Only Half of Gamers Have Access to the Instant Payouts That 8 in 10 Prefer

Out on the casino floor, moves occur in real time. Chips can be turned in for cash in hand immediately after winning them, and players can move from one game to another with ease. Yet despite the widespread legalization of and growing interest in online sportsbooks and other gaming, moving operations online has slowed things down, and gamers face a variety of payout frictions.

What is missing in the current generation of sportsbooks are instant payouts and the ease of moving money from one game to another, mimicking the physical casino experience. When payors offered the option, 79% of gamers chose an instant disbursement. Seventy-six percent of consumers who did not have the choice would have selected it if available. Just 49% of consumers had instant payment as an option to receive winning disbursements.

These are just some of the findings in “Generation Instant: Gamers and Winnings,” a PYMNTS Intelligence and Ingo Money collaboration. The report is based on a census-balanced survey of 2,606 U.S. consumers conducted between Aug. 28 and Oct. 4 that examined their satisfaction with the disbursements they receive from government and non-government entities.

Other findings from the report include:

Cash is the most common form of instant payment for gaming, gambling or lottery payouts. It is used more than twice as often as digital instant payment methods.

In the last year, 10% of consumers received payouts for winnings related to gaming, gambling or lottery — receiving, on average, eight disbursements for a total of $8,500. Gamers have a variety of ways to receive winnings disbursements. Overall, they prefer to receive payouts instantly. In fact, 44% of those receiving winnings disbursements said cash was the payout method they used the most in the last year. In comparison, 18% said they used digital instant payments most — indicating that gamers may receive payouts differently if playing in a physical location or online.

Having to pay for instant may inhibit gamers from going digital.

Gaming companies need to address consumers’ concerns to convert holdouts. Among customers who do not choose to receive their payouts via digital instant methods, 48% do not want to share payment credentials. Thirty-four percent are worried about the security of their payment and personal information. For 36% of consumers, cost is an inhibiting factor.

Consumers receiving winnings payouts via cash and non-instant digital methods are generally more satisfied than those using digital instant methods.

Data shows that 87% of consumers receiving payouts via cash are highly satisfied — leading all methods. Also, 75% consumers receiving winnings payouts via non-instant digital methods say the same. The share drops to less than three-quarters for instant payouts, as 71% of consumers receiving winnings via digital instant methods are highly satisfied. Many digital-savvy consumers balk at paying a fee when considering instant payouts, and those who pay a fee to use instant may not be happy about it.

Gaming companies could benefit by enabling instant payouts and offering them as a free service to loyal customers. Download the report to learn how gaming companies can win customers by offering digital instant payouts, whether online or in a physical location.