PXP Financial, the US subsidiary of PXP Financial, has joined forces with the US division of the international sportsbook operator Tipico. This partnership will only solidify the bond between the two organizations further because Tipico is already an existing partner of PXP Financial’s Europe division.
Owing to this collaboration, Tipico will now be able to enjoy PXP Financial’s full-service gateway, which promises to offer multiple connections. PXP’s platform links all its customers’ all-digital systems to retail cash at cage payments for increased efficiency. PXP Financial will also be able to offer Tipico a full managed service consisting of reconciliations, as well as risk monitoring.
The PXP platform has been processing payments for the gaming sector in the country for years now. PXP has been in the industry since 2013 and since its launch, it has managed to acquire gaming licenses in 9 states, with more to come in the future.
This platform will offer Tipico customers more convenient deposit and withdrawal options so that they can wager comfortably and securely. PXP’s experience in the regulated US market has been proven and will be of great advantage to Tipco as it prepares to do everything it can to stand out.
Tipico is the newest entrant in the New Jersey sports betting market
International sportsbook operator Tipico only recently received conditional approval from the New Jersey Division of Gaming Enforcement to open its mobile sports betting platform in New Jersey as we’ve discussed here. As such, as one of the youngest entrants in the market, it still has a lot of work to do if it wants to prove its standing in the saturated industry.
Tipico has been one of the most popular sports betting providers in Germany. Therefore, the launch of Tipico into the New Jersey sports betting market will be the platform’s debut in the North American market. It’s entry and debut in the New Jersey sports betting market couldn’t be more appropriate. As the market leader in the country, there is no better state for a sportsbook operator to kick start their operations.
Not only are the New Jersey betting laws designed to suit operators and punters alike, but the New Jersey sports betting market has been around for some time now. This means that it is a lot more mature in terms of both the regulatory and licensing environment, as well as the mobile sports betting audience.
To enhance its mobile betting app, Tipico also partnered up with sports betting service provider Sportradar as we’ve covered here. Thanks to this partnership, Sportradar will now provide the Tipico sportsbook with official league data, which will enable Tipico customers to have more accurate betting information.
Tipico will be headquartered in Hoboken where other sports betting companies have also set up shop. Other competitors with offices within the Hudson County include DraftKings while FanDuel and William Hill have set up camp close by in Jersey City.
The New Jersey sports betting market continues to impress
The New Jersey sports betting industry has grown to become a market leader, one that is celebrated for its record-breaking handles month over month. So far, the market boasts an impressive 19 apps and 11 retails sportsbooks, with the promise of more to come in the coming years. By allowing its license holders to have multiple skins, the Garden State managed to create a robust industry fueled by competition.
That’s why so many operators see the New Jersey sports betting market as a great option for investment owing to its future potential. Having a greater selection of sportsbooks, both retail and mobile can only be a good thing for customers and bettors in the Garden State.
Plus, there has never been a better time for sportsbooks to join the New Jersey sports betting market. In September, the Garden State reached a new U.S Record for the total handle in a month, totaling $748M. The state has consistently broken its handle month after month and will likely continue to do so for the foreseeable future.
Based on reports from the Gaming Division in the state, online sports betting accounted for the bulk of the month’s gambling handle. The online handle for September 2020 amounted to an impressive $678M, which is more than 90% of all the bets made in the state. Year to date, the state’s sports betting has generated more than $3.2 B in just sports bets alone.
This number has surpassed what AC used to make in an entire year from casino operations before sports betting was legalized by the Supreme Court in 2018. New Jersey has managed to shine even in the wake of the absence of live sports and a pandemic. Now, as more and more states continue to embrace legal sports betting, New Jersey has emerged as a leader that has set the standard for others to follow.
As Tipico prepares to launch its brand new sportsbook app in New Jersey, it will benefit from PXP Financial’s strength and experience in the North American market. The New Jersey betting market is constantly in the process of transformation. This is the nature of the business- without evolution and constant progress, it would be impossible for the Garden State to maintain the lead that it has enjoyed so far.
Expansions, acquisitions, mergers, and additions, such as Tipico’s are always taking place to leave a mark in the industry. As such, although Tipico is a new player, it certainly will not be the last.
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