PayNearMe Expands Footprint with Approval to Process Online Sports Betting Payments in Kansas
As Kansas residents begin placing wagers, five Kansas sports betting apps go live on PayNearMe
SANTA CLARA, Calif.–(BUSINESS WIRE)–PayNearMe, a fast-growing fintech company enabling iGaming and sports betting operators to deliver the best possible player experience around deposits, withdrawals and engagements using a single platform, today announced it has been approved by the Kansas Racing and Gaming Commission (the “Commission”) to provide its MoneyLine™ platform to licensed operators across the state. In conjunction with the state Gaming Commission giving approved operators the green light to launch in the state, five of the company’s sports betting operators are going live with MoneyLine in Kansas — the same day residents can begin wagering.
“These clients are going live just as the 2022 football season gets rolling, enabling fans to place legal wagers on the Jayhawks, Chiefs or any of their favorite sports teams,” said Michael Kaplan, Chief Revenue Officer and General Manager at PayNearMe.
With NFL kickoff on Sept. 8, MoneyLine will enable operators to successfully onboard players by offering them a wide range of fast, convenient deposit options and boost player retention by dramatically increasing the speed of payouts, making funds available in minutes. PayNearMe operators also will be able to offer cash as a convenient and guaranteed deposit method.
PayNearMe received the Commission’s approval in August of 2022, expanding its iGaming and online sports betting footprint to 20 states. “Enabling our clients to go live on the same day Kansas residents can place online wagers ensures they will be able to seamlessly manage the millions of dollars projected to be wagered online in Kansas over the next year,” Kaplan said. “Fans are ready to watch and wager on NFL and college football, and we’ve been working hard behind the scenes to ensure our operators are ready to give them the industry’s best player experience around deposits and withdrawals.”
Managing deposits and payouts is a complex process that requires technology designed specifically for the sports betting and iGaming industries. “We have deep expertise in the industry and have worked closely with the Kansas Racing and Gaming Commission to ensure our service is compliant with all applicable statutory requirements,” said Connor McNulty, Vice President, Legal and Chief Compliance Officer, PayNearMe. “PayNearMe is focused on quickly and efficiently gaining approval as new states legalize online sports betting and iGaming.”
PayNearMe provides a complete payment platform for online sports betting and iGaming, with a focus on removing friction to enable operators to deliver a best-in-class player journey. With one platform and integration, operators can facilitate deposits, payouts and engagements using data to automate decisioning and better manage payment experiences that ultimately reduce costs and increase revenue.
About PayNearMe
PayNearMe develops technology to facilitate the end-to-end customer payment experience, making it easy for businesses to manage and accept payments. Our modern, flexible and reliable platform is built from the ground up to increase engagement, improve operational efficiency, and drive down the total cost of accepting payments.
MoneyLine™, powered by PayNearMe®, simplifies end-to-end money movement for iGaming and sports betting operators. It delivers the most reliable payment experience across key touchpoints with players, including cashiering, deposits, payouts, cash at cage, engagements and more. With one platform and one integration for key deposit and payout types, operators can reduce costs, get to market faster, and make the entire payment experience seamless for their players. Player insights within the platform deliver a holistic view of key player and payment metrics.
PayNearMe has been servicing the iGaming market since 2013 and is currently active in 20 regulated gaming markets in the US. The company processes cash deposits for 16 of the 17 largest online casinos in the U.S. and 9 of the 10 largest U.S. operators, including BetMGM, TVG, PointsBet, FanDuel and Caesars Sportsbook.
PayNearMe understands the importance of responsible gaming. We support our partners and affiliates in their effort to provide a safe environment that adheres to applicable responsible gaming requirements in the market.
PayNearMe has enabled cash payments through our proprietary electronic cash network since 2009, and today is accepted at more than 40,000 retail locations in the U.S.
To learn more about PayNearMe, please visit www.paynearme.com. Follow PayNearMe on Twitter, LinkedIn and Facebook. The PayNearMe service is operated by PayNearMe MT, Inc., a licensed money transmitter.
This press release contains forward-looking statements regarding product development and availability. The development release and timing of future product releases remains at PayNearMe’s sole discretion. Any such referenced products do not represent promises to deliver, commitments or obligations of PayNearMe MT, Inc. PayNearMe assumes no obligation and does not intend to update these forward-looking statements.
Contacts
Kristin Jones
Jones PR for PayNearMe
[email protected]
314-534-8187
