Paysafe’s significant growth since 2016 shows no signs of slowing down. The company went public in March 2021, which could have large (positive) implications for online gambling and the Skrill digital wallet.
Other fintech companies are also looking to go public this year, including one of Skrill’s partners.
So, how will all of this affect Skrill casinos and their player offerings? And what could it mean for the broader gambling industry? We’ll dive deeper into these questions in this article.
What’s the news?
On 31st March, Paysafe began trading on the New York Stock Exchange (NYSE). This followed the company’s merger with Foley Trasimene Acquisition II Corp.
The initial public offering (IPO) had been announced towards the end of last year. The IPO also values London-headquartered Paysafe at $9 billion (c.£6.86 billion).
Business and Sports Executive Bill Foley mentioned his big plans for online betting across the Atlantic. He said that he wants Paysafe to become the “preeminent iGaming leader” in North America.
How Skrill’s IPO could affect its digital wallet offerings for players
The IPO seems to have taken place with the US market particularly in mind. However, that doesn’t mean that UK players will suddenly be disregarded. In fact, they’ll probably benefit just as much.
Aiming to dominate a market as big as the US will naturally require innovation. And more importantly, innovation on the Skrill and Neteller digital wallets.
Skrill recently began facilitating fiat-to-cryptocurrency withdrawals, with the intention of launching this in the UK soon. Considering that the company recently partnered in the US over with Coinbase too, it’s almost certain that the solution will become a go-to digital wallet choice for sports bettors and online casino players looking to bet via these means.
The diversity of payments for gambling is even more important with the UK credit card ban also taken into account.
The solution already has a solid reputation in the gambling industry. But indirectly, success in the US will help it grow further in the UK. Since the company’s name will spread further, players in Britain will become more likely to have heard of them – if they haven’t already – and therefore trust them.
Another benefit of Paysafe’s public listing is that Skrill will now be able to invest more into its solutions. For players, this means that they’re likely to get an even better service on existing products than is currently the case.
How fintech public listings might impact the gambling industry
The fintech industry has grown massively in the last decade or so, and it’s perhaps unsurprising to see other companies looking to go public too.
Remember how we mentioned Coinbase earlier in this article? Well, they’ve also done likewise. UK-based fintech company Wise, which recently switched its name from TransferWise, is also exploring the possibility of a public listing.
While some fintech companies such as Wise aren’t overly accommodating to gambling transactions, these businesses going public has a big impact on the gambling industry.
The main goal of going public is to raise capital. As these companies get more money through the door, they will naturally invest it in improving their offerings.
For players, this means that they’re likely to get faster deposit and withdrawal options. Moreover, they will enjoy more secure payments.
Paysafe’s public listing will help its Skrill and Neteller digital wallets have more of an impact on the US iGaming industry. But indirectly, it will also benefit players back in the UK.
Skrill increasing its US footprint will allow it to further improve its services both there and over here. It will also enable the company to build its footprint in cryptocurrency betting; not just traditional currencies.
Beyond the benefits for both the company and its customers, the listing could also lead to other payments companies looking to follow in their footsteps. For players, this means more advanced ways to bet without friction.