Payment transaction company PayNearMe announced January 11 that the New York Gaming Commission has approved its MoneyLine platform for licensed sports betting operators in the state. Three of four mobile sportsbooks that launched the previous weekend—FanDuel, Rush Street and Caesars—are now using the MoneyLine platform.
“These clients are some of the industry’s largest operators,” said PayNearMe Chief Revenue Officer and General Manager Michael Kaplan in a statement. “They have been accepting cash deposits at retail locations with PayNearMe for years and can now accept players’ cash deposits for mobile sports betting in New York.”
The Santa Clara, California-based company offers a payment platform for online sports betting and iGaming with a goal of removing friction that can affect customer transactions. Through the MoneyLine platform, operators can facilitate deposits, payouts and engagements using data to automate decision-making and manage payment experiences, reduce costs and increase revenue.
“Enabling our clients to go live on the same day online gambling was legalized in the state of New York ensures they will be able to seamlessly manage the billions of dollars projected to be wagered online in New York over the next year,” Kaplan said. “Ahead of the Super Bowl, millions of fans are watching and wagering on NFL and college playoffs. PayNearMe operators will be able to offer cash as a convenient and guaranteed deposit method.”
PayNearMe hopes to add additional clients in the Empire State.
“We have deep expertise in the industry and have worked closely with the New York Gaming Commission to ensure our service is compliant with all applicable statutory requirements,” said PayNearMe Senior Regulatory Counsel Connor McNulty in a statement.