Paysafe has taken advantage of its long-lasting relationship with the two high-profile operators to enter a ripe new market. Online sports betting in Massachusetts launched on 10 March, with leading sportsbooks fighting to secure a market share. Caesars and DraftKings understand the importance of a smooth transaction experience, making their partnership with Paysafe a significant advantage in such a competitive environment.
The Company Achieves Another Significant Milestone
The leading payment provider’s partnerships with Caesars Entertainment and DraftKings continue to pay dividends. Dating back to 2012 and 2013 and spanning 21 states, the mutually-beneficial agreements have proven instrumental for all parties involved. By entering Massachusetts, Paysafe gains access to a market projected to make revenues of $295.25 in its first year.
Partnering operators will continue to enjoy Paysafe’s comprehensive selection of funding solutions across iOS and Android mobile devices. Players can effortlessly deposit using their debit card thanks to a best-in-class payment gateway. Caesars and DraftKings also retain access to the provider’s alternative payment methods and third-party APM solutions.
We look forward to helping (our partners) maximize their player acquisition and retention in Massachusetts, just as we’ve done in multiple other US states.
Zak Cutler, Paysafe president of global gaming
Paysafe president of global gaming Zak Cutler was excited regarding the new opportunities and happy to extend the company’s existing partnerships. He noted that Massachusetts’s adoption of online sports betting marked a significant milestone for the US gaming industry, potentially opening new avenues for development. Entering a new jurisdiction also helps advance Paysafe’s ambitious expansion plans.
Paysafe Remains a Market Leader despite outside Pressures
The payment gateway provider has enjoyed significant momentum in 2023. January saw Paysafe enter Ohio, securing a slice of the predicted annual GGR of up to $900 million from online bets. The company leveraged the popularity of its Skrill digital wallet to secure new integrations across the Buckeye State. Ohio sees Paysafe partner with operators like Betfred, Betway, Hard Rock, and SuperBook Sports.
Despite a stellar start to the year, future growth opportunities may become scarce. A recent analysis suggests that online sports betting expansion in the USA will slow down significantly as political pressures stifle crucial legislation. Most prospective bills face ongoing difficulties. Georgia, North Carolina, and Missouri have achieved incremental progress but are likely at least a few years away from effective reforms.
Paysafe remains one of the leading worldwide payment providers and will likely continue to excel despite the USA sports betting expansion slowing down. The company’s over 20 years of online payment experience, industry-leading integrated platform, and undisputed market dominance will continue to make it the preferred partner of iGaming operators worldwide.