Paysafe is diversifying its offerings for online casino operators.
The payments platform announced on Monday the launch of Pay by Bank, a new product that allows iGaming players in America to fund their gaming accounts directly from their online bank accounts. Pay by Bank, which is part of Paysafe’s Gateway payments solution, also allows online bettors to cash out their winnings seamlessly to their banking accounts.
“We’re delighted to unveil our new Pay by Bank product for our iGaming solution, which will almost certainly prove very effective in both converting and retaining players for U.S. operators, with the product’s impressive transactional speed and robust security,” said Paysafe President of Global Gaming Zak Cutler. “Through Pay by Bank, we continue to grow the Paysafe Gateway by providing American operators and their customers with unparalleled payment choices, all through a single integration.”
Paysafe has launched its new iGaming solution amid demand from U.S. players for more payment options. The company will be providing a new product for the roughly 27% of bettors who prefer funding their accounts via direct bank transfer, according to its recent All the Ways Players Pay report.
Pay by Bank provides security for both players and operators.
The product has all bank transactions indemnified while providing transactional speed and financial security. Pay by Bank will alleviate payment woes in 32 states where Paysafe processes payments. The states include the 18 regulated gaming markets for Fanatics Sportsbook, which secured a deal with Paysafe last November amid its acquisition of PointsBet’s U.S. operations.
Fanatics also offers iGaming in three of the seven regulated markets in the U.S.
Favorable year for Paysafe
The company’s latest payments solution comes after encouraging financial results in 2023.
Last year, Paysafe generated $1.6 billion in revenue, a 7% increase year-over-year. The London-based company posted a net loss of $20.3 million in 2023, a significant improvement from a $1.9 billion loss for the year prior. Paysafe attributed the decrease in net loss to non-cash charges and a decline in restructuring expenses. As of December 2023, Paysafe has $202.3 million in total cash and cash equivalents with $2.5 billion in total debt.
