INDUSTRY INSIDER: MARK MCGUINNESS
Understanding the preferred payment methods of your online casino’s players is not just a strategic move; it’s a game-changer
Embracing digital and Web3 payments as a strategic
marketing lever allows access to a large and growing addressable player market
traditional and emerging payment methods. Ultimately, this approach can lead to higher engagement, increased transaction success rates, and long-term player loyalty. In the eternal marketing battle to win a casino players’ loyalty or future business, it may not just be about the number of games or best bonus, it’s equally, and perhaps more importantly about the digital payment and wallet experience to start playing when the moment of player interest is at its highest.
About Mark McGuinness
emphasis on product details, such as the number of games or types, or whether more table or jackpot games are needed. If payment methods are addressed in the business and marketing plan, they are often poorly researched and understood. This oversight can lead to significant revenue loss and player dissatisfaction.
In simple terms, if a player can’t quickly access funds to play your games in that critical moment influenced by a marketing advertisement, your casino is at a standstill. Similarly, if a player wins, do not create barriers for them to withdraw their winnings. Cash recycling in casinos plays a crucial role in understanding gamblers’ psychology regarding win-loss ratios.
Understanding the preferred payment methods of your online casino’s players is not just a strategic move; it’s a game-changer. This knowledge allows brands to establish a competitive and sustainable point of differentiation, optimise cashier and checkout experiences, reduce friction, and significantly enhance overall player satisfaction.
However, avoid the pitfall of offering countless payment methods through a single API, hoping that something will resonate with the player. Why? Recent consumer research shows that 68% of respondents prefer using
Apple Pay or Google Pay for online shopping, compared to 29% who prefer debit and credit cards, and only 3% who prefer open banking.
This data suggests that most consumers favour familiar and trustworthy, frictionless payment options. While digital wallets are highly favoured, it’s essential to remember that no single option holds complete market dominance. A balanced approach ensures that you are not putting all your eggs in one basket and are catering to a diverse player base. Maintaining a variety of payment methods is necessary; it offers flexibility and ensures your players have the best payment experience tailored to their preferences at a local or national level. This adaptability is crucial, especially considering any restrictions on the use of digital wallets in certain regions.
DATA-DRIVEN APPROACH A data-driven approach, leveraging AI and behavioural insights, can assist casino brands in tailoring their payment offerings to regional markets, demographic trends, and emerging financial technologies. For example, in areas where digital wallets are popular, offering incentives for their use can drive higher engagement. Similarly, understanding the preferences of different age groups can help create the right mix of
Mark McGuinness brings over 24 years of extensive and varied experience in digital marketing leadership, specifically advising both private and public operators within the iGaming industry across a wide array of regulated markets. His journey began as a scientist, allowing him to develop a deep analytical mindset that he has effectively applied to the realm of digital marketing. As a recognised authority in iGaming, he specialises in several critical areas, including affiliate marketing, the emerging landscape of Web3, social poker dynamics, and the intricacies of casino gaming. Mark is a strong advocate for the integration of neuroscience and behavioural economics into marketing strategies, believing that these fields provide valuable insights that can drive customer engagement and conversion rates. His comprehensive approach not only
enhances marketing effectiveness but also aligns with contemporary trends in consumer behaviour, making his strategies highly relevant and impactful in today’s digital marketplace.
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