Paysafe cleared to introduce online payment solution for the gaming industry in New York

Paysafe, an online payment platform, opened in New York's mobile betting marketplace earlier in the month. New York is the 18th state Paysafe supports using its payments gateway.

Six operators are online at the moment in the state. Caesars Sportsbook, DraftKings, FanDuel and Rush Street were online as of January 8. BetMGM joined on January 17 and PointsBet was added on January 25.

Nine operators were chosen to receive mobile betting licenses after the state closed its tender process.

Zac Cutler, Paysafe's North America head, stated in a press release, "Payments and affiliate marketing play essential roles in customer conversion and the growth of iGaming brands and the wider market."

He added, "We're proud to have supported the ongoing expansion of the North American online gaming space in 2021 through 2022, with our recent entry into New York – a pivotal market that will hopefully galvanize broader US states and Canadian provincial regulation."

In 2021, flagship brands FOX Bet, Golden Nugget Online Gaming and PointsBet expanded existing Paysafe payments partnerships into new states. WynnBET and PlayUp are also new partners of Paysafe. They can use the platform to allow traditional credit and debit card payments, as well as the Skrill USA digital wallet, paysafecard, and the Paysafecash eCash options.

Paysafe now processes online deposits and pays Empire State players who are affiliated with mobile sports betting companies in the new market. Paysafe's marketing technology software, Income Access, already serves several New York-focused affiliate programs.

Paysafe established a payments footprint last year in Arizona, Connecticut and Louisiana, Michigan. Montana, Virginia, and Wyoming. The company went live with operators or was licensed directly.

The platform supports gaming brands in 18 states and Washington, DC, with affiliate marketing and payments.

The addition of New York hasn't helped the company's public position. Paysafe listed on the NYSE last year after merging with a special purpose acquisition company (SPAC), adopting the ticker PSFE.

Since then, its stock has fallen. On November 8, 2021, it was at $7.94, but closed on January 26 at $3.43. However, despite losing over 50%, a rebound is likely. This would make now a good time to consider the stock.

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