Nuvei - CEO, Philip Fayer.
CEO, Philip Fayer.
Source: Nuvei.
  • Payment technology provider Nuvei (NVEI) has received a sports betting vendor license from Colorado’s Division of Gaming
  • The permit allows the company to process payments within the state on regulated sports betting apps and sites
  • It comes as part of the company’s broader strategy to gain gain traction in the US sports betting industry
  • Receipt of the permit follows the company’s record breaking IPO last week, which represents the largest technology listing in TSX history
  • Nuvei (NVEI) is currently up 2.98 per cent and is trading at C$56.00 per share

Payment technology provider Nuvei (NVEI) has received a sports betting vendor license from Colorado’s Division of Gaming.

With the permit now in hand, the company will be able to process payments within the state on regulated sports betting sites and apps using its full-service payment solutions, including Cashier, a customisable pay-in and pay-out platform.

Nuvei is expected to offer its services to a range of gaming operators, which cater to customers over the age of 21 looking to place legal wagers on games in the National Football League, Major League Baseball, National Basketball Association, National Hockey League and other professional and amateur sports.

The receipt of the license comes as part of Nuvei’s broader strategy to gain traction in the lucrative US-based industry, and follows the legalisation of sports betting in Colorado on May 1 this year, after approval by state voters in November 2019.

Philip Fayer, Chairman and CEO of Nuvei, commented on the permit approval.

“This approval will continue to fuel our expansion as we look to grow our iGaming footprint in the US.

“We are extremely honoured to be able to support Colorado gaming operators as they look to process their customers’ sports betting payments securely and with ease,” he said.

In May 2018, the US Supreme Court lifted the nation-wide ban on sports betting. Now, roughly 75 per cent of all US states have legalised the industry or are in the process of doing so.

Nuvei’s entry into the Colorado market comes off the back of a record-breaking initial public offering last week, which represents the largest technology listing in the history of the Toronto Stock Exchange.

Nuvei (NVEI) is currently up 2.98 per cent to C$56.00 per share at 10:20am EDT.

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