EML Signs Multi-Year Agreement with bet365
EML Payments has announced that its wholly owned subsidiary, EML Payments USA LLC, has entered into a multi-year agreement with Hillside (New Jersey) LLC, trading as bet365 ,for the provision of a bet365 branded Reloadable card program in the state of New Jersey in the United States of America.
Under the agreement, EML will give bet365 customers an easy to use Reloadable card to both remit funds into their gaming account alongside our innovative product supporting fast access to winnings. The initial program in New Jersey is expected to launch in mid 2019 following regulatory approvals.
In line with our continuous disclosure obligations, EML is announcing the contract signature and will confirm the program launch in due course. The contract includes the opportunity to expand the relationship if bet365 commence operations in other States.EML is unable to accurately estimate future Gross Debit Volume (‘GDV’) that will be derived from this program, nor the pace at which this market will develop, given it is in a state in which sports betting has only recently been legalised. EML expects that the GDV to revenue conversion rate will be materially in line with our average for the General Purpose Reloadable segment with the first material earnings contributions delivered in the H2 of FY20 year.