Atlanta-based Mazooma, a gaming industry leader for more than 15 years, has partnered with financial data network, Plaid to bring an instant bank transfer payment solution to igaming and sports wagering operators in regulated U.S. states, according to a press release. The offering is now available for deposits and withdrawals on BetMGM’s cashier with Borgata and Party Poker going live in the coming weeks.
“Partnering with Plaid, Mazooma will maximize conversion for our merchant clients by making it even faster and easier for players to fund their accounts,” Dave Roe, Mazooma’s Chief Operating Officer said in the release. “Plaid’s optimized user interface and U.S. bank connections are an ideal complement to Mazooma’s ACH processing platform, risk management features and compliance protocols.”
The online gaming and sports wagering industry has shown steady growth since PASPA’s repeal in 2018, and has increased during lockdown despite all major sports teams sidelined due to the coronavirus. In the past two years, approximately 75% of U.S. states have introduced legislation to legalize sports wagering, with sports betting legal in one form or another in 24 states.
Because of low credit card acceptance rates, ACH represents approximately 35% of gaming industry payment volume, which is estimated at more than $150 billion for sports wagering alone. Mazooma’s instant bank transfer product will be able to leverage Plaid’s more than 11,000 financial institutions in the U.S.