September 21, 2021 Technology, Online

PayNearMe approved to process betting payments in Arizona

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Barstool Sportsbook will be among first operators in state to accept cash deposits.

PayNearMe, a payments platform designed to manage the complexities of online gaming, on Tuesday said the company has been granted approval by the Arizona Department of Gaming to provide its solution to licensed operators within the state.

Barstool Sportsbook, Penn Interactive’s mobile sports betting app with nearly 70 million hits per month, has been accepting cash deposits at retail locations with PayNearMe since September 2020. PayNearMe said Barstool now will be among the first to go live in Arizona with the company.

PayNearMe noted it has launched four clients in the Grand Canyon State, and is actively working to enable additional operators across the state to accept players’ cash and electronic payment deposits.

PayNearMe now operates and processes payments for licensed online sports betting and online gaming operators in 14 US states, and is expanding its gaming footprint as new states legalize online sports betting and gaming.

The company said in a statement its focus is on removing friction for operators, who can use one platform to facilitate deposits, payouts and engagements, using data to automate decisioning and better manage payment experiences that ultimately reduce costs and increase revenue.

“Players want a frictionless deposit experience, and PayNearMe’s online gaming solution helps operators improve the 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,” Michael Kaplan, chief revenue officer and general manager at PayNearMe, said in a statement. “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.”

Jake Francis, senior director of operations, Penn Interactive, added, “We are ready to rapidly expand the Barstool Sportsbook and Casino app across the US in tandem with states legalizing sports betting.“PayNearMe’s technology makes it possible for us to quickly begin accepting cash deposits as states go live.”

Connor McNulty, senior regulatory counsel and BSA/AML/OFAC compliance officer for PayNearMe, said, “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.”

PayNearMe processes cash deposits for nine of the 10 largest US operators, and 16 of the 17 largest online casinos in the US, including BetMGM, TVG, PointsBet, FanDuel and William Hill. The California-based company has enabled cash payments through its proprietary cash network since 2009, and today is accepted at more than 31,000 retail locations in the US, including participating 7-Eleven, Family Dollar and Casey’s General Stores, among others.

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