PAYNEARME
Withdrawals
It may initially seem logical for providers to prioritise optimising the deposits process ahead of withdrawals. However, allowing bettors to withdraw fund on their own terms plays a significant role in betting frequency and retention.
More than half of bettors (57%) would withdraw funds via PayPal if given the opportunity, followed by 37% of bettors who would directly deposit to a bank account. Other options that are currently less widely available or not available included Cash App (39%), cash out at an ATM (27%), cash at retail (18%) and cryptocurrency (17%).
The potential popularity of these alternative methods suggests the importance of continuing to evaluate and add new withdrawal choices. 49% of bettors said they would play more and withdraw more often if they had access to their preferred withdrawal type. This is even more of a significant factor for men (55% of males vs 44% of females), younger people (51% of people under 55 vs 29% of people 55 and over), and frequent bettors (61% of frequent bettors vs 38% of casual bettors).
EXPERIENCE
More than half (52%) of bettors have experienced declines during the initial payment interaction, including 65% of frequent bettors. While half of the people that have their deposit denied were likely to try again either with the same (27%) or another payment method (34%), regular exposure to failed payments can cause bettors to leave the platform. This is particularly evident for casual bettors as 17% of those who experienced payment trouble when signing up for new applications left and never came back. Losing bettors at the deposit stage can cause a huge loss in revenue for operators.
INFORMATION PRIVACY
Many of the positive and negatives of the iGaming experience remain the same for frequent and casual bettors, however a significant difference lies in their willingness to share personal information. For frequent bettors, the biggest pain point (33%) and potential reason they abandon a betting app (29%) is when the deposit process takes too long. Casual bettors, however, are more concerned about having
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to share personal information, 28% find it a pain point and it would drive 26% to leave a betting app. This indicates another reason why alternative payment methods such as PayPal are in such high demand. Some bettors, (specifically casual bettors) don’t want to share bank details or debit card information until brand trust is established. Using PayPal is one way of bridging this ‘trust gap’ until strong customer relationships are established. Many bettors also prefer to keep their payment transactions separate and/or maintain a level of privacy to their activity. The ability to have segregated funds, whether that be with a popular wallet or cash, enable a level of both privacy and protection of personal information.
For both frequent and casual bettors, operators should be mindful of payment mechanisms that require a lengthy registration during the deposit process. For example, when setting up a new wallet or signing up for a prepaid card, the process can require the bettor to provide additional personal information. Popular payment types like PayPal and Cash App help address both speed and financial privacy concerns as bettors have established accounts prior to visiting the app, and can use their stored balances for quick funding.
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