Vegas Golden Knights Owner Bill Foley Enters iGaming Industry with $9 Billion Deal
While the National Hockey League continues to try making a deal to start their season by mid-January, Vegas Golden Knights owner Bill Foley has been hard at work on an off-ice deal: one that is worth $9 billion to bring him into the iGaming Industry.
On December 9, it was announced that Foley Trasimene Acquisition Corp. II, Foley’s company, had reached an agreement with Paysafe Group Holdings to form a merger that would combine the two entities. Together, the combined company will become a publicly-traded company that operates under “Paysafe Limited,” which is listed as “PSFE” on the New York Stock Exchange.
“Paysafe delivers a unique value proposition in large and high-growth markets, such as gaming and e-commerce, enabling the company to generate strong organic revenue growth and margin expansion,” Foley said. “With a proven strategy and an experienced management team and our newly formed partnership, we believe Paysafe has significant long-term growth potential.”
Philip McHugh, CEO of Paysafe, said that he was excited for the merger, which is expected to be finalized within the first half of 2021, especially when it concerns iGaming.
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“This transaction will allow us to accelerate our growth opportunities across the business, particularly in fast-growing sectors such as iGaming where we are the payments partner of choice,” McHugh said.
Paysafe has been around since 2013 and serves 75 percent of iGaming operators in the United States.
While the merger may have nationwide implications on the iGaming industry, Foley wants it to have a major focus on a local level.
As the owner of the Golden Knights, Foley has been able to create connections with some of the top leaders and owners of casino companies in Las Vegas.
“I have a vision that we should be the (digital) wallet, have tie-ins with every major casino company that’s headquartered or located in Las Vegas,” Foley said in a report. “There will be money to be made for everybody.”
2020: the Rise of iGaming Betting
In July, the American Gaming Association (AGA) revealed that revenue from iGaming had increased on a year-to-year basis, increasing by 253.6% or around $142 million. Keeping that in mind, it’s no surprise that Foley would want to get in on the action, saying that he wants to “dominate” the Las Vegas iGaming scene, according to a report.
“I have a vision that we should be the (digital) wallet, have tie-ins with every major casino company that’s headquartered or located in Las Vegas,” Foley said. “There will be money to be made for everybody. That’s why I got so excited about Paysafe — its position in iGaming is really second to none.”
The upward trend of iGaming betting could be linked to the fact that Americans want to see more sports betting in general as recent as Election Day 2020.
Voters in Louisiana, Maryland, and South Dakota voted to approve sports betting on Election Day this year. There are already 19 states (and Washington D.C.) where sports betting is legal, according to the AGA.
“Whether it’s a lottery or slot machines or sports betting (opening in a state), it’s our job to be there first and to make sure we dominate,” Foley said.