Specialized payments platform Paysafe Limited (NYSE: PSFE) recently revealed its entry into the mobile sports-betting markets of Louisiana and Oregon.
Following the news, shares of the company rose marginally on Monday. The stock, however, pared its gains slightly to close at $3.56 in the extended trading session.
With a potential market opportunity of $5.1 billion in retail sports-betting in Louisiana, Paysafe has enhanced its long-term partnership with Caesars Entertainment Inc. (NASDAQ: CZR) and DraftKings Inc. (NASDAQ: DKNG), along with newer partner WynnBET. The partners can now support player deposits by credit or debit card through integration with Paysafe’s payment gateway, with all transactions processed seamlessly. Further, Louisiana sportsbook customer conversions are being optimized by Paysafe through the affiliate software of Income Access.
In Oregon, the company has partnered with Draftkings, the official sportsbook provider of the Oregon Lottery. Now, players in the state can make streamlined deposits into their DraftKings Sportsbook app accounts using a credit or debit card through the operator’s connection to Paysafe’s payment gateway.
The CEO of North America iGaming at Paysafe, Zak Cutler, said, “We’re proud to be supporting multiple operators in the new Louisiana mobile sports-betting market with two important pillars of their customer acquisition and ultimately revenue growth – payments and affiliate marketing. When our Oregon market entry is also factored in, we feel our position as the go-to iGaming partner for online payment solutions and the affiliate channel has never been stronger.”
Consensus among analysts is a Moderate Buy based on 1 Buy and 1 Hold. The average Paysafe stock prediction of $7 implies upside potential of 96.1% from current levels. Shares have declined 78.9% over the past year.
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Paysafe’s performance this quarter. According to the tool, the Paysafe website traffic has grown 505.64% year-to-date, compared to the previous year.
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