Bill Foley is betting billions on the future of online gaming.
On Monday, the Vegas Golden Knights owner’s blank check company, Foley Trasimene Acquisition Corp. II, announced plans to merge with Paysafe Group Holdings Ltd., an online payments processing firm that has numerous big-name clients in gaming.
The transaction — valued at roughly $9 billion — is one of the largest blank check mergers to date and is expected to close in the first half of next year.
Foley wants to see Paysafe “dominate” the online gaming, or iGaming, industry and strengthen its ties to Las Vegas-based operators. He plans to have conversations with the leaders of local casino companies — many of whom he already has ties to, thanks to the Vegas Golden Knights — to lay out Paysafe’s initiatives.
“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.”
Potential in the iGaming space
Paysafe, a London-based specialized payments platform, went private after accepting a nearly $4 billion offer from private equity firms Blackstone Group Inc. and CVC Capital Partners Ltd. in 2017. The company offers e-cash payments and digital wallets — which are popular among online casino customers — and allows companies to accept online payments. Clients in the gaming industry include William Hill U.S., Draftkings, Scientific Games Digital and Caesars Entertainment Inc. subsidiary, Caesars Interactive Entertainment.
On Monday, the Vegas Golden Knights owner’s blank check company, Foley Trasimene Acquisition Corp. II, announced plans to merge with Paysafe Group Holdings Ltd., an online payments processing firm that has numerous big-name clients in gaming.
The transaction — valued at roughly $9 billion — is one of the largest blank check mergers to date and is expected to close in the first half of next year.
Foley wants to see Paysafe “dominate” the online gaming, or iGaming, industry and strengthen its ties to Las Vegas-based operators. He plans to have conversations with the leaders of local casino companies — many of whom he already has ties to, thanks to the Vegas Golden Knights — to lay out Paysafe’s initiatives.
“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.”
Potential in the iGaming space
Paysafe, a London-based specialized payments platform, went private after accepting a nearly $4 billion offer from private equity firms Blackstone Group Inc. and CVC Capital Partners Ltd. in 2017. The company offers e-cash payments and digital wallets — which are popular among online casino customers — and allows companies to accept online payments. Clients in the gaming industry include William Hill U.S., Draftkings, Scientific Games Digital and Caesars Entertainment Inc. subsidiary, Caesars Interactive Entertainment.
