New York: PayNearMe’s MoneyLine platform approved for use in state

New York: PayNearMe’s MoneyLine platform approved for use in state

  • Rege Behe, CDC Gaming Reports
January 11, 2022 5:42 PM
  • Rege Behe, CDC Gaming Reports
  • Other

PayNearMe Tuesday announced it has been approved by the New York Gaming Commission to offer its MoneyLine platform to licensed operators in the Empire State.

According to the New York Gaming Commission, FanDuel, Rush Street and Caesars Sportsbook are the first three operators 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.”

PayNearMe received approval to operate in New York in December 2021, expanding its online sports betting footprint to 18 states. The Santa Clara, California-based company provides a complete payment platform for online sports betting and igaming, with a focus on removing friction. Through the MoneyLine platform, operators can facilitate deposits, payouts, and engagements using data to automate decision making and manage payment experiences to 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.”

Kaplan added that PayNearMe is actively working to add additional clients in New York.

“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.

Rege Behe is lead contributor to CDC Gaming Reports. He can be reached at rbehe@cdcgaming.com. Please follow @RegeBehe_exPTR on Twitter.