This Growth Stock Is Riding the Online Gambling Boom
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Paysafe is the parent company of Skrill, a digital wallet provider, and Neteller, which is used to facilitate payments between consumers and merchants. PaysSafe is also the global payments leader in what's becoming known as the iGaming industry. It has brand-new partnerships with sports betting companies in the U.S. and the segment is growing rapidly.
Paysafe is expanding its business in the U.S. It's already operating in 15 states and has a leadership position in iGaming payments segment. Paysafecard and Skrill are being integrated into Flutter Entertainment's Fox Bet subsidiary's Michigan operation. Online gambling was worth $1.978 billion in U.,S in 2020 and is expected to grow at a 17.3% compound annual growth rate until 2026.
Paysafe went public in March. It has announced first-quarter earnings for 2021. Its eCash segment grew by 60% year over year. The company's expansion into the U.S gambling industry yielded 66% revenue growth. It also expanded an existing deal with Coinbase Global, allowing American users to buy and sell cryptocurrencies within the Skrill digital wallet.
Paysafe is a growth stock that trades at 5 times projected 2021 sales. It's down 25% since it went public. Analysts expect earnings growth of more than 200% in 2022. Payssafe is an experienced payments company that's already dealing with some of the biggest online providers in the world. It is well equipped to benefit from the growth in digital gambling and gaming trends.
Stock Advisor launched in February of 2002. The current list price is $199 per year.
