Online Gambling USA / News / Paysafe to Capitalize on New York Betting Market

Paysafe to Capitalize on New York Betting Market

Paysafe, an established payments platform which is well known in iGaming spheres, is set to expand into the online sports betting market currently flourishing in the Empire State.

Paysafe enters NY betting market 

Paysafe continues to tighten its grip on the North American market having proven its worth as a reliable and far-reaching online payment solution. Nowadays, you’ll frequently come across Paysafe when signing up with online betting sites in various states across the US. The planned expansion into the NY sports betting market will solidify its position as a go-to payment option for bettors.

Our take on the best sports betting sites in New York

North American CEO of iGaming steering the ship to greener pastures

The latest CEO to take the reins of North American iGaming operations, Zak Cutler, has been quick to emphasize the need to continue building on the growth experienced in 2021. Cutler has played a big role in a number of companies that offer services in the iGaming sector. Most notably, he led DraftKings, already one of the top online gambling sites in the USA, to new heights and has proven that his vision for growth is up there with the best.

As New York braced itself for an opening week of legal online sports betting at the start of January, Paysafe readied itself to delve into the market – one that promises to be as lucrative, if not more so, than even New Jersey. The move makes perfect financial sense and will only serve to bolster the ever-increasing credit side of its balance of balance sheet. Interestingly though, third quarter earnings sales were significantly lower than was forecasted by analysts. In the third quarter of 2021, Paysafe netted just over $350 million in sales, while analysts had expected somewhere in the ballpark of $370 million. Although it has a long way to go to rival the likes of PayPal betting sites and Venmo bookies, however you spin it, it’s still a tidy sum for an online payment solution.

Paysafe is expected to facilitate online bettors’ deposits as well as payouts generated from winnings. In the slightly longer term, this will enable online casinos with fast payout to add Paysafe to their list of payment options.  If you have ever gambled in one of the other states where Paysafe promotes gambling brands, then you will know the service is certainly worthy of a good review. Last year, the group entered into agreements with operators or managed to attain a license to do so in a number of gambling-friendly states. These include the likes of Arizona, Louisiana, and Montana – to name but a few.

Keep up to date with all the latest New York sports betting news

As the Empire State is set to put the first month of legal sports betting behind it, stakeholders will be positive about what has prevailed thus far. The state is set for a thrilling year in terms of online sports betting. There is no telling just how big the market will become, but we’ll be sure to cover every step of the way right here at Find out all the latest gambling news from around the US with your number one source!

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