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PayNearMe Inc. announced Tuesday it is expanding its iGaming footprint through a deal with Lottery Now Inc., which operates the Mido Lotto lottery. Consumers playing Mido Lotto, which is available in nine states, according to the Lottery Now Web site, will be able to purchase tickets with, as well as make deposits to and withdrawals from, their Mido Lotto digital wallets using credit and debit cards, Venmo, and PayPal through PayNearMe’s MoneyLine app.
The MoneyLine app allows operators to accept deposits to bettors’ accounts and facilitate payouts. Launched in 2021, MoneyLine supports cash, credit and debit cards, and automated clearing house payments, as well as PayPal and Venmo. PayNearMe says the breadth of payment options supported by MoneyLine is a point of differentiation in the highly competitive online gaming and sports- betting market, which has attracted such major processors as Paysafe Ltd.
Mido Lotto is played in California, Arizona, Ohio, Connecticut, Massachusetts, Oregon, Delaware, Montana, and Texas.
“With MoneyLine, Mido Lotto can offer our players the ability to make deposits and withdrawals with cards, Venmo, and PayPal,” Lottery Now co-founder and president Rich Wheeler says in a prepared statement. “PayNearMe’s team of payments industry experts help us stay informed on developing trends in an evolving marketplace while helping us be more forward with a product roadmap that aligns to our players’ needs.”
Access to multiple payment options for placing bets and collecting winnings rates high on bettors’ list of preferences, according the PayNearMe. In a 2022 iGaming study, PayNearMe found that bettors feel the process for depositing and withdrawing funds takes too long, and that they want more payment options to avoid disrupting play. Indeed, 29% of respondents said making deposits was the biggest pain point, while 39% said withdrawing winnings from an iGaming accounts takes too long. In addition, 49% said they would play and withdraw more often if they had access to their preferred withdrawal method. PayNearMe surveyed 2,051 iGaming bettors aged 18 and older in February 2022.
“Bettors expect a wide range of payment options, and we look forward to being able to offer Mido Lotto’s players a full suite of deposit and payout options through our MoneyLine platform,” Leighton Webb, vice president and general manager of iGaming and sports betting for PayNearMe, says in a statement.
PayNearMe operates and processes payments for licensed online sports betting and iGaming operators in 19 states.
