Gaming processing company PayNearMe has been approved by the state Department of Gaming to begin accepting Arizona sports betting payments from users, the company announced Tuesday.
PayNearMe, which will partner initially with Penn National Gaming/Barstool Sports and three other operators in the Grand Canyon State, allows bettors to place cash deposits at retail locations, according to a news release.
The state took its first legal sports bets on Sept. 9 in time for Arizona NFL betting and Arizona Cardinals betting. The Cardinals have started the season 2-0.
The goal for the company is to eventually partner with additional Arizona sports betting apps to accept cash and electronic payment deposits, Michael Kaplan, chief revenue officer and general manager of PayNearMe, said in the release.
“Players want a frictionless deposit experience, and PayNearMe’s iGaming solution helps operators improve the iGaming experience by enabling players to quickly and easily fund their accounts using any tender they choose — including Apple Pay and Google Pay — via a smartphone,” Kaplan said in the release. “As more states legalize online sports betting, PayNearMe’s technology and electronic cash network make it possible for operators to get up and running quickly in each new state.”
What Does PayNearMe Offer Operators?
PayNearMe’s services are tailored to the iGaming industry, with the company licensed for sports betting/online casinos in 14 states, the release said.
The company’s main offering to operators is its level of experience in handling the intricacies involved with iGaming payment processing, according to Connor McNulty, who serves as senior regulatory counsel and a BSA/AML/OFAC compliance offer for the company.
“We have deep expertise in the gaming industry and have worked closely with the Arizona Department of Gaming to ensure our service is compliant with all applicable statutory requirements,” McNulty said in the release.
The company specializes in offering top-quality services to users, allowing them to make deposits, withdraw winnings and more from one platform.
PayNearMe has partnered with operators like BetMGM and FanDuel, with the company processing cash deposits for nine of the 10 largest operators in the U.S.
Which Operators Will Partner Initially?
So far, the only PayNearMe partner in Arizona that has been disclosed is Penn National Gaming/Barstool Sports, which will work with the company to accept payments through the company’s mobile application in the state.
Jake Francis, who serves as the senior director of operations at Penn Interactive/Barstool Sports, said the company is excited to work with PayNearMe in Arizona, making payouts and deposits simpler for users in the state.
“We are ready to rapidly expand the Barstool Sportsbook & Casino app across the U.S. in tandem with states legalizing sports betting,” Francis said in the release. “PayNearMe’s technology makes it possible for us to quickly begin accepting cash deposits as states go live.”