Just Days After New York Sports Betting Launch, PayNearMe Earns State Approval

Just Days After New York Sports Betting Launch, PayNearMe Earns State Approval
By Christopher Boan

An iGaming payments stalwart, PayNearMe, has added the New York sports betting community to its list of customers.

In a news release Tuesday morning, the company said it had been approved by the New York State Gaming Commission to provide its MoneyLine platform to licensed operators in the Empire State.

PayNearMe has already received approval in other states that launched over the last calendar year, including Arizona — the company provides iGaming services to 16 of the 17 largest online casinos in the country and 9 of the 10 largest U.S. mobile sports betting operators, including BetMGM New York, Caesars Sportsbook NY, FanDuel New York and PointsBet NY.


A New Era for iGaming Transactions

PayNearMe Chief Revenue Officer and General Manager Michael Kaplan said the company’s newest market is an intriguing one — especially considering the company is already partnered with three of the state’s approved mobile sports betting operators (BetMGM, Caesars Sportsbook and FanDuel NY).

“These clients are some of the industry’s largest operators. 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,” Kaplan said in the press release. “We are actively working to launch additional operators upon approval and are thrilled to be paving the way in iGaming with our MoneyLine platform.”

Kaplan added that PayNearMe, which was founded in 2013, is thrilled to receive full approval to work with New York sports betting apps from the gaming authority in time for the NFL postseason and Super Bowl. Both are sure to be major generators of revenue.

Connor McNulty, who serves as PayNearMe’s senior regulatory counsel, praised the marketplace as being one of the most promising ones to launch in the U.S. so far.

“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,” McNulty said in the release. “PayNearMe is focused on quickly and efficiently gaining approval as new states legalize online sports betting and iGaming.”


New York NFL Betting Already Setting New Marks

The numbers from New York’s opening weekend of legalized sports betting seem to support McNulty and Kaplan’s statements — with geolocation company GeoComply saying nearly 6 million NFL transactions were recorded in New York on Saturday after the market launched at 9 a.m.

A total of 17.2 million people logged into one of the four live mobile platforms to make a wager over the weekend, including more than 8 million from New York City’s five boroughs (Brooklyn, Bronx, Manhattan, Queens, and Staten Island). Those numbers are according to a social media post early Monday morning by GeoComply’s Lindsay Slader, managing director of gaming.

The state’s 5.8 million transactions on Saturday were more than double the next closest market (Pennsylvania, at 2.3 million), and more than the combined total of the next four states (New Jersey, 2.1 million, Michigan, 1.6 million, Illinois, 1.1 million, Arizona, 1 million).

In addition to the clear desire to place wagers, bettors were also given added incentives from the New York sports betting promo codes offered by operators.

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Contributors

Christopher Boan writes for EmpireStakes.com and has been covering sports and sports betting for more than seven years, with experience at ArizonaSports.com, the Tucson Weekly and the Green Valley News.

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