When it comes to online sports betting, the need for speed is everything — from the time it takes to deposit funds and place bets, to getting earned money back into users’ bank accounts on wins.
To ensure bettors are getting returns as fast as possible, Caesars Sportsbook is teaming up with Ingo Money to power push-to-card instant payouts inside of the Caesars Sportsbook app, PYMNTS reported Monday (Oct. 10).
Trent Striplin, vice president of payments and fraud at Caesars Sportsbook, told PYMNTS’ Karen Webster that instant payouts are a central part of the company’s overall gaming experience, helping to enhance customer satisfaction.
“The speed of withdrawals is something that’s very important to people in their experience with the Sportsbook,” Striplin added, noting that people expect payments to move at the speed of the internet.
Through the new option, winnings are delivered in near-real time. Striplin said that for about 97% of Sportsbook users, this process takes roughly an hour to ensure compliance with “regulatory, financial and accounting controls and fraud reviews.”
Outside of making customers happy, instant payouts could also have an associated effect of keeping funds flowing throughout the Caesars ecosystem — across both online and brick-and-mortar channels, PYMNTS reported.
“I personally cannot imagine winning a bunch of money and then being told [by the site], ‘OK, we’ll send you a check in a week.’ … This needs to be a digital-first experience,” Ingo Money CEO Drew Edwards told PYMNTS.
The demand for instant payouts is growing to the point where the sentiment for fast payments for lottery and gaming wins expanded from 6.3% to 2018 in 20.8% in 2022, according to the September 2022 PYMNTS Disbursements Satisfaction Report.
Caesars said it selected Ingo to handle its instant payouts because of the company’s deep experience in the financial services space. As Striplin told Webster, “As we look to build this industry, we need someone who is going to partner with us and get into the trenches.”