Payment, fraud and data analysis service provider PXP Financial Ltd. has announced a new partnership with Penn National Gaming’s online subsidiary, Penn Interactive through its US subsidiary, PXP Financial, Inc.
Penn becomes the latest operator to join PXP’s growing US portfolio, and through the partnership will benefit from the supplier’s full-service gateway, offering multiple connections to several payment service providers and a fully managed reconciliation and risk monitoring service.
The partnership has already gone live in Penn Interactive’s home state of Pennsylvania, and is on its way to expanding to additional states in the future.
Having entered the US region in 2013, PXP now holds gaming licenses in more than 9 US states, with its solution approved in several others. The partnership will allow Penn to support its merchants across the country, supporting PXP’s own brand expansion.
Jake Francis, director of operations at Penn Interactive, commented: “Our Player Account Management partner, White Hat Gaming, introduced us to PXP Financial. We were impressed with the team’s proactivity and how knowledgeable they were about the markets to which we are interested in entering. It was easy to unify our roadmap with PXP Financial Inc’s, so the partnership felt natural.”
Kamran Hedjri, founder and board member at PXP Financial Inc., added: “Penn Interactive is an innovative US brand and it is a great honour to become a service provider for them. They will be instrumental for us to push our brand recognition in the United States, and the experience we gain from working closely with them will help us to improve our services worldwide.
Penn National Gaming posted results last month showing revenues were down 16.6% in the third quarter of 2020, compared to the same period last year. It generated $1.13bn in revenue, of which $993.6m came from gaming.
Despite the drop in revenue, earnings reached a record high following the launch of its Barstool Sportsbook product in September. The operator partnered with media company Barstool Sports in January this year.
In September, the Barstool Sportsbook app took a total $29.9m in bets, posting a $700,000 loss for the period. This widened to $2.8m, after factoring in $2.2m in promotional credits awarded to players throughout the month.
The Pennsylvania sports betting market as a whole brought in $6.3m in September after $462.8m was wagered, as Barstool and other operators were hit by poor margins.