PAYNEARME
How can iGaming operators improve the payment experience for bettors?
PayNearMe explores what US bettors want in their payment experience compared to what is being delivered, providing greater opportunities for operators to fill gaps in the market.
O Ability to
easily make a payment (46%) is just as
important as bonus offerings (48%) and access to the respondent’s favourite games (47%)
ptimising payments is a way of encouraging retention and conversion of bettors for operators. As more operators enter the US regulated market, the expectations and demands from bettors increases.
In February, Sapio Research, on behalf of PayNearMe, conducted a survey to examine the payment experience of iGaming bettors in the US, specifically focusing on deposits and withdrawals. The aim of the survey was to provide iGaming operators with actionable insights into bettors’ attitudes, so they can tailor their payment experience to meet bettor preferences. The survey took place in 19 US states where at least one form of online betting is currently legal, and the sample consisted of 2051 iGaming bettors who bet using real money (not coins or credits). The survey examined male vs female bettors, frequent vs casual bettors, and bettors by age group.
CHOICE MATTERS Deposits
Bettors expect a wide range of payment options when making deposits. This is reflected in the fact that bettors identified more than 20 different desired methods of making iGaming deposits including PayPal, debit/credit cards, online banking, Cash App, Venmo and cash at cage deposits. PayPal was highlighted as an important deposit option by 64%, and it was closely followed by 47% of bettors who chose Apple Pay. The popularity of digital wallets can be attributed to the advantage of allowing bettors to store funds in a separate, trusted account helping them to manage iGaming budgets. Methods such as debit card, credit card and online banking deposits were also considered important by 63% and 57% of bettors, respectively. This is due to the ease of use and general comfort level with traditional tender types. Alongside digital payments, the in-person experience for bettors should not be ignored. 63% of bettors would be likely to deposit cash for online betting, including 69% of bettors aged 18 to 34, and 78% of frequent bettors. If their preferred casino locations offered a cash at cage solution (the ability to deposit cash at a physical casino to fund online accounts), 43% of frequent
14 JULY 2022 GIO
bettors would make larger deposits more often. Other options high on the list but not widely available to bettors included Cash App (56%), Venmo (47%), Google Pay (47%) and Amazon Pay (46%). It is evident that there is a huge disparity between what payment types bettors would like to use, and what they are able to use. The broader trend identified by the research indicated that increasing the choice of deposit options would have a positive effect on revenue for operators. 32% of bettors, including 47% of frequent bettors and 18% of casual bettors, would make larger deposits if their preferred method was available.
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