.

PayNearMe understands the importance of responsible gaming. We support our partners and affiliates in their effort to provide a safe environment that adheres to applicable responsible gaming requirements in the market.

PayNearMe has enabled cash payments through our proprietary electronic cash network since 2009, and today is accepted at over 31,000 retail locations in the U.S.

To learn more about PayNearMe, please visit www.paynearme.com. Follow PayNearMe on Twitter, LinkedIn and Facebook. The PayNearMe service is operated by PayNearMe MT, Inc., a licensed money transmitter.

This press release contains forward-looking statements regarding product development and availability. The development release and timing of future product releases remains at PayNearMe’s sole discretion. Any such referenced products do not represent promises to deliver, commitments or obligations of PayNearMe MT, Inc. PayNearMe assumes no obligation and does not intend to update these forward-looking statements.

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