iGaming payments platform PayNearMe granted approval in Arizona

iGaming payments platform PayNearMe has been granted approval by the Arizona Department of Gaming to process online sports betting and gaming payments in the state, announced the company on Tuesday.

Penn Interactive’s Barstool Sportsbook, which has been accepting cash deposits at retail locations with PayNearMe since September 2020, is now among the first operators to go live in Arizona with the payments platform following this newly announced approval.

PayNearMe has launched four clients in Arizona, said the company in a press statement, and is “actively working” to enable additional operators across the state to accept players’ cash and electronic payment deposits.

“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,” said Michael Kaplan, Chief Revenue Officer and General Manager at PayNearMe.

Customers can fund their operations through a variety of tenders, including Apple Pay and Google Pay, via a smartphone. As more states legalize online sports betting, the payments company aims at making it possible for operators “to get up and running quickly” in each market.

“We are ready to rapidly expand the Barstool Sportsbook & Casino app across the U.S. in tandem with states legalizing sports betting,” said Jake Francis, Sr. Director of Operations at Penn Interactive. According to the executive, PayNearMe’s technology makes it possible for the operator to quickly begin accepting cash deposits as new states go live.

PayNearMe’s technology for managing deposits and payouts has been specifically designed for the iGaming industry. The company says it has worked closely with the Arizona Department of Gaming to ensure this service works in compliance with all statutory requirements in the state.

Following approval in Arizona, the platform now operates and processes payments for licensed online sports betting and iGaming operators in 14 U.S. states, while looking forward to expanding its footprint as new states legalize these gambling operations.

Moreover, operators can use data within the platform “to automate decisioning”, resulting in improved payment experiences and further increase revenue, says the company. Some of its high-profile clients include BetMGM, TVG, PointsBet, FanDuel and William Hill. It is accepted at over 31,000 retail locations in the U.S.