INDUSTRY INSIDER: MARK MCGUINNESS
Digital wallets: The battle to win the hearts and minds of players
In this month’s guest column, our industry insider, Mark McGuinness, discusses the the rise of digital wallets and why ‘Payments’ deserve their own ‘P’ in the marketing mix for land-based and online casinos.
s consumer behaviour undergoes rapid transformation in today’s digital age, businesses, especially in the gaming and digital commerce sectors, must respond with agility and foresight. The traditional 4Ps of the classic marketing framework model – Product, Price, Place, and Promotion – have historically provided a solid foundation for the creation of marketing strategies. However, this model has evolved into the 7Ps, which include People, Processes, and Physical Evidence, to accommodate service-oriented businesses. Yet, with the rise of the digital economy and the increasing prominence of Web3 technologies, the case for adding an eighth ‘P’ – ‘Payments’ – to the marketing mix has never been stronger.
A
UNDERSTANDING THE IMPORTANCE OF PAYMENTS IN PLAYER DECISION-MAKING In an era where the mobile-first digital generation expects seamless, secure, and instantaneous transactions, the role of digital wallets has become paramount. These wallets are essential to the player journey, significantly influencing awareness, consideration, and conversion rates. The simplicity with which players can fund accounts, make reoccurring deposits, or withdraw winnings directly correlates with their trust, engagement, and brand loyalty – critical elements for casinos and online businesses in a competitive market. Yet most marketing teams in casino iGaming, don’t consider ‘payments’ and the on-boarding and activation within the acquisition and full lifecycle funnel as important – it’s often regarded as the finance teams’ responsibility. Yet, time and time again, the ‘funding’ of an online casino account is fraught with friction, with too many payment options and abandonment, due in part to a poor UX (user experience).
In the fast-paced iGaming sector, where speed, security, and accessibility are non- negotiable, incorporating a fully comprehensive digital wallet plan into marketing strategies is essential for sustained success and future revenue growth. Offering cryptocurrency
16 MARCH 2025 GIO
payments, frictionless mobile transactions, and one-click deposits ensures operators remain competitive in an industry where instant gratification and security are of utmost importance in the brand consideration cycle.
LEVERAGING PAYMENTS AS A CASINO MARKETING ADVANTAGE By introducing payments to its own ‘P’ within the marketing mix framework, casino brands can significantly enhance transactional experiences, reduce friction, and strengthen player trust. Through the integration of Web3-enabled wallets, decentralised finance (DeFi), or traditional mobile payment solutions, businesses that prioritise seamless transactions will foster stronger digital communities, boost engagement, and increase player lifetime value. The market for digital wallets is huge and growing of which some of the leading players
are Bitget Wallet, founded in 2017 with over 60 million users worldwide. Trust Wallet is another popular mobile wallet with 140 million users worldwide. MetaMask is another well-known crypto wallet for Web3 users with over 30 million monthly users and therefore a large trusted and engaged community. Embracing digital and Web3 payments as a strategic marketing lever not only positions casino brands for success today, but allows access to a large and growing addressable player market, and also prepares them for the evolving landscape of tomorrow.
DON’T FALL INTO THE TRAP OF OFFERING A MULTITUDE OF PAYMENT OPTIONS
Time and again, I have reviewed business and marketing plans that heavily focus on SWOT and GAP analysis, often with excessive
While digital wallets are highly favoured, it’s essential to remember that no single option holds complete market dominance
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64
