Paysafe sets a new $1bn revenue target for 2016-17
The increasing demand of virtual online wallets has recently been so pressing that online gamblers find them more straightforward than traditional banking system to initiate money transaction for online gambling. If we look at current gambling environment, we have some of the biggies of the industry like Neteller, Skrill, and Paysafecard who are growing with each passing day and looking at growing demand of their services in sports betting especially fantasy sports, Paysafe Group, the parent group of all three entities, expects a $1 billion (€939 million) in revenue during the 2016-17 financial year. Earlier, the set target was somewhere around $868 million for the 12 months period to December 31, 2016, but a “strong business performance” during the year especially after legalization of fantasy sports betting in most of the regions, they had to increase the target twice. The most recent revenue forecast has raised expectations in between $970 million and $990 million for the 2016 financial year.
The company has also set the target for how much they should earn before interest, tax, depreciation and amortization which should now be $300 million for the first time, which is considerably more than the initial forecast of $252 million made at the start of 2016. Talking about the new set goals and what made them believe they can achieve the new targets, Joel Leonoff, chief executive of Paysafe, said, “We have delivered another excellent financial performance and expect to surpass $1 billion in revenue, an impressive milestone of which we are extremely proud.
“We have longstanding expertise in the payments industry, and we have made targeted investments in both our technology and our risk and compliance processes through the year. We are well prepared for the additional levels of customer due diligence expected as part of forthcoming regulatory requirements, including anti-money laundering legislation in Europe; operating amid regulatory change is simply business as usual for Paysafe.
“We continue to execute on our vision to offer feature-rich and relevant payment solutions that address the specific needs of the businesses and industry verticals we operate in and the consumers we serve. We have big ambitions this year as we focus on building a payments business with unrivalled capabilities, reach and relevance to enable us to capitalise on the opportunities ahead.”