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Paysafe to Acquire PagoEfectivo

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Paysafe to Acquire PagoEfectivo

 

Payment solutions provider Paysafe has signed a definitive agreement to acquire the Peruvian alternative payments (APM) platform PagoEfectivo.

For Paysafe, this latest investment is a strategic foothold in Latin America, one of the world’s fastest-growing online markets where merchants and consumers alike are demonstrating an increased appetite for alternative payment methods and online banking solutions.

PagoEfectivo, a subsidiary of Empresa Editora El Comercio S.A., (Grupo El Comercio), is a market leader in Latin America in the provision of eCash and online banking payments that allow merchants to offer alternative payment methods (APMs) at the check-out, in turn enabling more consumers in the region, many of whom are underbanked, to transact online.

As part of the deal, the PagoEfectivo team, including CEO, Juan Fernando Villena, will join Paysafe and become part of the company’s growing global eCash and online banking solutions team.

“I am thrilled we are announcing this acquisition. The APM market in Latin America is a thriving one and PagoEfectivo is a market leader in eCash and online banking solutions and the team also brings deep banking relationships and 140,000 distributor partnerships across Peru and Ecuador. We continue to see increasing demand from online merchants wanting to integrate the full payments offering into their check-out, be that seamless card, wallet, cash or bank transfer solutions – and to be able to do this internationally across multiple markets. Once integrated, we believe we will have the opportunity to add new revenues as we cross-sell to each other’s international merchant bases,” Udo Mueller, CEO of Paysafe’s eCash division, said.

“This acquisition reinforces our strategy of investing in, and growing our core, specialized offering in payments processing, digital wallets, eCash and online banking solutions and gives us an important, strategic foothold in Latin America; a region which is expanding fast in eCommerce in general and specifically in the specialized vertical industries such as iGaming, travel, entertainment and digital goods which are very much our sweet spot. Our cloud-based technology stack and global enterprise relationships will only help accelerate PagoEfectivo’s very strong growth. We very much look forward to welcoming the PagoEfectivo team onboard,” Philip McHugh, CEO of Paysafe, said.

“The sale of PagoEfectivo has generated high levels of interest because of PagoEfectivo’s excellent performance over recent years as well as its future growth potential. This performance is the result of the continuous growth of eCommerce in this region as well as our Group’s ability to create compelling new digital brands and products. I’m excited for the PagoEfectivo team as they embark on this next stage of their journey, now as part of a specialized payments company that is investing in alternative payments around the world. On behalf of the entire Grupo El Comercio team, we wish the team all the very best for the future; I believe this sale will be a success story for all concerned,” Mariano Nejamkis, Grupo El Comercio’s General Manager of Press and Digital Businesses, said.

Estudio Rodrigo is serving as Paysafe’s legal and regulatory counsel on the acquisition. The transaction is expected to close by the end of August, subject to customary closing conditions. Until then, the two groups will continue to operate as independent organizations. The financial terms of the transaction were not disclosed.

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THE MONEYMAKER TOUR RETURNS TO HARD ROCK CINCINNATI WITH MORE THAN $1 MILLION UP FOR GRABS

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Following a hugely successful first event in Cincinnati, Ohio in September 2023, the Moneymaker Tour is returning to the Hard Rock Casino Cincinnati on September 17 – 30, 2024 with a packed schedule that will guarantee more than $1 million across 15 trophy events. 

In September 2023’s inaugural stop at Hard Rock Cincinnati, the $1,500 Main Event was contested by 788 players and won by Joseph Bakun for $208,034. He was joined at the final table by Chris Moneymaker himself and WSOP Champion Joseph McKeehen and as well as the top cash prize, he also took home a crystal Moneymaker Tour trophy and a guitar trophy.

The Moneymaker Tour was created in 2023 by 2003 WSOP Champion and ACR Team Pro, Chris Moneymaker and Moneymaker Tour Executive Manager, Tony Burns. The Tour was conceived as a way for Moneymaker to give poker players opportunities to have their own ordinary to extraordinary moments as he did.

Despite its relative newcomer status, the Moneymaker Tour has made a name for itself, recently being voted the third most popular live poker tournament series behind only the World Series of Poker and the World Poker Tour, in a State of Poker survey. Since its inception, there have been eight events throughout Florida, Cincinnati and Houston.

The Tour has also recently announced new venues including a first visit to the birthplace of the Moneymaker boom with an event in Las Vegas from June 28 – July 6 at MGM Grand and its first international Main Event at Casino Aruba in October.

“Hard Rock Casino Cincinnati will team up with the Moneymaker Tour for a return in 2024” said Christopher Herbert, Hard Rock Cincinnati Manger of Poker & Sportsbook. “Hard Rock Cincinnati is grateful to be a part of the fastest growing poker tour in 2023. Chris Moneymaker, Tony Burns and their staff delivered an incredible experience for our guests during the 2023 Moneymaker Tour stop. There’s no better place to be in September 2024 than Cincinnati Ohio!”

“After an amazing series last September, we are excited to return to Hard Rock Casino Cincinnati”, said Tony Burns, Executive Manager of the Moneymaker Tour. “Continuing to partner with one of the most recognisable brands in the world amplifies our reach, resonates with our audience, and rocks our business to a whole other level.”

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Zenni Optical Announces Partnership with ESL FACEIT Group (EFG)

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Zenni Optical, the world’s leading online eyewear retailer, announced a partnership with ESL FACEIT Group (EFG), the leading esports and video game entertainment company. Designed to integrate eye health education with innovative eyewear solutions for the esports community, the partnership will officially launch at DreamHack festival in Dallas, taking place from May 31 to June 2.

This collaboration will showcase a co-branded collection of lifestyle and competitive eyewear and accessories, highlighting Zenni Optical’s commitment to promoting overall eye health, particularly in addressing issues like eye fatigue and strain. Additionally, the initiative will incorporate essential eye health education across various DreamHack Festivals, in alignment with EFG’s broader mission to foster inclusive gaming worlds and engaged, supported communities.

“DreamHack and ESL represent some of the most community-centric and prestigious competitive events in the world. In their own unique ways, they embody esports for everyone. By partnering with these incredible brands across the gaming and esports spaces, we aim to create engaging experiences that combine eye-health education with innovative eyewear solutions for players and fans at all levels,” said Robb Chiarini, Head of Gaming, Sports, & Events at Zenni Optical.

“We are thrilled to partner with Zenni Optical as the Official Eyewear Partner of DreamHack and ESL. The genuine passion that Zenni has for the esports industry is a refreshing sight to see, and a major driving factor for the decision behind our partnership. Zenni’s ongoing commitment to provide eyewear for everyone mirrors our own drive to create worlds beyond gameplay for gamers everywhere,” Craig Levine, Co-CEO at EFG, said.

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Circa Sports Launches Mobile App in Kentucky

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Circa Sports has expanded its operations into Kentucky with the launch of its popular mobile betting app. Debuting via a licensing agreement with ECL Corbin LLC at its Cumberland Run harness track, the brand will take the highest betting limits in the industry along with offering tight money line splits, transparent odds, exceptional customer service, and more.

Marking the fifth state for Circa Sports, the app is now available for download through partnership with the Cumberland Run property in Corbin, Kentucky. The Circa Sports Kentucky app can be downloaded and funded remotely from anywhere. Bettors will have access to transparent and fair limits, made possible with a business model of providing betting lines and odds that are more favorable for the customer.

“We are thrilled to launch Circa Sports in the great state of Kentucky. We’ve always had our sights set here as we know it is a major hub for college sports, horse racing and more. We are looking forward to providing Kentucky bettors with some of the best odds and expertise out there,” Derek Stevens, CEO of Circa Sports, said.

The Circa Sports Kentucky app was designed by players, for players. Available to patrons ages 18 and over, highlights include high betting limits, tight money line splits, transparent odds, exceptional customer service, option to browse the complete menu and live odds from anywhere at any time, and aggressive, higher-than-most betting limits for everyone – even winners.

The Circa app also includes future bets in parlays, two-sided Yes/No future betting, remote registration that can be done from anywhere on a mobile device and deposits and withdrawals that can be done through the app from anywhere.

Marc Falcone, co-owner of the ECL Corbin LLC properties, said: “We’re delighted to welcome Circa Sports to the Commonwealth as a sports-betting partner. They allow us to offer another amenity to complement our existing gaming.”

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