Canadian fintech firm Nuvei Corporation announced it will provide card acquisition and payment services to leading online gambling operator 888.
The partnership will allow 888 to leverage Nuvei’s seamless payment solutions, as well as other payment innovations. 888 VP of US Marketing Noam Klivitzky said in a statement with Globe Newswire.
“Enabling players to deposit and withdraw funds from their iGaming accounts seamlessly and securely is critical to the overall platform experience. At 888 we’re committed to offering the most comprehensive iGaming experience in the market.”
The two companies have worked together since 2017 when Nuvei joined 888 in the European market.
Instant bank transfers for 888 online casino among strengths of Nuvei’s tech
US online gambling is a fierce industry. Only six states allow it and competition for revenue in those states is tough.
Operators like 888 need every edge they can get to surge past their competitors. And that’s where Nuvei’s payment technology comes into play, Nuvei CEO Philip Fayer said.
“Instant, convenient, and secure deposits and payouts are critical to winning players in the rapidly expanding US iGaming landscape,” Fayer said in a Nuvei press release. “Optimizing card payment acceptance is a key component of the cashier experience, and Nuvei has decades of experience supporting operators to maximize their revenue growth.”
At the heart of Nuvei’s technology is its instant bank transfer offering. This feature allows players to instantly withdraw funds from the online casino account and send it to their debit card.
Nuvei is the first company in the US online casino industry to offer instant deposits and withdrawals of that nature, the company said.
Seamless money movement is key to customer acquisition
Making withdrawals and deposits as easy and fast as possible has the potential to give 888 a considerable edge in acquiring new customers.
The online casino operates in two markets: Delaware and New Jersey. Delaware’s revenue totals are sparse; New Jersey is where the money is. But New Jersey is also where the competition is—there are 32 online casinos in the state.
888 operates in NJ in partnership with Caesars Interactive, which lags far behind Resorts, Golden Nugget, and Borgata’s revenue totals. Caesars generated around $51 million in revenue in June, while Resorts, Golden Nugget, and Borgata combined for more than $725 million in revenue.
While 888’s partnership may not help Caesars draw even with the top revenue earners, it can catch up with the leaders’ technology. For example, in May, Resorts partnered with Nuvei to get access to its instant payment tech.