Vantiv Inc. has launched a new division offering payment processing services for the gaming industry, an industry that has grown into a business with $37.3 billion in annual revenue from casinos in 39 states.
The Cincinnati-based company officially launched Vantiv Gaming Solutions during Global Gaming Expo 2013 at the Sands Expo and Convention Center in Las Vegas.
“It’s exciting times,” said Joe Pappano, senior vice president and general manager of Vantiv Gaming Solutions. “Take a look at our core business that for over 40 years has provided payment services for many of the largest companies in the U.S.”
He said Vantiv has been approved to do business by gaming commissions in Nevada, Delaware, New Jersey and California.
Pappano said Vantiv moves more than 16 billion electronic transactions annually. He said the company had worked for almost five years on the venture and has developed a payment processing platform for the market.
“This was a perfect evolution of our company to introduce it into the gaming business,” Pappano said.
Vantiv is looking to capitalize on the growth in online gaming and platforms developed for exchanging money. The growth is being driven by the expansion of online gaming, fantasy sports, online lotteries, advanced deposit wagering and social gaming.
“With the launch of Vantiv Gaming Solutions, we will provide a new level of commitment to our gaming clients with a single, dedicated focus on protecting the integrity and reputation of their brands, securing transaction data and delivering to their customers an exceptional seamless experience,” Pappano said.
Vantiv may be a new name to the gaming business, but the company has been around for almost 40 years. Vantiv used to be known as Fifth Third Processing Solutions, a division of Fifth Third Bancorp.
The company, which provides payment processing for Macy’s and Nordstrom, among many other businesses, spun off from Fifth Third Bancorp in 2009. Vantiv completed an initial public offering in March 2012.
“The gaming industry continues to move rapidly to capitalize on these new opportunities,” Pappano said. “The new payments landscape, including innovative forms of alternative payments and other funding mechanisms, has become increasingly difficult to navigate but remains critical to an exceptional customer experience and success.”