Sightline Payments announced today that Play+, its mobile payment processing application tailored toward the US gaming industry, is partnering with American multinational investment bank and financial services giant JPMorgan.
Sightline revealed that JPMorgan will serve as the primary merchant acquirer and payments processor for the Play+ network. The digital commerce platform already counts more than 80 merchant partners that are engaged in brick-and-mortar casino gambling, iGaming, sports betting, lottery, and/or pari-mutuel horse racing.
Partnering with JPMorgan, which is the parent company to Chase Bank, will better serve Play+ customers, says Sightline Payments Co-CEO Omer Sattar.
We’re at a critical point in the gaming industry’s payments ecosystem. JPMorgan will help us solve some of the biggest payments challenges our industry faces and provide real solutions to the millions of consumers who enjoy the modern, omnichannel gaming experience,” Sattar said.
Play+ claims to have over 1.5 million account holders in the US.
Industry Evolving
The US gaming industry has long been a cash-based environment. But that is changing.
Mobile sports betting continues to expand across the country, and the number of legal iGaming states, currently only at six states, is expected to grow in the coming years. Nevada also recently approved allowing individuals to establish their cashless gaming accounts remotely without having to first register at an actual land-based casino.
Nevada represents the “gold standard” for all things gaming in the United States. The Nevada Gaming Commission signing off on the mobile registration request, which was brought by Sattar and Sightline Payments, highlights the changing times regarding how players gamble.
JPMorgan’s entry also emphasizes banking’s easing of its long hesitation toward dealing with online payment processing as it relates to gambling transactions.
“We’ve seen tremendous growth of digital payments in the gaming industry and we’re excited that Sightline has selected our best-in-class products and services for Play+ payments processing,” said Drew Soinski, JPMorgan Payments’ managing director and senior executive.
Cashless Gaming Jurisdictions
Sightline Payments launched in 2012 to provide iGaming players with online financial solutions. The fintech firm says it has handled over $5 billion in transactions since.
Four states, including Nevada, are moving away from requiring cash on their casino floors to gamble. State gaming regulators in Indiana, Ohio, and Pennsylvania have also motioned to allow mobile payment options.
Play+ customers in those states never have to drop cash on a table game or make a withdrawal at an ATM — and pay the typically excessively high withdrawal fee — to deposit funds into a slot machine.
Instead, Play+ users can simply acquire chips by scanning their gaming app with a table game dealer or by tapping their phone on a slot machine.
Play+ has used COVID-19 to its advantage in lobbying state lawmakers and gaming regulators to embrace cashless gaming. The company says the handling of cash and its circulation among “hundreds of hands on the casino floor” make Play+ the safer option amid a pandemic.
“A cashless casino floor experience means a safer experience for guests. Sightline is committed to helping our industry move toward a cashless system,” Sightline says on its website.
https://www.casino.org/news/play-partners-with-jpmorgan-retail-igaming-payment-processing/