Bet365 secures reloadable prepaid program partnership ahead of New Jersey online sports betting launch this summer
As bet365 is inching closer toward going live in New Jersey’s regulated sports betting field, the major British gambling operator has landed a strategic partnership that will aid it in cementing its position in the new market.
It has emerged that the online gambling giant has partnered with Australian prepaid payment service provider EML Payments Limited. Under the multi-year agreement, EML’s US subsidiary will provide the operator with a bet365-branded reloadable card program in New Jersey.
The prepaid cards will offer customers of the gambling company the opportunity to quickly remit funds into their online gambling accounts as well as fast access to their winnings.
The recently penned partnership between bet365 and EML represents the latter company’s 13th branded reloadable prepaid program within the global gambling industry. EML currently manages prepaid card services with gambling operators across Australia, Europe, the UK, and the US.
Most recently, the provider of payment solutions clinched a deal with PointsBet, a sports betting operation hailing from Australia that expanded its footprint into New Jersey earlier this year.
EML said in a statement announcing its deal with bet365 that under its terms, the two companies can expand their relationship if the gambling operator goes live in other US states.
The payment service provider further pointed out that the deal requires regulatory approval and that its bet365 prepaid program is set to go live in mid-2019.
bet365 Sets Shop in New Jersey
New Jersey legalized sports betting in June 2018 and first wagering services went live in the state shortly after rules and regulations were enforced. The state’s sportsbooks have processed more than $2 billion in wagers so far, and most of the bets were placed digitally.
Bearing this in mind, it could be said that bet365 is coming a bit late to the party. It is yet to be seen whether the company will be able to catch up with its competitors in the New Jersey sports betting market. Chances are huge, given the fact that bet365 is a globally recognized brand.
News emerged last month that the company has secured its physical presence in New Jersey ahead of the launch of its products there. As reported by Casino News Daily, bet365 has signed long-term office lease for 19,000 square feet of space at Two Greentree Center in Marlton, New Jersey.
Under state law, an interested online sports betting operator is required to establish a partnership with one of Atlantic City’s operational casinos or a state racetrack in order to be authorized to conduct wagering activities.
Bet365 formed last year a partnership with Hard Rock Hotel & Casino Atlantic City, which opened doors this past June at the site of the former Trump Taj Mahal. The partnership enables the British operator to operate a self-branded online sportsbook. A launch date for the start of operations is yet to be announced, but bet365 is believed to be targeting a mid-2019 launch.
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