PayNearMe Cleared To Manage Cash Payments For NY Online Gamblers

Customers of three online sportsbooks can use it for cash deposits, withdrawals
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The New York Gaming Commission this week approved a California company to begin managing payments for online sports gambling operators in the state.

The company, PayNearMe, announced it already has reached deals with FanDuel, BetRivers and Caesars to use its MoneyLine platform. Bettors using the platform are able to make cash deposits at retail locations for use in legal online sports wagering, which launched in New York on Saturday morning.

“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,” PayNearMe CEO Michael Kaplan said in a statement. “Ahead of the Super Bowl, millions of fans are watching and wagering on NFL and college playoffs. PayNearMe will be able to offer cash as a convenient and guaranteed deposit method.”

Streamlining payments

Four operators already have been cleared to operate in New York. DraftKings is the other one currently taking online wagers in New York, while five others are expected to launch before Super Bowl LVI next month. New York’s opening was the largest of any such launches in the U.S. so far, and many analysts expect New York to become the sports betting capital of the nation in short order.

PayNearMe, based in Silicon Valley, now handles iGaming and online sports betting payments in 18 states. The company touts its ability to manage deposits and payouts in a smooth manner with technology designed specifically for those industries.

“With one platform and one integration for key deposits and payout types, operators can reduce costs, get to market faster, and make the entire payment experience seamless for their players,” the company’s promotional materials state. “Player insights within the platform deliver a holistic view of key player and payment metrics.”

Photo: Shutterstock

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