- Paramount Commerce is the parent company of Mazooma, who recorded the first legal sports betting transaction.
- Justin Ferrabee will become the new CEO on August 12, after working as the COO for Payments Canada since 2015.
ATLANTA – On Tuesday, Mazooma announced the hiring of Justin Ferrabee as the newest CEO on the company.
Ferrabee was most recently employed as the COO for Payments Canada and will begin his role with Mazooma on August 12.
The FinTech firm will benefit from Ferrabee in their continued growth into the sports betting market in the US, as the new CEO was responsible for many modernizations to make Payments Canada a top payment transaction provider.
“He was the clear choice to propel our company into the future,” said Izabela Wakabayashi on behalf of the Board of Directors. “Now is the right time for a leader like Justin and we are so pleased to welcome him to our team.”
As more and more states begin to legalize sports betting (closing in on 20 states), Mazooma is “poised as a frontrunner in this growing segment” according to Ferrabee.
Mazooma’s parent company, Paramount Commerce, has been around since 2003 developing innovative ways to process payments. With multiple patents, the company has processed over $35 billion in volume due to its ability to verify banking information in real-time.
“Paramount Commerce’s 15-year track record of success and reliability positions it to lead this transformational change,” said Ferrabee.
Unlike other transaction platforms, Mazooma can determine is a bettor has enough liquidity to continue depositing and playing, rather than accepting a transaction with the possibility of later canceling the payment.
The company also made history last year as they hosted the first transaction associated with legal sports betting.
Able to support high transfer limits, Mazooma is registered with FinCEN and leaves out any worry from banks having to support a transfer to an online gaming site – something they have been wary of since the Unlawful Internet Gambling Enforcement Act of 2006 was passed.
Since their launch, the company has built up partnership deals with some of the top operators in the country: MGM Resorts, The Stars Group, Rush Street, Caesars, FanDuel, DraftKings, GVC, Scientific Games, and many more.
Representing Mazooma, Ferrabee will be explaining the payment sector further in detail in London on September 18 at the Payment Expert Forum.
News tags: Caesars | DraftKings | FanDuel | FinCEN | GVC | Izabela Wakabayashi | Justin Ferrabee | London | Mazooma | MGM Resorts | Paramount Commerce | Rush Street | Scientific Games | The Stars Group
Michael began writing as an NBA content writer and has spent time scouting college basketball for Florida State University under Leonard Hamilton and the University of Alabama under Anthony Grant. A graduate of both schools, he covers topics focused on legal sports betting, betting odds, and casino reviews. Michael likes to golf, play basketball, hike, and kayak when not glued to the TV watching NBA games.