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When online gamblers and sports bettors think about payment solutions, they care about how much of a hassle it is to deposit funds and withdraw winnings. For operators, it’s about how much the solution costs and how much attrition it causes among potential users due to those hassles. The Michigan‘s iGaming and online sports betting scene now has two new options available. Here’s a look at how user-friendly these new online payment solutions are and how much they increase efficiency for operators.
Venmo, the peer-to-peer cash app that links more than 70 million customers, is a verb in many conversations. “I’ll Venmo you.”
PayNearMe and Paysafe, which both announced new partnerships with online gambling operators in Michigan today, may not be household names in the same way. However, they are important to bettors and operators alike, and their arrival is welcome news despite the saturation of the payment processing space.
PayNearMe says it already processes deposits for more than 95% of the nation’s iGaming and sports betting operators. In Michigan, those existing relationships mean the payment processor powers three clients who represent more than half of the state’s market.
Today, the Michigan Gaming Control Board (MGCB) authorized the payment processor to begin accepting cash deposits for William Hill. Its operations should soon be rebranded using the name of its new owner, Caesars. PayNearMe’s other clients in Michigan are BetMGM and FanDuel.
PayNearMe’s product demo notes that its interface is so user-friendly, bettors can deposit money on its platform with as few as two clicks.
The payment processor claims it’s “the iGaming industry’s only platform that facilitates cards, ACH, cash and mobile-first deposit methods, including Apple Pay and Google Pay.”
Because PayNearMe is so bettor-friendly, the company claims its user experience promotes customer satisfaction and engagement, drives customer retention, reduces support requests and lowers operational costs.
What’s more, FanDuel Sportsbook users can deposit to their accounts in any state using PayNearMe. That’s an example of an operator taking to heart PayNearMe’s advice about using the same platform across all states, as online wagering continues to expand across the US. Sticking to one company to handle online gambling and sportsbook deposits, payouts and engagements makes launches easier, according to PayNearMe.
For its part, Paysafe touts its long-standing partnership with Golden Nugget Online Gaming (GNOG) and its 20 years of online payment experience in its announcement today. Like PayNearMe, it is bringing that existing relationship to the new state.
The online payment processor began working with Golden Nugget Online Casino in New Jersey’s online casino and poker market in November 2013. The partnership expanded to include Golden Nugget Sportsbook when that new vertical launched in February 2019.
Now in Michigan, Paysafe is helping GNOG in the same verticals.
Paysafe’s announcement today elaborated on how Michigan online gamblers can use their credit and debit cards to make deposits. From there, they can then “enjoy a wide array of video slots, table games, video poker and live dealer games.”
“The Paysafe platform will also seamlessly connect GNOG’s Michigan iGaming brand to Global Payments Gaming Solutions’ warranty ACH service, allowing players to electronically fund their wagers and get real-time access to their winnings through their registered bank account.”
GNOG President Thomas Winter added:
“Like every US iGaming operator, getting payments right has always been an important focus for us. Our partnership with Paysafe in New Jersey has helped us streamline and improve payments for us and our customers, and so when we chose to enter the bigger market of Michigan, extending the partnership was an easy choice that made sound business sense.”
Michigan is home to 1 million more residents than New Jersey, and has a long history of legal gambling. Since this January, that now includes online products, which are open to anyone physically present in the state and aged 21 or older.
Payment processing is making great strides in the online gambling community. It’s becoming as seamless as Fiserv, the fintech that powers many banks and which is now so ubiquitous that consumers don’t even think about it.
That said, there are still further avenues for development. For instance, bettors can now use cryptocurrency on Apple Pay and Google Pay using the Coinbase Card. That hasn’t yet extended to the online gambling industry, largely due to lack of regulatory clarity. It could be coming in the future, however, and has started making its way into the world of Las Vegas retail casinos.