Paysafe Expands to Two More US States

Thinking Man With a Pad and Pencil With a Sports Graphic Background

Sportsbooks in two more US states can now manage their payments using Paysafe. The digital payment services company announced it will begin operating both Louisiana and Oregon. Paysafe was able to expand into the markets through partnerships with Caesars and DraftKings.

The expansion was good news for Paysafe’s shareholders. Stock prices increased when the news was announced. Paysafe is now partnered with sportsbooks in 20 US states and DC.

In Louisiana, Paysafe will work with both DraftKings and Caesars. The Bayou State recently legalized sports betting. Allowing legal sportsbooks opened the door for companies like Paysafe to operate in the state.

Paysafe will, at least for now, only be working with DraftKings in Oregon. The popular sports betting company is the official sportsbook of the Oregon Lottery. Now, bettors in Oregon can use Paysafe’s payment gateway to find their accounts.

What is Paysafe?

Paysafe is a UK-based technology company that assists service providers with processing online payments. The company was started in 1996 works with companies in all fields, including iGaming and government agencies.

In the US, Paysafe works with sportsbooks in 20 of the 30 states that allow sports betting. It allows works with sports betting operators in DC. The company provides sportsbooks with technology to help bettors manage their online funds.

Paysafe has longstanding agreements with several US sportsbooks. The company used existing relationships with Caesars and DraftKings to move into Oregon and Louisiana. Paysafe’s stock prices increased by 4% following the announcement.

Paysafe Expands to Louisiana

The Bayou State recently legalized sports betting last October. At the end of January, Louisiana also launched mobile sportsbooks. The growth of iGaming created a need for online payment expertise.

Caesars and DraftKings turned to Paysafe to address their need. Despite being on the smaller size, Louisiana’s mobile sports betting numbers are comparable to many larger states. According to data from GeoComply, Louisiana had the eighth-most mobile bets placed on NFL Championship Weekend.

Projects suggest that Creole State could do big business for Paysafe in the future as well. According to the American Gaming Association (AGA), Louisiana is projected to produce a betting handle of $5.1 billion annually when it reaches maturity.

DraftKings’ Partnership Brings Paysafe to Oregon

Paysafe will also be bringing their technology to Oregon. Once again, the company used its existing partnership with DraftKings to move into the Pacific Northwest. Oregon’s sports betting market will not likely be as fruitful as Louisiana’s, but it still offers opportunities for Paysafe.

DraftKings was named the exclusive sportsbook of the Oregon Lottery in January. The sportsbook used its established relationships to help bring Paysafe to Oregon. Bettors in Oregon can now use Paysafe’s payment gateway to fund their DraftKings accounts.

The addition of Oregon means that Paysafe works in nearly 75% of US states with legal sports betting. Outside of the US, Paysafe is one of the leading payment processors in both Canada in Europe. In Canada, Paysafe works with the majority of the country’s top regulated gaming and iLottery brands

Conclusion

Popular fintech company Paysafe continues its US growth by moving into Louisiana and Oregon. The online payment company will be working with DraftKings in Oregon and Louisiana. Paysafe will be working with Caesars in Louisiana as well.

Operating in Oregon will allow Paysafe to expand its presence in the US. It will also allow Paysafe to work with the exclusive sportsbook of the Oregon Lottery. Down south, Louisiana will allow Paysafe access to one of the newest US sports betting markets. Louisiana is expected to produce a betting handle north of $5 billion annually from its sportsbooks.

The growth of Paysafe was good news for stockholders. When the new news was announced, Paysafe stocks rose by nearly 5%. The company now operates in 20 states and DC. As more states continue to legalize online and mobile sports betting, Paysafe stock will likely continue to increase in value.