KANSAS CITY, Mo., Nov. 14, 2018 /PRNewswire/ -- EML PAYMENTS LIMITED (ASX: EML) ("EML") is pleased to announce that its wholly owned subsidiary, EML Payments USA LLC, has entered into an exclusive multi-year agreement with PointsBet USA Inc. for the provision of a PointsBet branded reloadable card program in New Jersey.
Under the agreement, EML will give PointsBet players an easy to use reloadable card to both remit funds into their gaming account and access winnings instantly. The initial program in New Jersey is expected to launch following regulatory approvals.
After the Supreme Court's decision allowing states to legalize sports betting in May 2018, six states passed legislation while another 22 have begun some activity towards legalization. EML and PointsBet will also partner together throughout the U.S. as PointsBet obtains licenses in states that elect to legalize and regulate sports betting.
"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 is enthusiastic to partner with PointsBet to drive customer engagement in the U.S. given the long term growth opportunities that we expect will unfold in the coming years" said Brandon Thompson, chief commercial officer, EML Payments.
"We are excited that PointsBet has elected to lead the U.S. market with a payments card that will launch in FY2019. We believe it brings unrivalled convenience to their customers and is a testament to the constant innovation taking place in this industry. We look forward to working closely with the PointsBet team, who are all proven leaders within the betting industry," said Tom Cregan, managing director and group CEO, EML Payments.
"We're thrilled to integrate EML into the PointsBet platform," said PointsBet group CEO Sam Swanell. "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."
EML is unable to accurately estimate future Gross Debit Volume ('GDV') that will be derived from this program, nor the pace at which this market will develop, given it is the first program of its type in the U.S. for EML, in a state in which sports betting has only recently been legalized. EML expects that the GDV to revenue conversion rate will be materially in line with our average for the General Purpose Reloadable segment with the first material earnings contributions delivered in 2020.
PointsBet is an Australian founded corporate bookmaker currently competing in the highly advanced, $4.4B revenue, Australian racing and sports betting market. Utilizing proprietary modern technology PointsBet offers traditional fixed odds betting in addition to its signature, point of difference product, 'PointsBetting'. PointsBet specializes in U.S. sports and offers more NBA and NFL markets than any other bookmaker in the world. PointsBet is highly focused on the U.S. market and launches in New Jersey in late 2018.
About EML Payments Limited
With EML, you will be empowered with more control, transparency and flexibility over your payment processes. Whether you serve businesses or consumers, EML makes your payment processing more efficient and secure from start to finish, while helping you improve customer service and increase brand loyalty. Our portfolio offers innovative financial technology that provides solutions for payouts, gifts, incentives and rewards, and supplier payments. We issue mobile, virtual and physical card solutions to some of the largest corporate brands around the world, processing billions of dollars in payments each year, and manage more than 1,200 programs across 21 countries in North America, Europe and Australia. For more information on EML Payments Limited, visit: EMLpayments.com.
SOURCE EML Payments