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May 21, 2021

Nuvei to process sports betting and iGaming payments in Michigan

By Shalini mani

Canadian payment firm Nuvei has received approval to process sports betting and iGaming payments in Michigan.

The company said its wholly owned subsidiary has been authorised by the Michigan Gaming Control Board to offer its services to licensed and regulated online sports betting and iGaming operators within the state.

Michigan legalised online sports betting in January this year.

Nuvei is currently licensed and regulated to provide its services to online sports betting operators in 10 US states.

In April this year, Nuvei agreed to acquire gaming and sports wagering payment technology firm Mazooma Technical Service.

Mazooma specialises in account-to-account payments in the US online gaming and sports betting.

The firm, which has money transmitter licenses and exemptions in a total of 47 states, is a registered vendor in nine states, with permission in 12 states.

Last month, Nuvei agreed to acquire Israel-based crypto payment startup Simplex for approximately $250m in cash.

The deal, subject to regulatory approval, is expected to close in the second half of 2021.

In March this year, UATP, a global payment network owned by airline companies, collaborated with the firm to provide full payment service provider services. This partnership is aimed at enabling airlines to optimise payment processing and reduce transaction costs.

Nuvei offers payment acceptance solutions, foreign exchange services, local acquiring, and value-added business services among other things.

Its proprietary platform is said to connect merchants in 200 markets with local acquiring in 44 markets. This platform supports 470 local and alternative payment methods, nearly 150 currencies, and 40 cryptocurrencies.

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