Paysafe Group Holdings Limited set to return to the public realm

Home » Paysafe Group Holdings Limited set to return to the public realm

In the United States and the billionaire owner of the Vegas Golden Knights franchise of the National Hockey League (NHL) has reportedly agreed a deal that is to see online payment systems provider Paysafe Group Holdings Limited once again become a public concern.

According to a Monday report from the Las Vegas Review-Journal newspaper, William Foley (pictured) revealed that his Foley Trasimene Acquisition Corporation II special purpose acquisitions enterprise is to merge with the digital wallet innovator in an arrangement valued at around $9 billion. The Texas-born businessman purportedly explained that the agreement is expected to close by the end of June and will subsequently involve the enlarged entity being listed with the New York Stock Exchange under the continuing leadership of its Chief Executive Officer, Philip McHugh.

Rapid return:

The newspaper reported that Paysafe Group Holdings Limited was previously listed in London but became a private operation in 2017 after being purchased as part of an almost $4 billion arrangement orchestrated by private equity firms Blackstone Group Incorporated and CVC Capital Partners Limited. The firm established in 2013 purportedly provides clients with a range of electronic cash and digital wallet services and counts some of the biggest names in American iGaming including DraftKings Incorporated, William Hill US and the Caesars Interactive Entertainment subsidiary of Caesars Entertainment Incorporated among its current list of clients.

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Seeking supremacy:

Foley reportedly told the Las Vegas Review-Journal that he wants the rechristened Paysafe Limited to ‘dominate’ the online gaming market in the United States and be prepared to quickly move into any jurisdiction that is exploiting the 2018 revocation of the previous Professional and Amateur Sports Protections Act (PASPA) prohibition to legalize iGaming and sportsbetting.

The 75-year-old businessman reportedly pronounced…

“Whether it’s a lottery or slot machines or sportsbetting [opening in a state], it’s our job to be there first and to make sure we dominate. We’re focusing on gaming, particularly sportsbetting, in the United States as it becomes legal and we’ve got a wide landscape we can attack. It’s pretty exciting.”

Desired discussions:

Foley reportedly furthermore revealed that he is to become Chairman for the new-look Paysafe Limited and will immediately begin having conversations with multiple local casino operators regarding the possibility of expanding and strengthening their mutual ties. He purportedly moreover detailed that this could eventually see the entity begin supplying punters with the ability to purchase almost anything within a land-based casino electronically from room service and meals to in-play sports wagers and daily fantasy contest picks.

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The Nevada-based billionaire reportedly told the newspaper…

“I have a vision that we should be the [digital] wallet and have tie-ins with every major casino company that’s headquartered or located in Las Vegas. There will be money to be made for everybody. That’s why I got so excited about Paysafe Group Holdings Limited as its position in iGaming is really second to none.”

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