Specialised payments platform Paysafe has announced its appointment of the “seasoned” iGaming executive, Zak Cutler, as its CEO for North America iGaming.
The newly created executive role, which reports directly to the group CEO, Philip McHugh, forms part of Paysafe’s ongoing strategic focus in the North American iGaming vertical which continues to show explosive growth as more and more states in the US regulate online gambling, sports betting and iLottery.
Since the rapid legalisation of the US sports betting market starting May 2018, Paysafe has consistently stated its ambitions to be the iGaming industry’s payments partner of choice, building on its leadership in Canada and Europe.
The company now provides 75 per cent of operators in the country with payments or marketing solutions across 16 states.
In Canada, Paysafe also holds a leading position and partners with the majority of regulated iLottery and gaming brands.
Mr Cutler brings extensive industry experience to the role and a proven track record of driving growth in iGaming companies; he has held senior leadership roles at both starts ups as well as large, publicly traded companies.
He joins Paysafe from Jackpocket, an innovative app that enables people to buy official state lottery tickets online, where he was VP of strategy and product.
As one of Jackpocket’s first executive hires, he was responsible for developing the strategy, the product and the approach that enabled Jackpocket to swiftly expand into 10 US jurisdictions, achieving a seventh-place entertainment app store ranking, and acquiring millions of new lottery customers in the process.
While there, he also worked with celebrities, sports teams, and large media brands such as Barstool Sports to successfully grow Jackpocket’s brand presence nationally.
Before that, Mr Cutler worked as director of product management for DraftKings, one of the world’s best-known brands in sports entertainment and gaming, where he was responsible for all product initiatives related to payment processing, US compliance, and international expansion.
Philip McHugh, Paysafe’s CEO, commented: “We believe Paysafe has huge potential to win in North American iGaming given our track record as the de facto payments specialist in this sector globally.
“Now, with the additional leadership bench strength of Zak at the helm of our highly focused team, we are in a better position than ever to help operators seize the opportunities out there through the delivery of best-in-class payments products and services. Zak is very attuned to operator needs and is highly regarded by all who know him in the industry. He will be a real asset.”
Mr Cutler commented: “As a former Paysafe customer for many years, I’m thrilled to now have the opportunity to join the team in this capacity. While at Jackpocket and DraftKings, I was always impressed by Paysafe’s industry-leading products, and their foresight to invest in the North American iGaming industry long before it was in the mainstream.
“I also admired the team’s ability to develop deep relationships with customers. This approach resonates with my own style and commitment to helping iGaming operators grow rapidly through the delivery of outstanding products and unrivalled partnerships.
“I’m really looking forward to playing my part now as a member of the team – I believe we are in the early innings of a massive opportunity!”
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