Leading global payment technology providers Worldpay, Inc. (NYSE: WP;LSE: WPY) and Paysafe Group (Paysafe) announced today a new strategic partnership, with sights set on establishing an industry-leading standard in iGaming and Sports Betting digital payments acceptance and security in the United States (U.S.).
The partnership will enable seamless transactions, reduce operating costs and allow universal payment acceptance, leveraging Worldpay's deep sector expertise and optimized credit card processing, fast-fund payouts, and a range of treasury and payment solutions – alongside Paysafe's proven online gambling and gaming digital payment options, including its popular NETELLER digital wallet and paysafecard, its award-winning online cash solution.
iGaming is in a phase of significant growth after the U.S. Supreme Court put the legislative power to authorize sports gambling in the hands of states earlier this year. The potential market opportunity for iGaming in the U.S. is massive. According to the American Gaming Association the sports betting market in the U.S. is forecast to be worth $150 billionin gross online and offline gaming revenue and could become the largest sports betting market in the world.1
"Through this partnership, Worldpay and Paysafe will be able to champion the needs of U.S. iGaming operators and their players by providing a secure, cost-effective and highly configurable payments platform that delivers an unparalleled player experience," said Joel Leonoff, President and CEO at Paysafe Group. "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."
Combining Paysafe's and Worldpay's capabilities in the Gaming sector will ultimately help to boost the player's payment choices leading to better conversion and retention. Through the creation of this breakthrough solution, the two leaders will provide seamless connectivity, via a single point of integration, to wide-ranging payments solutions and services such as credit card processing, digital wallets, cash payment solutions, ACH and near instant push-to-card payouts tailored for the U.S. market.
"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," said Shane Happach, EVP, Head of Global Enterprise eCommerce for Worldpay. "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."