Under a new agreement, the Montreal-based fintech will handle payments for the site, in addition to helping Carousel Group expand into more U.S. states. (The Logic)
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Under a new agreement, the Montreal-based fintech will handle payments for the site, in addition to helping Carousel Group expand into more U.S. states. (The Logic)
Talking point: Nuvei has targeted sports betting and online gambling as a major point of expansion for the company, particularly in the U.S. A growing number of states are legalizing online gambling, with industry-wide revenues in the U.S. expected to reach US$127.3 billion by 2027. To capitalize on the trend, Nuvei spent about US$56 million acquiring Mazooma, a payment provider for gaming and sports wagering, which has a foothold in the U.S. Nuvei’s strategy appears to have worked for now, with a strong quarterly earnings report on Aug. 10 sending its shares more than 15 per cent higher on the day they were announced. Opportunity in online gambling is also growing in Canada, which has made it legal for provinces to regulate betting on individual sporting events starting Aug. 27.
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