The topic of payments in iGaming is one of the biggest verticals to discuss for operators. Financial news, which also covers the payments sector in the gambling industry, emphasizes its importance for customers. Let’s find out why convenient and fast payments are really essential.
The recent study conducted by TrueLayer in partnership with YouGov has provided a clear picture of the connection between payments and brand loyalty. Using facts and figures, the company has tried to prove that customer loyalty, as well as other significant aspects, depends on the payment systems directly. The study has the aim to explain why payment systems are key factors for players when they choose a gambling website, deposit there, or decide whether to stay on the platform or not.
The survey’s target audience
The research’s methodology is based on three thousand users located in the following European countries: Great Britain, France, Italy, Spain, Germany, Finland, Norway, and Sweden. Researchers have interviewed approximately five hundred citizens in every country.
Conducted in October 2020, the study has reflected how casino customers who gamble at least once in a couple of months make a decision to register on a gambling website and deposit there. Such types of gambling entertainment as sports betting, casino products (including card games and slot machines), bingo games, and lotteries were considered in the survey.
Key survey insights
In the course of the survey, the five major insights have been revealed.
- Customers want fast payments. Eight of ten players have confirmed that quick withdrawals are a crucial factor for them when they choose a gambling platform.
- Instant withdrawals prove an operator’s reliability. Fifty-five percent of respondents have said that they will prefer services with instant payments rather than those with delays. Moreover, slow and problemtic payouts result in negative feedback on a casino, while instant ones even increase deposit sums.
- Bank transfers are the most convenient payment method. It has turned out that bank transfers are the most preferred payment option for online gamblers. Of course, the popularity of methods differs in various regions. However, bank solutions, especially open banking, attract customers.
- Redirections to third-party websites decrease the number of completed transactions. Survey participants have admitted that they are likely to cancel the transaction if an operator redirects them outside the website for payment.
- Casino users support the idea of responsible gambling. It is noteworthy that sixty-five percent of respondents have said that they will choose websites, which provide an opportunity to set spending limits.
Summarizing the study, it is important to say that instant payments made directly on a gambling website increase customers’ loyalty to an iGaming brand. In the nearest future, operators who haven’t implemented solutions for fast payments yet will be wiped out by their competitors who do.