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YouGov, TrueLayer research reveals the 5 trends shaping the future of iGaming payments
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iGaming providers that offer instant bank payment capabilities and couple their service with responsible gambling initiatives will drive trust, higher usage and reduce player churn.
TrueLayer, the leading technology company building financial infrastructure that’s open to any business, anywhere in the world, today revealed the results of its latest research, produced in association with YouGov, into the future of iGaming payments.
The research surveyed over 3,000 regular online gamblers across major European markets including the UK, France, Spain, Italy and Germany, examining attitudes and experiences within iGaming, and the impact of payment options on player onboarding, retention and safeguards.
It revealed five significant trends:
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Players want fast payments: Rapid deposits and payouts consistently topped the list of player priorities, with 8 out of 10 players rating fast payments as important – and they choose their gaming operators accordingly. Our survey shows that, in 5 out of 6 markets surveyed, players consider fast withdrawals to be in their top two priorities. Compare this with “A good sign-up offer for new customers” – the bounty that has occupied marketers for so long – never making it into a country’s top five priorities.
“What’s better than your player not having to wait to deposit their money and play, or withdraw their winnings? That’s the best experience you can give them,” commented Christian Reinheimer, Head of Payments Strategy, LeoVegas.
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Instant withdrawals improve brand trust: Instant withdrawals increase deposits, while slow or problematic withdrawals are a key source of frustration, complaints, bad reviews – and ultimately churn. Almost two thirds of respondents said they were more likely to trust a gaming service that offered withdrawals and deposits (64%). While more than half (55%) said they were likely to switch to an online gaming service that offered instant withdrawals.
“Players who have access to faster withdrawals are loyal, highly engaged customers who deposit more regularly,” commented Natalie Dunne, Head of Payments, Paddy Power Betfair.
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Players want to pay by bank transfer: In the UK, Germany and the Nordics around 7 in 10 players use bank transfer to pay into a gaming service. Pan-European gaming brands to be mindful of the fact differing cultural preferences across the continent, as card payments still dominate in France, Italy and Spain.
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Onboarding needs to be fast and simple: For all online services, the onboarding challenge is simple, the customer has not yet experienced your service, so they are easier to lose. The trend is towards seamless and frictionless signups. In total, around two thirds of our respondents (65%) said they would not tolerate a signup process which lasted more than five minutes.
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Players choose operators that support responsible gambling: Our research shows that online gaming operators who promote responsible gambling by including tools like spending caps are more popular than those without sophisticated limits. Around two thirds (65%) of players across are likely to use a site that promotes responsible gambling by setting spending caps and limits.
“The research findings clearly show that improved payment options are a key driver for players, whether they are choosing a new gaming provider, allocating deposits or deciding to move on. It delivers a clear message to operators that as players experience seamless digital services in other aspects of their lives, their expectations for iGaming are also changing,” commented George Davis, Product Lead for Payments at TrueLayer.
For operators that means implementing more robust, instant pay-in and payout capabilities, or face increased player churn. True loyalty, the sort that causes customers to genuinely recommend a brand to their friends, comes from one thing only: exceptional customer experience. That includes everything from dispute resolution through to technical reliability and confidence in payments.
Open banking can play a crucial role, delivering new payments approaches to the iGaming market. It also presents an opportunity for operators to differentiate and drive customer customer loyalty through rapid deposits and withdrawals; a trusted white-label payment experience; and tailored responsible gaming protections.
“iGaming providers that offer instant bank payment capabilities and couple their service with responsible gambling initiatives will drive trust, higher usage and higher player stickiness,” added Davis. “Open banking is also a positive move for responsible and sustainable gambling, since banks can control their limit allowance, and any interactions via open banking APIs will enforce those allowances.”
About the Research methodology
The report presents the findings from a survey, conducted by YouGov, into the habits of users of online gambling/betting services. It focused specifically on attitudes to signing up to a service, as well as the ways in which they transfer money in and out of their gaming accounts. We conducted over 3,000 interviews, during October 2020. Data was gathered across six European markets: the UK, Germany, France, Spain, Italy and the Nordics (Sweden, Finland and Norway) with a minimum of 500 interviews in each territory.
For the purposes of this survey, online gaming refers to a breadth of online gambling activities, including sports betting, casino games (from slots to poker), bingo and lotteries. All respondents use online gambling / betting sites at least once every couple of months.
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Angela Bernhard Thomas
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Clark County
Clark County residents can bring a friend for free to next week’s Super Bingo $160,000 tournament at the Plaza Hotel & Casino, May 6-8
Home to downtown Las Vegas’ only bingo room, the Plaza Hotel & Casino is offering Clark County, Nevada residents who register to play in next week’s Super Bingo tournament the opportunity to bring a friend for free.
Happening Monday, May 6 through Wednesday, May 8 in the Plaza’s expansive ballroom, Super Bingo is expected to draw nearly 1,000 people from the local Las Vegas valley and across the country and Canada for the opportunity to win big playing fun-filled games of bingo over two days, with a $50,000 super coverall both days while socializing with like-minded bingo players.
Bingo-only registration is $160 per person, and Clark County residents who register can bring a friend for free. Registration is available online at https://www.plazahotelcasino.com/bingo/super-bingo-registration/. Hotel-and-bingo packages start at $300 for a four-night stay with no resort fee.
All Super Bingo players receive one 6-on paper pack for both days, two daubers, free drinks via an open bar at all sessions, boxed lunch both days, and $10 in free slot play after the first day’s session.
The Plaza’s Bingo room offers six daily bingo sessions at 11 a.m., 1 p.m., 3 p.m., 5 p.m., 7 p.m. and 9 p.m. and is located on the 3rd floor. By parking on the third floor of the Plaza’s self-parking garage, guests have convenient and direct access to the Plaza’s bingo room and parking is validated for bingo players.
Gambling in the USA
Kambi Group plc extends Mohegan partnership with on-property sports betting agreement in Pennsylvania
Kambi Group plc (“Kambi”), the world’s trusted sports betting partner, has agreed a long-term on-property sportsbook partnership with Mohegan to provide its award-winning sportsbook at two retail locations in the state of Pennsylvania.
The partnership will see Mohegan utilise Kambi’s cutting-edge retail sportsbook offering across more than 20 kiosks in sportsbook locations at Mohegan Pennsylvania and Mohegan Pennsylvania at Lehigh Valley Race and Sportsbook.
The deal further strengthens Kambi’s relationship with Mohegan, which already utilises Kambi’s suite of sports betting products at ilani in Washington, as well as online and on-property in the Canadian province of Ontario at Fallsview Casino Resort and Casino Niagara.
Kristian Nylén, Kambi CEO and Co-founder, said: “With several successful partnerships with Mohegan already in place, we are pleased to agree this new partnership as we continue to build on our strong relationship.
“This latest deal further reinforces Kambi’s position as the sportsbook provider of choice for tribes across North America, and we look forward to our ongoing collaboration with Mohegan.”
Tony Carlucci, President & GM of Mohegan Pennsylvania, said: “Mohegan Pennsylvania is excited to continue utilising the same Kambi technology platform that existed under our Kindred partnership, which will help to create a seamless process as the Sportsbook at Mohegan Pennsylvania fully rebrands later this Spring.”
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