For PayNearMe, the Michigan market represents a significant opportunity to expand its payment products to betting and gaming operators, after the firm received approval from the state’s gaming regulators to initiate commercial activity.
Around eight operators were interested in the company’s products initially, and as of 21 June PayNearMe had integrated three of these firms onto its platform, with ambitions to incorporate the remainder of the Michigan market by the end of the month.
Speaking to the USA Wager Show about the development of the Michigan market, two key figures involved in PayNearMe’s corporate strategy and operations in the Midwestern state offered their insight.
“Michigan feels like it’s a state that’s got it right, certainly from the numbers,” detailed Mike Kaplan, Chief Revenue Officer at PayNearMe. “There’s a lot of competition and a lot of operators in that market, and the market itself is really ready for it, so we’re very excited to get our product launching in Michigan.
“Generally speaking our service launches pretty much when the market launches – this is one of the few states where we’ve been a bit delayed.
“The product has a lot of rigour, it’s very unique and very different, and the Michigan Gaming Control Board took their time to make sure that it was something that was safe for their consumers and safe for the market. This is a little odd for us to be launching after the market has evolved, but we understand that the regulators need to do what they need to do.”
Additionally, Anne Hay, PayNearMe VP, added that the firm has found success through its player centric approach to payments in the betting and gaming industry.
“We are particularly excited about bringing a player-centric approach to payments, which has proven quite successful in other industries,” she remarked. “We think of that as the use of data to drive experiences, such as the use of data to give you a better search engine experience.
She added: “We think that there is a real opportunity for gaming payments and the use of data and decisioning to drive better, easier and faster deposits and payout processes, and we are really excited to bring that to the industry.”
Meanwhile, Jeremy Enke, an igaming industry ‘ veteran’ who has been working with PayNearMe to establish a foothold for its products in Michigan, discussed PayNearMe’s focus on innovation.
He stated: “The electronic spaces that we’re in now – ApplePay, GooglePay, Credit, Debit, ACH – its exciting for us, beucase people have known PayNearMe for years as the gold standard for our retail cash product, but now we’re really making a splash within the industry just on some of the innovative things we are doing.
“I would say in terms of the payment space in gaming, there’s nobody that is ahead of the curve as we are, when it comes to being in front of what’s next and what’s big in the industry.”
“It’s fascinating to see the market grow,” he commented, sharing his insights on the rapid expansion of the US betting and gaming sector. “We were in the market incredibly early and alongside a couple of other key players. We are part of the original successful launch of mobile gaming in the United States. It did hit a little bit of a lull period as regulation had to pass, but that’s part of the process – these things take time.
“Nonetheless, since the Supreme Court ruling on PASPA a few years back the rate of acceleration has just been incredible. It has accelerated at a rapid rate and states have really embraced sports betting.
“It’s just really accelerated. That along with, I think, the current environment with COVID, believe it or not, have also accelerated some of that. Where I think states are hungry for tax revenue, frankly, and are really coming around to the idea that gaming is a really solid business that can benefit their states and their constituents.”
Source – Sports 2.0 Network YouTube Channel