By David Caraviello | | 3 mins
PayNearMe To Allow Sports Betting Withdrawals At ATMs in 2022
PayNearMe, a California-based company that lets sports bettors deposit funds into their accounts at a variety of retail locations, is expanding to add a withdrawal option for those who use the provider at sportsbooks and betting sites.
PayNearMe announced on Monday a partnership with New Jersey financial technology company Pin4 to enable operators to give sports bettors and iGaming players instant access to their winnings via local ATMs. PayNearMe’s integration of Pin4 technology into its Moneyline platform will allow bettors to withdraw funds in cash from more than 18,000 ATMs across the United States.
Based in Santa Clara, Calif., PayNearMe has enabled cash payments through its electronic cash network since 2009, and is accepted at over 31,000 retail locations in the U.S. The company has allowed sports bettors and online casino players to deposit funds at a variety of participating retail locations such as CVS, Family Dollar, Walmart and 7-Eleven. Until this agreement, bettors needed to use an alternative method to withdraw winnings. Fast withdrawal times are important to bettors and play a big role when they chose which betting apps to use.
Easing the Pain Point
“Withdrawing funds has always been a significant pain point for players; we’re helping operatorssolve for that with this partnership,” said Michael Kaplan, chief revenue officer and general manager of PayNearMe. “We provide the most — and the industry’s best — deposit and withdrawal options on a single platform and will continue to identify ways to expand these options for operators and their players.”
The withdrawal option powered by Pin4’s technology will be available in the MoneyLine platform in early 2022, according to the company. PayNearMe processes cash deposits for 16 of the 17 largest online casinos in the United States and nine of the 10 largest U.S. operators, including BetMGM, TVG, PointsBet and FanDuel.
Withdrawing Winnings Quickly
The announcement of the withdrawal option was made in advance of the start of the Sports Betting Community Summit North America in Secaucus, N.J.
“Our cash-in at retail option is very popular with players for funding iGaming and sports betting accounts, and those same players want cash withdrawal options,” Kaplan said in the release. “By integrating Pin4 into MoneyLine, operators can now give players the option to withdraw their winnings in real-time via cash at nearby ATMs. Together, we are giving operators a fast and convenient way to enable cash payouts for their players.”
To initiate a cash payout, players would enter their mobile phone number and withdrawal amount with their operator. Once processed by the operator, the player receives two text messages: one a four-digit order number with the dollar amount of the payout and the time window for withdrawing funds, the other a link to a locator map that identifies ATMs in the area where the player can immediately withdraw the funds.