Paysafe (PSFE) Stock: Why It Increased Today

By Amit Chowdhry ● Sep 26, 2022
  • The stock price of Paysafe (PSFE) slightly increased pre-market (over 0.6%) today. This is why.

The stock price of Paysafe (PSFE) slightly increased pre-market (over 0.6%) today. 

Why: Paysafe announced its entry into the new Kansas online sports-betting market. This move sees Paysafe supporting multiple online sportsbooks in the state with players’ credit and debit card deposits plus ACH payments, while its marketing technology and services provider Income Access is powering the affiliate marketing programs of several Kansas iGaming brands.

With Kansas going live this month with online and retail sports-betting in time for the 2022 NFL season’s kickoff, the market becomes the 23rd U.S. state or jurisdiction where Paysafe has a presence supporting operators with payments. And the Midwestern state, which BetKansas forecast will generate $1.78 billion in first-year sports-betting revenue, is just the latest North American iGaming milestone for Paysafe after entering New York, Louisiana, Oregon, Ontario, and Arkansas, in 2022 so far.

In Kansas, Caesars Entertainment, DraftKings, and PointsBet have all extended their longstanding payments partnerships with Paysafe. And the three operators’ Kansas online sportsbooks have plugged into Paysafe’s best-in-breed payment gateway to support online credit and debit card deposits, with all transactions processed seamlessly.

Through Paysafe, Caesars Sportsbook and PointsBet are also now enabling their players in Kansas to link their bank accounts to their sportsbook accounts to then make ACH deposits and receive payouts of their winnings. The ACH payments with both brands are supported by Paysafe’s connectivity to third-party ACH Warranty providers. Along with strengthening customer conversions through payments, Paysafe is also supporting player acquisition for Kansas-facing operators using the affiliate marketing channel. And the affiliate software of Paysafe’s Income Access is being used to track, manage, and optimize the affiliate programs of several brands in the new Kansas market, including Caesars Entertainment’s Caesars Sportsbook.

KEY QUOTE:

“We’re delighted to continue our 2022 North American expansion by entering Kansas, the newest regulated U.S. iGaming market. We look forward to using our payment solutions and affiliate marketing technology to help operators in Kansas establish their brands by acquiring new players and retaining them, to also ensure the wider market’s growth.”

— Zak Cutler, President of Global Gaming at Paysafe