Shares in EML Payments soared in Sydney Tuesday after the payment provider secured a deal to provide its prepaid card solutions to leading operator bet365 in the United States.
The multi-year agreement will see EML provide bet365 with a branded reloadable card program in New Jersey, which is expected to launch later this year following regulatory approval.
The deal also includes the opportunity to expand the relationship if bet365 commences operations in other US states.
bet365 is expected to soon launch its online betting and gaming platform in New Jersey through a partnership with Hard Rock Atlantic City, while the operator has also signed a landmark deal with Empire Resorts to launch in New York pending regulatory changes in the market.
The launch of the bet365 prepaid card in New Jersey will be EML’s 13th branded reloadable prepaid program, with recent launches including Betsson in Sweden and Pointsbet in New Jersey.
Shares in EML Payments Ltd (ASX:EML) closed up 13.79 per cent at AUD$1.98 per share in Sydney Tuesday, setting a new 52-week high of $2.04 during the day.