Digital Payments Make Gains in Gaming But Cash Remains King

As gaming enthusiasts seek the thrill of quick access to their rewards, a recent survey conducted by PYMNTS Intelligence sheds light on this evolving landscape.

The “Generation Instant: Gamers and Winnings” study, a PYMNTS Intelligence and Ingo Money collaboration, reveals that cash is the most popular form of instant payment for gaming payouts, with gamers opting for cash over digital payment methods by a significant margin.

In fact, cash is used more than twice as often as digital instant payment methods for gaming, gambling or lottery payouts. And among the respondents who received winnings disbursements, 44% stated that cash was their preferred payout method, while only 18% favored digital instant payments.

But while cash has traditionally held sway as the favored mode of non-instant payment for gamers, a growing demand for digital instant payment methods is challenging this status quo.

Despite the growing interest, however, gaming companies are not fully capitalizing on consumer demand, and as a result are missing out on the opportunity to monetize instant payouts.

As the data shows, while more than three-quarters of consumers expressed a desire for instant payouts, less than half were offered this option. Additionally, only 49% of consumers who received winnings payouts were given the choice to receive them via instant payments, although 76% of those not offered instant payouts would have chosen this option if it were available.

To address the growing demand for instant payouts, some gaming companies have started offering this option. For instance, Caesars Sportsbook has partnered with Ingo Money to enable push-to-card instant payouts within their app, the report noted. This collaboration allows customers to receive their winnings in near-real time, significantly enhancing customer satisfaction and loyalty.

The survey further underscores the importance of quick access to good funds and convenience for consumers. Among those who prefer instant payments, 70% value quick access to their winnings, while 66% find instant payments particularly convenient.

In terms of satisfaction, the survey reveals that consumers receiving payouts via cash and non-instant digital methods were generally more satisfied than those receiving payouts via digital instant methods. A staggering 87% of consumers receiving cash payouts expressed high satisfaction, followed by 75% of consumers receiving non-instant digital payouts.

In sum, while cash remains the preferred instant payment method for gaming, gambling or lottery payouts, there is a rising demand for digital instant payment methods, presenting an opportunity for gaming companies to meet this demand and drive customer satisfaction.

By offering instant payouts as a free service to their most loyal customers, gaming companies can capitalize on this trend and enhance the overall gaming experience.