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In today’s video, I talk about Foley Trasimene Acquisition Corp. II (BFT) and Paysafe.
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Paysafe handles the gaming dollar volume for the very popular online game Fortnite and also Twitch, which is owned by Amazon (NASDAQ:AMZN). It also handles online gaming revenue payments for DraftKings (NASDAQ:DKNG), bet365, William Hill and betfair. In fact, Paysafe makes a big point that its “take rate” is very high at roughly 1.56% in 2022. This is the rate of its fees for handling payment volume. I have written several articles about the take rates at PayPal (NASDAQ:PYPL), and other stocks. Paysafe’s rate is very high. This year alone Paysafe expects to generate revenue of $1.38 billion, according to page 28 of its presentation.
Moreover, Paysafe is also very profitable. For example, on page 29 of its presentation, Paysafe projects that it will make $420 million in adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) in 2022. In fact, it is forecast to rise to $669 million by 2023, according to Paysafe. In addition, the company indicates that it has found an additional $60 million in cost savings and revenue opportunities as a result of the SPAC merger.
Paysafe owns and operates B2B and B2C online payment networks, which offer eCash, digital wallets, POS, and eCommerce processing solutions to clients. The company has established itself in iGaming payments and is hungry for growth. Its digital wallets Skrill and Neteller are present in more than 120 markets, its iGaming eCash network is used in more than 50 markets, and its POS and eCommerce payments solutions are present in the U.S., Canada, and Europe. Paysafe estimates that its partnership with BFT will help it accelerate organic revenue growth, expand its iGaming presence, enhance platform integration business, and boost its merger and acquisition strategies. In particular, Paysafe estimates its U.S. iGaming business to grow at a phenomenal CAGR of 52% until 2025
Paysafe estimates that it will clock $103 billion in transactions in 2022. Its overall take rate is 1.5%, and therefore it is likely to report $1.5 billion in organic revenues and a gross profit of $963 million in 2022, implying a healthy gross profit margin of 63%. It believes that it will report an EBITDA margin of between 30% and 35%. The company also projects that its organic revenues will grow at a CAGR of 11% between 2022 and 2025.
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⚠️⚠️⚠️⚠️DISCLAIMER⚠️⚠️⚠️⚠️
I am not a CPA, attorney, insurance, contractor, lender, or financial advisor. The content in these videos shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other and may be outdated or inaccurate; it is your responsibility to verify all information yourself. This is a Youtube video for entertainment purposes ONLY. IF stocks or companies are mentioned, Michael Wrubel MAY have an ownership interest in them — DO NOT make buying or selling decisions based on Michael Wrubel’s videos. If you need advice, please contact a qualified CPA, attorney, insurance agent, contractor/electrician/engineer/etc. financial advisor, or the appropriate professional for the subject you would like help with. Linked items may create a financial benefit for Michael Wrubel. Any use of other media is by fair-use or license only.
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