Paysafe Finds Fast Sports Betting Payments Key to Retaining Old Customers and Attracting New Ones

The sports betting scene continues to grow and, as with all paytech sectors, demand for fast transactions is a top priority for consumers. In fact, fast and easy payments are what online sports bettors in both North America and the UK are most looking for when choosing a sportsbook, according to Paysafe’s latest report, ‘All the Ways Players Pay,’ according to payment platforms. .

Paysafe surveyed over 2,000 online sports bettors in November 2022 across six US states (Iowa, Louisiana, Michigan, New Jersey, New York and Pennsylvania), Ontario in Canada and the UK. research 36% of betting players found that quick and easy payouts are a priority when choosing a sportsbook.

They prioritized payments over brand trust (34%), odds and promotions (both 28%). Having his preferred payment method available was a factor for his 27% of bettors, taking precedence over sportsbook sports his market and team sponsorships (11% for both).

Frictionless payouts are an even bigger factor in sportsbook choice for players in Michigan (43%), where the market launches in January 2021. This is also the case in the UK (39%), whose iGaming industry predates him more than 20 years. Year. By contrast, in Ontario, where the expansion market launched in April, players see brand trust as a top priority (39% preferred). However, payouts were his second most important factor (35%).

key to customer retention

The payment experience is extremely important to player retention, with 75% of sports bettors citing it as a key factor in why they stay with a brand. Payments appear to be particularly important to New York customer retention, with 85% of iGaming market players considering this a year ago.

Player payment preferences continue to diversify. Nevertheless, debit card traditional payment methods dominate the stakes (preferred by his 49% of bettors). The banning of iGaming credit cards by gambling regulators in the UK and Iowa may have contributed to this trend. As a result, debit card preference rose to 59% in both markets. Despite the limitations of these two markets, credit cards are his payment method for 25% of all players and the go-to payment method for New Yorkers (44%).

Alternative payment method

Overall, digital wallet alternative payment methods (APM) are now more popular than credit cards, with 28% of all players preferring wallets. This trend reaches 45% in Iowa, where credit cards are not allowed. The popularity of digital wallets is strongest for more frequent bettors and VIP bettors, with wallets being the top payment method for players who bet alongside debit cards five to seven times a week (both 41%). . For bettors who gamble seven or more times a week, 34% prefer wallets, mobile ahead of wallets (33%) and credit cards (24%).

Adoption of other APMs such as eCash is also growing, with 16% of players preferring this payment method. It was higher in the United States (18%), especially New York (28%), where cash use is still relatively active. Future demand is also strong, with 53% of players saying they would bet online more often if they could use an eCash product.

security concerns

Operators appear to be largely addressing player concerns about payment security, trading 59% more confidently than in 2021. For the iGaming industry.

Zach CutlerPaysafe’s President of Global Gaming, commented:

Our latest research report highlights how important it is for operators to develop customer-friendly payment strategies as part of their model to convert and retain new and existing players. I’m here.

In a highly competitive market, if cashiers have a comprehensive set of payment methods, such as digital wallets that support VIP player conversions and eCash that resonates with cash-conscious consumers, business Players can gain a competitive edge, prioritizing sticking to budgets with bets.