Payments company PayNearMe on Tuesday said the New York Gaming Commission approved the company to provide its MoneyLine platform to licensed operators across the Empire State.
The company said three of its client operators expanded into New York with MoneyLine as sports betting kicked off over the weekend.
PayNearMe received New York approval in December of 2021, expanding its iGaming and online sports betting footprint to 18 states.
Michael Kaplan, Chief Revenue Officer and General Manager at PayNearMe, described the three approved clients as “some of the industry’s largest operators.”
“They have been accepting cash deposits at retail locations with PayNearMe for years and now can accept players’ cash deposits for mobile sports betting in New York,” Kaplan said in a statement. “We are actively working to launch additional operators upon approval and are thrilled to be paving the way in iGaming with our MoneyLine platform.”
Kaplan added: “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. Ahead of the Super Bowl, millions of fans are watching and wagering on NFL and college playoffs. PayNearMe operators will be able to offer cash as a convenient and guaranteed deposit method.”
Connor McNulty, Senior Regulatory Counsel, PayNearMe, said managing deposits and payouts is a “complex process” that requires technology designed specifically for the sports betting and iGaming industries.
“We have deep expertise in the industry and have worked closely with the New York Gaming Commission to ensure our service is compliant with all applicable statutory requirements,” McNulty said. “PayNearMe is focused on quickly and efficiently gaining approval as new states legalize online sports betting and iGaming.”
PayNearMe has been servicing the iGaming market since 2013 and currently is active in 18 regulated gaming markets in the US. The company processes cash deposits for 16 of the 17 largest online casinos in the US, and nine of the 10 largest US operators, including BetMGM, TVG, PointsBet, FanDuel and Caesars Sportsbook.