Sports betting and iGaming-oriented payments company PayNearMe is expanding its US footprint after having secured approval to process online sports betting payments in New York from the state’s Gaming Commission, according to a press statement shared on Tuesday.
The New York Gaming Commission approval allows PayNearMe to provide its MoneyLine platform to licensed operators across the state. The company explains that three of the industry’s largest operators are now leveraging PayNearMe to accept cash deposits in New York, as consumers begin placing wagers in the new market, which launched last Saturday.
“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.
PayNearMe received New York approval in December of 2021. The company has now expanded its iGaming and online sports betting footprint to a total of 18 states. Operators leveraging its payment solution will be able to offer cash a convenient and guaranteed deposit method, the company explains.
“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. “We are actively working to launch additional operators upon approval and are thrilled to be paving the way in iGaming.”
PayNearMe describes its product as 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 of online gaming can facilitate deposits, payouts and engagements using data to automate decisioning and better manage payment experiences, which ultimately reduces costs and increases revenue. PayNearMe describes this as a “complex process,” which requires technology designed specifically for the gaming industry.
“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 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 country and 9 out of the 10 largest operators, according to the company, including giants BetMGM, TVG, PointsBet, FanDuel and Caesars Sportsbook.
The New York launch marks a major milestone for the business given the projected growth the market is expected to achieve. According to GeoComply’s weekend geolocation volumes, the state debuted with 17.2 million bets in its first two days, what has been described as a "historically unprecedented" launch by experts.
The market debuted on Saturday morning with Caesars Sportsbook, DraftKings, FanDuel and Rush Street Interactive's BetRivers. The New York State Gaming Commission said Thursday that the remaining five conditionally licensed operators (PointsBet, BetMGM, Resorts World, BallyBet, WynnBet) are continuing to work towards necessary requirements for launch.