Ease of deposits and withdrawals drives players' use of iGaming platforms, according to a new study by PayNearMe, provider of the MoneyLine online gaming payments platform. The report argues US bettors expect choice, speed and convenience when playing on iGaming and online sports betting platforms; with research revealing frictionless payments lead to great player satisfaction and higher engagement.
The consumer iGaming study "Understanding the iGaming Payment Experience: What U.S. Bettors Want in the Deposit and Withdrawal Process" was announced Tuesday. It is based on a February 2022 online survey of 2,051 iGaming bettors aged 18 and older.
The study revealed bettors feel that the transaction process for depositing and withdrawing funds takes too long, and that they want more payment options to avoid disrupting play. Bettors pointed quick and seamless deposit and withdrawal experiences play an important part in their overall satisfaction and whether or not they return in the future.
According to the survey, nearly half of bettors (46%) say the ability to easily make a deposit is just as important as bonus offerings (48%) and access to their favorite online games (47%). Also important, 52% of bettors have had issues with declined payments when signing up for new iGaming apps; while 17% of those who experienced payment trouble when signing up for new applications left and never came back.
The biggest pain point for players is that the process for making deposits (29%) and withdrawing funds (39%) takes too long. A total of 33% of frequent bettors cite a lengthy deposit process as their biggest betting pain point, and 29% say it is a potential reason for abandoning a betting app. Nearly 1 in 3 bettors (32%) say they would make larger deposits more often if they had access to their preferred deposit type.
To 64% of bettors, having the option to make deposits via PayPal is important. The report also showed that 49% say they would play and withdraw more often if they had access to their preferred withdrawal method.
Anne Hay, head of Marketing and Consumer Research at PayNearMe, stated: "Our research found that nearly half of frequent players — those who place a bet at least once per week — say a positive payment experience is the single most important element of making bets online. When more than half of players have payment issues during the signup process, operators need to consider how technology can be leveraged to create a simple and seamless deposit and payout experience."
Surveyed bettors identified more than 20 desired methods of making iGaming deposits. However, many of the options bettors are interested in, such as CashApp, Venmo, Google Play and Amazon Pay, are not widely offered.
“Offering a wide range of deposit and withdrawal options that bettors want not only improves players’ experiences, it can also drive increased engagement,” Hay said. “Nearly one in three players, including 47% of frequent players and 18% of casual players, would make larger deposits more often if their preferred deposit method was offered. That number increases when players’ preferred withdrawal methods are offered."
Beyond additional deposit and withdrawal options, bettors report that issues such as failed deposit attempts and long waits to collect funds impact their betting experiences and can ultimately be reasons why they abandon an iGaming operator.
“Deposit declines are common — 52% of bettors have experienced declines, including 65% of frequent bettors. Survey findings revealed that when bettors face payment barriers, operators risk permanently losing their business; 17% of bettors who experienced payment trouble when signing up for new applications left those platforms and never returned," Hay analyzed.
The survey also found that 25% of bettors feel uncomfortable providing personal information when making deposits. Casual bettors in particular can be hesitant to share bank details and other personal information until brand trust is established.
“To create an experience where players feel safe depositing funds, operators can offer alternative and trusted payment options that players know and are comfortable using — such as PayPal. Seeing as 64% of bettors say having PayPal as an option to make deposits is important, operators may want to provide similar trusted payment options at signup," the executive added.
The company argues that, as iGaming and sports betting become more mainstream, operators "will need to attract more casual bettors in order to maintain growth rates and market share." PayNearMe believes casual players "will be more particular around the deposit and withdrawal experiences" than frequent and early adopters.
"The ability for bettors to easily transfer funds in and out of the application will be an important factor in choosing an operator," the company stated.