Leading UK bookie Bet365 recently landed an EML prepaid card partnership in the newly regulated market of New Jersey. As it is moving closer towards a summer launch for its betting products in the state, the partnership will help it cement its position in the market.
EML Payments Limited is an Australian prepaid payment service provider which has signed a multi-year deal with the British bookmaker via its US subsidiary. It will provide a bet365-branded prepaid and reloadable card program in the state. The users will be able to get their funds remitted quickly into their online gambling accounts and get quicker access to their winnings as well.
This is bet365’s thirteenth branded reloadable prepaid program in the global gambling sector. EML, on the other hand, is already managing similar prepaid card services with gambling operators in the US, the UK, Europe, and Australia. The company recently managed a deal with PointsBet, Australian sports betting operation seeking entry into the New Jersey gambling market. In a press release, EML said that it could expand its relationship with bet365 if the brand goes live in other states in the US. The deal still requires regulatory approval and set to go live in mid-2019.
The legalized sports betting market was introduced to New Jersey in June 2018, shortly after the US Supreme Court struck down PASPA. Till date, the state’s sportsbooks have processed over $2 billion in wagers, and a large number of these bets were placed digitally.
Bet365’s is entering the market relatively late which means it will have to double down on its efforts to catch up with its competitors. However, as it is a globally recognized brand with deep pockets and a new prepaid card partnership, the road to grabbing a significant market share may not be as hard. Last month, the company secured its physical presence in the state, leasing a 19,000 square feet office space at Two Greentree Center in Marlton.
According to current regulation, an online sports betting operator needs to establish a partnership with one of the operational casinos in Atlantic City or a state racetrack to authorize wagering activities. Bet365 has partnered with Hard Rock Hotel & Casino Atlantic City, which opened last year at the site of the former Trump Taj Mahal. Now, it can establish a self-branded online sportsbook.