Nearly 1 in 5 Players Would Delete a Betting App if Preferred Payment Type Were Lacking

man gambling online

The online gambling industry has witnessed remarkable growth in recent years, fueled in part by the pandemic-induced closure of physical casinos. As a result, more players have turned to online platforms for their gambling activities.

However, one of the most common grievances among gamblers is the slow payout of winnings, according to insights detailed in “Sure Bet: Accelerating Gambling Payouts Makes Everyone a Winner” a PYMNTS Intelligence and Ingo Payments collaboration.

Online sportsbooks, in particular, have faced over 2,400 complaints regarding delayed payouts, the report revealed, with such delays not only frustrating players but also discouraging them from returning to the same platform, the study noted.

Integrating instant payouts can remedy this and significantly increase the likelihood of return visits from loyal customers. According to a separate PYMNTS Intelligence survey, 79% of gamblers chose instant digital disbursements when given the option, while 76% of those who were not given the option to receive instant payouts would have opted for them had they been offered. However, less than 50% of gamers currently have access to real-time disbursements.

graphic, instant payouts

This disparity presents an opportunity for online casinos to differentiate themselves from competitors and attract more players by offering instant payouts. Caesars Sportsbook, for example, is one of the few gambling websites embracing the trend, having partnered with Ingo Payments in 2022 to deliver near-instant payments to players in Caesars’ ecosystem, as detailed in the report.

That move to implement faster payouts has not only streamlined their backend operations but also encouraged players to reinvest their winnings on their platform instead of seeking alternatives, Ingo Payments CEO Drew Edwards told PYMNTS in a recent interview. “The big operators are being smart by letting money flow out faster and trusting that the customer will bring funds back in the future,” he said.

The significance of accommodating players’ preferred payment types becomes even more apparent, with 18% of users indicating they would delete or abandon a betting app that doesn’t support their payment preferences.

Recognizing this, gaming companies must invest in instant disbursement technologies to cater to the evolving demands of players as well as maintain a competitive edge in the highly competitive online gambling market. “Nobody wants their money stuck at a table, or stuck in an app,” Edwards said, drawing an analogy to a blackjack player seeking to move their chips to another game across the floor.

Beyond providing players with immediate access to their winnings and eliminating the frustrating wait times associated with traditional payment methods, the adoption of instant disbursements also allows online casinos to significantly slash compliance processing time from hours to mere minutes, Edwards added, further enhancing user experience.

Moreover, instant payouts promote trust between online casinos and players. Prompt disbursements instill confidence in players that their time and business are valued, which in turn can lead to increased customer loyalty and retention.

In conclusion, as the online gambling industry continues to grow, gaming companies must prioritize player satisfaction and loyalty. Implementing instant disbursements can be a game-changer in this regard, providing a competitive edge over traditional payment methods.