EML Payments announce Tuesday that its wholly-owned subsidiary, EML Payments USA LLC, has entered into a multi-year agreement with Hillside, trading as bet365, for the provision of a bet365 branded Reloadable card program in the state of New Jersey.
The initial program is expected to launch in mid-2019 following regulatory approvals. The contract also includes the opportunity to expand the relationship if bet365 commence operations in other states.
"EML is unable to accurately estimate future Gross Debit Volume (‘GDV’) that will be derived from this program, nor the pace at which this market will develop, given it is in a state in which sports betting has only recently been legalised," EML said in a statement. "We expect that the GDV to revenue conversion rate will be materially in line with our average for the General Purpose Reloadable segment with the first material earnings contributions delivered in the H2 of FY20 year."
The launch of the bet365 card in New Jersey, will be the 13th branded reloadable prepaid program in the gaming industry EML is managing across Australia, Europe, the United Kingdom and the United States of America.