For PayNearMe The Michigan market represents a significant opportunity to expand its payment products for betting and gambling operators after the firm received approval from state regulators to go commercial.
Initially, about eight operators were interested in the company's products, and as of June 21, PayNearMe has integrated three of these companies into its platform with the intention of including the rest of the Michigan market by the end of the month.
Speaking at Wager Show in the US on the development of the Michigan market, two key figures involved in PayNearMe's corporate strategy and operations in the Midwest gave their views.
“Michigan feels like this is the state that got it right, of course, by the numbers.” Mike Kaplan explained , chief revenue officer of PayNearMe. “There is a lot of competition in this market and a lot of operators, and the market itself is really ready for this, so we are very excited about the launch of our product in Michigan.
“Generally speaking, our service launches almost as soon as the market launches – one of the few states where we have lingered a bit.
“The product has a lot of rigor and is unique and different, and the Michigan Gambling Control Board took the time to make sure it was something safe for consumers and safe for the market. It's a little strange for us to launch after the market has evolved, but we understand that regulators have to do what they need to do.”
In addition, Ann Hay, VP of PayNearMe, added that the company has been successful with its player-centric approach to payments in the betting and gaming industry.
“We are especially excited about the introduction of a player-centric payment approach that has been very successful in other industries,” she said. “We think of it as using data to drive engagement, like using data to improve search engines.
She added: “We think there is a real opportunity for gaming payments and the use of data and decision making to improve, simplify and speed up the deposit and payout processes, and we are really excited to bring this to the industry.”
Meanwhile Jeremy Enke , a gaming industry veteran who has worked with PayNearMe to establish a foothold for its products in Michigan, discussed PayNearMe's focus on innovation.
He stated, "The electronic spaces we're in right now - ApplePay, GooglePay, Credit, Debit, ACH - is exciting for us because people have known PayNearMe for years as the gold standard for our retail money product, but now we are" We really make a splash in the industry just on some of the groundbreaking things we do.
“In terms of the payment space in gaming, I would say that no one is ahead of everyone like we are when it comes to what will be ahead and what will be significant in the industry.”
Earlier this year, Mike Kaplan spoke to Joe Streeter from Payment Expert, discussing the company's strong position in the US market, as well as the team's expectations for the future.
“It's great to see the market growing,” he commented, sharing his thoughts on the rapid expansion of the betting and gaming sector in the US. “We were on the market very early and along with several other key players. We are part of the initial successful mobile gaming launch in the US. There was a bit of a lull as the regulation had to pass, but it's part of the process - it takes time.
“However, since the Supreme Court ruled on PASPA a few years ago, the rate of acceleration has been incredible. It quickly accelerated and the states did indeed embrace sports betting.
“It just really accelerated. That, along with, I think, the current COVID environment, believe it or not, has also accelerated some of it. To be honest, I think the states are craving tax revenue and are really coming to the conclusion that the gaming business is a really solid business that can benefit the states and their constituents.”
Source - Sports 2.0 Network YouTube channel
PayNearMe message: Michigan is a state with full gambling rights first appeared on GamblingTV.com.