Online sportsbook PointsBet announced a multiyear partnership with card solutions provider EML Payments USA LLC that will allow users to deposit bets and access winnings faster.
The partners will be introducing the reloadable card, which will bear the PointsBet brand, in New Jersey, according to a press release.
The company first announced its entry into the growing U.S. sports betting market last July, when it reached an agreement with Meadowlands Racetrack to launch its products in New Jersey. It also inked a deal with Tioga Downs for the state of New York.
The New Jersey program will be launched after obtaining the necessary approval from the state. The bookmaker said it hoped to continue its partnership with EML as it expanded operations to other states that have legalized sports betting.
PointsBet CEO Sam Swanell said, “Our payments card partnership with EML will deliver tangible benefits for PointsBet clients. It delivers a reliable deposit method in a market where gambling deposits have been a challenge, and allows customers to access and use their winnings immediately.” The company plans to release its sportsbook by later this month.
EML Managing Director and CEO Tom Cregan said the payments card was intended for launching in the fiscal year 2019. “We believe it brings unrivalled convenience to their customers and is a testament to the constant innovation taking place in this industry,” he said.
EML Chief Commercial Officer Brandon Thompson said, “Our success in delivering innovative payment solutions to sports betting providers in Australia and Europe positions EML to provide a consistent experience that is proven in other countries.”
EML noted that sports betting was so new in the U.S., and this was the company’s first such project in the country, that it was difficult to get an accurate estimate of the Gross Debit Volume (GDV) that will come from the partnership. However, it said the GDV-to-revenue conversion rate will likely be in accordance with expectations for their General Purpose Reloadable segment, and that earnings contributions will be delivered by 2020.
