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March 17, 2021Blog Posts

Sports Betting Offers Processors a Rapidly Growing Opportunity As States Sign on

Digitial Transactions

With 21 states having legalized sports betting in one form or another, major payments processors sense a growing opportunity. The latest development comes from Virginia, where Nuvei Corp. said Wednesday a subsidiary has been granted a sports-betting vendor registration by the Virginia Lottery.

“The company can now offer its innovative payment technology and industry expertise to provide an optimized payment experience and increased revenue opportunities for licensed gaming operators across the state,” Nuvei said in a press release. Virginia represents the fifth state where Montreal-based Nuvei has won approval to process sports bets, following Colorado, Indiana, Tennessee and West Virginia.

Online sports betting in particular has grown in popularity in the wake of state restrictions stemming from the Covid-19 pandemic. Eleven states, including Virginia, now offer full-on mobile wagering, with another four allowing a single mobile option, according to gambling-data site ActionNetwork.com. Four more states allow only in-person sports betting, while two more have approved so-called in-person online activity. Another half dozen states are likely to grant approval this year, according to ActionNetwork.

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