Nuvei Accelerates Expansion in the US iGaming Market
SCOTTSDALE, Ariz. and MONTREAL, Feb. 23, 2021 (GLOBE NEWSWIRE) — Nuvei Corporation (“Nuvei” or the “Company”) (TSX: NVEI and NVEI.U), the global payment technology partner of thriving brands, announces its accelerated expansion into the U.S. iGaming market. Onboarding online operators from fantasy sports, sports betting, casino, iLottery and several other industry sectors, Nuvei merchants can succeed due to the Company’s vast experience in customizing payment solutions specifically for online gaming and gambling operators.
Recognizing huge opportunity in the growing U.S. iGaming market, Nuvei has already obtained approvals to provide payment services to iGaming operators in multiple states, with more expected. Backed by decades of international industry experience, the Company can provide a seamless payment experience, from rapid onboarding to fraud prevention and optimizing payment profitability.With more and more U.S. states legalizing online gaming and betting, U.S. iGaming revenue is expected to reach USD 127.3 billion by 20271. Nuvei’s response to the increased demand is to expand its end-to-end platform that focuses on one fast and simple integration, flexibility, automation, and innovative features that eliminate critical iGaming merchant pain points while facilitating business growth.A particular industry pain point that Nuvei’s solution tackles is low payment acceptance rates. Through smart and sophisticated transaction routing via multiple acquirers, and acceptance of multiple payment methods for fast deposits and withdrawals—including cards, digital wallets, bank transfers and ACH—the Company’s aim is to provide the highest success rates possible.“Nuvei is uniquely equipped to dive right into the rapidly expanding U.S. iGaming market, and as more states continue to legalize online gambling, our proven, market-tested payment solutions can deliver on operators’ key requirements from A-Z,” said Philip Fayer, Nuvei’s chairman and CEO. “We have helped make online gaming transactions safer, faster and more efficient for nearly two decades across the globe. Our rapid growth is the result of our dominant position in the global iGaming space and our relentless commitment to our clients’ success.”Offering seamless pay-in and payout capabilities, Nuvei enables operators to satisfy and gain more loyal clients. In addition, instant authentication of bank accounts for ACH payments provide added flexibility leading to increased conversions. The Company’s global token service provides best-in-class fraud protection for repeat payments, while enhancing revenue.Cashier, Nuvei’s proprietary hosted payment page customized for the gaming industry, is the fastest integration option and is proven to decrease abandonment through its streamlined user experience, displaying the players’ preferred payment methods. Declined transactions trigger an automated recovery function to further increase conversion rates. Cashier is also designed to optimize multi-directional payment flows while adhering to unique industry compliance and regulations.“Our speedy expansion in the U.S. leverages our track record of serving iGaming operators and platforms across most regulated markets in the world,” said Yuval Ziv, Nuvei’s managing director of digital payments. “Our expertise in the iGaming sector means we can anticipate the needs of the market and facilitate the success of operators in all regulated states.”About NuveiWe are Nuvei (TSX: NVEI and NVEI.U), the payment technology partner of thriving brands. We provide the intelligence and technology businesses need to succeed locally and globally, through one integration – propelling them further, faster. Uniting payment technology and consulting, we help businesses remove payment barriers, optimize operating costs and increase acceptance rates. Our proprietary platform offers direct connections to all major payment card schemes in over 200 markets worldwide, supports 450 local and alternative payment methods and nearly 150 currencies. Our purpose is to make our world a local marketplace.For more information, visit www.nuvei.com.Forward-Looking InformationThis presses release contains “forward-looking information” within the meaning of applicable securities laws, including statements with regards to the potential opportunities arising from the Company’s expansion into the U.S. regulated iGaming market. Forward-looking information involves known and unknown risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to those described under “Risk Factors” in Nuvei’s final short form shelf prospectus dated December 7, 2020. Forward-looking information is based on management’s beliefs and assumptions and on information currently available to management. Although the forward-looking information contained in this press release is based upon what management believes are reasonable assumptions, you are cautioned against placing undue reliance on this information since actual results may vary from the forward-looking information. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained in this press release is provided as of the date of this press release, and the Company does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.1 Grand View Research, Online Gambling Market Size, Share & Trends Analysis Report By Type (Sports Betting, Casinos, Poker, Bingo), By Device (Desktop, Mobile), By Region (North America, Europe, APAC, Latin America, MEA), And Segment Forecasts, 2020 – 2027Contact:Investor Relations
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