Friday , March 29, 2024

Eye On iGaming: PayNearMe Launches MoneyLine, And Paysafe Teams With Intralot

The opportunity in online wagering, sometimes called iGaming, is attracting a wide array of payments providers as they adapt their online payments-processing capabilities for this emerging market. On Monday, PayNearMe Inc. launched MoneyLine, a service intended to make it easier for players to receive payouts and make deposits into their iGaming accounts. 

At the same time, Paysafe Holdings Inc. said it is working with sports-betting platform Intralot to enable a wide range of payment methods through one application programming interface. The technology undergirds a new payment offering from the Montana state lottery

Once known for its technology that enables consumers to make cash payments through stores’ checkout technology, 12-year-old PayNearMe began working with casinos eight years ago. With MoneyLine, the company is expanding its capabilities for this fast-growing market, starting with PlayLive!, an online casino associated with the Live! Casino & Hotels operation in Philadelphia and Pittsburgh.

The deposit flow in the app for MoneyLine users.

The PayNearMe technology promises to simplify what casino operators see as a crucial but sometimes awkward payment flow. “Deposits and payouts are the most crucial touchpoints operators have with their players. When there is friction at these touchpoints, players drop off and operators lose revenue,” said Michael Kaplan, chief revenue officer and general manager for Santa Clara, Calif.-based PayNearMe, in a statement.

Through the new service, customers have a choice of cards, cash, automated clearing house, and mobile-wallet options for deposits into their gambling accounts. They can also make deposits via PayNearMe’s Smart Link, which activates payments via links in text messages, email, or push notifications. PayNearMe first branched out beyond cash-based payment technology in 2018 to include cards and ACH. Before, PayNearMe users paid bills by handing over cash, along with a barcode, at the checkouts of participating stores, with the payment later processed to the biller.

The MoneyLine service also promises faster payouts at the casino with funds pushed to users’ debit cards “within minutes,” PayNearMe says. All told, PayNearMe says it has won approval to process iGaming transactions in some 15 states.

Another company with a big stake in iGaming, Paysafe, said its integration with Intralot allows users of Sports Bet Montana, the state’s sports-betting platform, to make a deposit or withdraw winnings via cards, the ACH, or other methods. The new service comes as sports betting continues to win approval among U.S. states. More than two dozen states have legalized sports betting, though not all permit online wagering.

“Given the relationship between high-converting payment methods and operators’ revenue growth, we feel that our platform is a game-changer for the U.S. market,” says Zak Cutler, chief executive for the North American iGaming unit at Paysafe, in a statement.

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