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Paysafe Branches Out into Louisiana and Oregon Mobile Sports-Betting Markets

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.

Strategic Impact

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.

Management Commentary

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.”

Stock Rating

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.

Website Traffic

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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Pathikrit Bose
I have close to two years of experience in the field of financial content writing and equity research covering various industries including technology, finance and healthcare among others. I have cleared the CFA Level 1 exam and am on the path to becoming a CFA Charterholder. I have also completed my graduation with an Honours degree in Accounting and Finance from Calcutta University. In my spare time, I like to watch sports, documentaries, TV shows, listening to music and podcasts.