PXP Financial exec: US online gaming market the “place to be”
The US online gaming and sports betting market is the “place to be” and will only continue to grow, according to the CEO of PXP Financial Inc.
Since PASPA was overturned in May 2018, sports betting is now legal in 25 states and the District of Columbia, while there are currently 17 active bills in state legislatures trying to legalize the vertical in their respective jurisdictions.
The rapid growth of the market, aided by the digital transformation brought about by the COVID-19 pandemic, has led to many businesses across the gaming industry expanding its operations to the US.
For payment provider PXP Financial, the company has acquired licences in 11 US states and launched in nine over the past 12 months, including in the likes of West Virginia, Colorado, Pennsylvania, Virginia and Michigan.
The CEO of PXP Financial Inc, the US branch of PXP Financial Ltd, Kamran Hedjri, believes the US is where everyone wants to be, and that the online acceleration presents an opportunity for the company.
Hedjri told Gaming America: “The US is certainly the place to be for the likes of PXP Financial because it is a super fresh market, in comparison with Europe which is increasingly saturated.
“Going forward, we’ll see continued growth in the US, but right now Europe is ahead of it in terms of being the biggest gaming market in the world.
“Statistics show that card payments make up 20% of all gaming transactions in the US, whereas 16% in Europe, yet it still holds the bigger market share right now. However, the US is definitely the market to be delving into and there’s very likely going to be massive growth there.
“The cashless transformation that we’ve seen in the last year presents another opportunity for PXP Financial. When COVID-19 happened, more and more people went online rather than going to physical venues and started to discover how the online environment works and as such have now gotten used to it.
“These customers are going to be using products online in the future too and it will be a lasting legacy of COVID. “
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