MONTREAL, and CHARLESTON, WV, Nov. 19, 2020 — Nuvei Corporation (TSX: NVEI and NVEI.U), the global payment technology partner of thriving brands, announced today that its subsidiary Nuvei Technologies Inc. (“Nuvei” or the “Company”) has received approval to support the sports betting and iGaming industry in West Virginia.
Nuvei is a full-service payments provider to the iGaming and sports betting industries. The Company’s application for a West Virginia Lottery i-Gaming Interim Supplier license and Sports Wagering Interim Supplier license were approved by the West Virginia Lottery Commission.
With the approval, the Company will be allowed to operate as an i-Gaming supplier in compliance with the codes outlined in West Virginia’s Interactive Wagering Act (§29-22E-1) and provide services for sports betting operators under West Virginia’s Sports Wagering Act (§29-22D-8 et seq.).
West Virginia legalized sports betting in March of 2018 in advance of the 2018-19 NFL season; the law became active with the U.S. Supreme Court decision in May of the same year.
“We are thrilled to have met the requirements to operate in yet another state as we work on our U.S. online gaming industry expansion,” said Philip Fayer, Nuvei’s chairman and CEO. “We look forward to serving the West Virginia iGaming and sports betting industry with our innovative payment technology that empowers gaming operators to improve conversions and take advantage of greater revenue opportunities.”
Last summer, Nuvei met vendor licensing requirements put forth by the states of Colorado and Indiana. The approvals authorize the Company to provide gaming operators and companies with seamless payment solutions for customers over the age of 21 who place legal wagers on games in the National Football League (NFL), Major League Baseball (MLB), the National Basketball Association (NBA), the National Hockey League (NHL), and any other professional and amateur sports betting transactions.
Currently, 17 states have legalized online sports betting, while several states are working on legislation to approve sports betting following the U.S. Supreme Court decision more than two years ago to end the federal ban.
We are Nuvei, the payment technology partner of thriving brands. We provide the intelligence and technology businesses need to succeed locally and globally, through one integration – propelling them further, faster. Uniting payment technology and consulting, we help businesses remove payment barriers, optimize operating costs and increase acceptance rates. Our proprietary platform offers direct connections to all major payment card schemes worldwide, supports 450 local and alternative payment methods and nearly 150 currencies. Our purpose is to make our world a local marketplace. For more information, visit www.nuvei.com.
This press release contains “forward-looking information” within the meaning of applicable securities laws, including statements regarding opportunities arising from Nuvei’s West Virginia sports betting and iGaming industry license approvals. Forward-looking information involves known and unknown risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to those described under “Risk Factors” in Nuvei’s supplemented prep prospectus dated September 16, 2020. Forward-looking information is based on management’s beliefs and assumptions and on information currently available to management. Although the forward-looking information contained in this press release is based upon what management believes are reasonable assumptions, you are cautioned against placing undue reliance on this information since actual results may vary from the forward-looking information. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained in this press release is provided as of the date of this press release, and the Company does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.