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To expand its iGaming business and revitalize its digital-wallet business, Paysafe Ltd. on Monday announced it is increasing the wagering limit for high-stakes online gamblers using its Skrill USA wallet to fund their iGaming accounts.
The feature is expected to appeal to high rollers who make five- and six-figures wagers. These gamblers can now make bets that exceed Paysafe’s per-transaction limit for iGaming. While Paysafe declines to say how by how much it is raising the limit, it did say limits can increase by as much as several hundred times the standard cap, depending on the iGaming partner’s ability to validate the gambler’s financial resources.
In addition, qualified high-stakes gamblers will be able to fund their iGaming account by linking a bank account to their Skrill wallet. Gamblers can link a bank account through open-banking specialist Plaid Inc. Paysafe announced its account-to-account funding capabilities through Plaid last fall.
Paysafe is initially rolling out the new feature through iGaming partner PlayUp USA’s sportsbook, which operates in New Jersey and Colorado. Paysafe plans to extend it to other iGaming partners, most of which support Skrill’s account-to-account funding feature. Paysafe describes the higher limits and easier account-funding mechanism as a white-glove service for high-net-worth individuals who gamble online, as well as a point of differentiation for PlayUp and its other iGaming partners.
“As part of our transformation of Skrill USA into the go-to digital wallet for American iGaming, we’re delighted to launch the VIP player program with innovative brand PlayUp USA ahead of a wider rollout,” Zak Cutler, chief executive of North America iGaming at Paysafe, says in a prepared statement. “With VIP players preferring digital wallets over every other payment method, we’re confident that our program and product upgrade will make Skrill USA the preferred wallet of American operators’ VIP customer segments.”
During its first-quarter earnings call last month, Paysafe emphasized that revitalizing its beleaguered digital-wallet business and expanding its stake in iGaming business are a priority. Since then, the company has announced several deals to expand its iGaming business, the most recent of which was with Strive Gaming, a player-account management platform designed to meet multi-state iGaming requirements in North America.
