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Payments crucial to ongoing growth of US online sports-betting market

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Paysafe research reveals that streamlined payouts and alternative payment methods are critical to the market’s success in 2021

Quickly and easily receiving payouts of winnings is the most important factor for U.S. sports bettors when selecting an online sportsbook, and prioritized by 37% of players, according to research released today by Paysafe, a leading integrated payments platform. The latest All the Ways Players Pay report also suggests that offering digital wallets and other alternative payment methods allows sportsbooks to overcome the challenge of card declines.

Based on a consumer survey commissioned by Paysafe in December 2020 in eight regulated iGaming markets – Colorado, Illinois, Indiana, Iowa, Nevada, New Jersey, Pennsylvania, and West Virginia –the research reveals the paramount importance of streamlined frictionless payments to the market’s future success. When choosing an online brand, players are prioritizing fast payouts, and considering this more important than: brand reputation (32%), promotions (28%), competitive odds (27%), and sports markets offered (11%).

Getting payouts right also appears fundamental to customer retention, with 79% of sports bettors left with a negative impression of an online sportsbook if they wait longer than expected to receive funds after making a withdrawal.

Players’ focus on payouts comes amidst a broader online shift in the U.S. gaming space galvanized by COVID-19. Over two thirds of sports bettors (68%) agree that the pandemic has made them more comfortable with wagering online. Their experience appears very positive, with 61% planning to bet online more frequently in 2021.

Despite strong expected market growth, significant challenges remain in the sector such as customers’ credit and debit cards transactions being declined when they attempt deposits. And this number seems to be growing, with 14% of sports bettors consistently incurring card declines compared to the 10% reported in the inaugural All the Ways Players Pay report of January 2019, suggesting the issue is arguably getting worse.

Card declines inevitably impact a brand’s customer retention and, ultimately, acquisition. Close to half of players (47%) would blame the sportsbook directly for a decline, 45% would leave the brand due to persistent card declines, and 65% would not recommend the sportsbook to peers.

Players’ immediate behavior when faced with a card decline, however, indicates the value of alternative payment methods in helping a sportsbook overcome this challenge. While a card decline would drive 19% of players to leave the sportsbook, 73% would continue to attempt a transaction, with a digital wallet the preferred payment method of choice (35%). One out of ten (8%) would use eCash.

The broader value to operators of alternative payments, and digital wallets especially, is indicated by analyzing high-volume bettors (those who bet more than 7 times a week). While a credit or debit card is the preferred payment method of all players (29%), when focusing exclusively on high-volume bettors, this shifts to digital wallets (favored by 35%).

The ability of digital wallets to move funds quickly and easily between multiple sportsbook accounts appears to be the rationale for this preference, with 84% of such players considering this important when wagering.

eCash is the other major alternative payment method helping operators to meet player needs. Confidence in the security of online transactions is improving, with 64% of sports bettors saying they are more confident in making a deposit than they were a year ago, though concerns remain. And operators may be able to reassure such concerns with a payment offering that includes an eCash solution, which negates the need to share bank account or card details online, with 54% considering this the most secure payment method.

Philip McHugh, Paysafe’s CEO, commented: “Since the 2018 U.S. Supreme Court repeal of the federal ban on sports betting, the market has shown incredible growth, most recently in the online and mobile space during the COVID-19 pandemic. Against the backdrop of additional states regulating iGaming, our research indicates that the online market will continue to expand in 2021 and beyond – and payments will play a critical role in helping operators drive that growth.

He added: “Payments is a fundamental consideration when players choose and stay with a sportsbook, so it’s vital that operators and the wider market streamline how players deposit, wager, and receive winnings as a result. Card declines remain a significant issue, and as industry stakeholders work to address this, operators can leverage digital wallets and eCash to provide players with alternatives that complete their payment offerings.”

Visit Paysafe’s iGaming page for more information on how the company serves the industry. 

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TitanPlay Highlights Responsible Gambling Approach in Platform Design

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TitanPlay, a regulated iGaming operator in Ontario’s licensed market, announced its commitment to treating responsible gambling not as a compliance checkbox, but as a foundational principle embedded across all aspects of product design, marketing, and operations.

While Ontario’s regulatory framework — established by the Alcohol and Gaming Commission of Ontario (AGCO) and iGaming Ontario (iGO) — sets clear minimum standards for licensed operators, TitanPlay says it views those standards as a starting point for its broader responsible gambling framework.

“For us, responsible gambling is not an afterthought, but the foundation on which TitanPlay is built,” said the Chief Compliance Officer of TitanPlay.

Designing for Player Well-Being from Day One

TitanPlay evaluates every product feature through a player-protection lens at the development stage. The platform offers clear, accessible limit-setting tools for deposits, losses, and time — available at registration and adjustable within prescribed cooling-off periods. Players also benefit from prominent real-time displays of account activity, friction-based interventions such as time reminders and proactive check-ins when play patterns shift, and seamless access to self-exclusion options.

Data-Driven Safeguards

Rather than using behavioral analytics to maximize short-term spending, TitanPlay deploys data to identify potential indicators of risk. When patterns suggest a player may be experiencing harm, trained Responsible Gambling specialists engage proactively in a personalized and supportive way, connecting players with available tools and independent resources such as ConnexOntario. All customer-facing teams undergo ongoing training aligned with AGCO standards.

Marketing with Integrity

TitanPlay applies rigorous internal review processes to all advertising and promotional campaigns, going beyond Ontario’s standards prohibiting targeting of minors, misleading claims, and public advertising of inducements or bonuses. The company prioritizes transparency, age-gating, and responsible messaging to ensure entertainment is never misrepresented as a financial solution.

A Shared Responsibility Across the Organization

Responsible gambling at TitanPlay is owned across product, marketing, compliance, and leadership — influencing roadmap decisions, user interface design, customer communications, and executive strategy.

The post TitanPlay Highlights Responsible Gambling Approach in Platform Design appeared first on Americas iGaming & Sports Betting News.

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Alberta market

Soft2Bet Evaluates Alberta Market Entry to Strengthen its Canadian Footprint

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Soft2Bet, a leading iGaming turnkey solutions provider, announced its intention to pursue entry into the Alberta market, pending regulatory approval. This strategic focus leverages Soft2Bet’s operational experience with localized offerings, including its Ontario-facing brand, ToonieBet.

Strategic Market Potential & Compliance

Alberta (Canada) represents one of the most significant growth opportunities in the North American iGaming landscape. With Canada’s youngest adult population and the highest GDPs per capita in the country, the province is well poised for a successful transition to an open, competitive market. Industry projections by Citizens JMP Securities suggest that Alberta’s regulated iGaming market could exceed $700 million in annual revenue at maturity.

Soft2Bet is closely monitoring the development of Alberta’s regulatory framework under the iGaming Alberta Act, which establishes the Alberta iGaming Corporation (AiGC) as the oversight body alongside the Alberta Gaming, Liquor and Cannabis (AGLC) as the regulator. Reflecting its commitment to the highest standards of integrity, Soft2Bet is preparing for the province’s specific technical requirements.

The planned entry into Alberta aligns with the company’s strategic plans for 2026 to drive sustainable growth, and enter several new regulated territories.

“Innovation is paramount at Soft2Bet, and our goal is to develop exciting products that meet our customers where they are most comfortable. As we evaluate our entry into Alberta, pending regulatory approval, we are committed to delivering localized, engaging experiences that reflect the unique preferences and culture of each market,” said David Yatom Hay, General Counsel, Soft2Bet.

Excellence in Canadian Localization

Soft2Bet aims to leverage its experience in Ontario to enhance the gaming experience for users in Alberta, Canada, with innovative, compliant products. A core component of the company’s regional strategy involves taking localization further by adapting its brands to local culture, regulatory standards, and player preferences.

To support its hyper-local focus, Soft2Bet targets comprehensive native-language support across its priority regions, ensuring its services are deeply integrated into the local culture of each active regulated market.

The post Soft2Bet Evaluates Alberta Market Entry to Strengthen its Canadian Footprint appeared first on Americas iGaming & Sports Betting News.

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23 Broadway secures $3m seed funding to launch AI-powered user acquisition financing platform

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23 Broadway has secured $3 million in Seed funding to accelerate the next phase of its growth and launch a fully integrated AI-powered user acquisition financing platform.

The funding round was co-led by Betty and Will Ventures, with participation from 359 Capital, CEAS Investments, and Dave Bartman.

23 Broadway was integral in catapulting Betty to an 18% market share in Ontario through its world-class performance marketing team and proprietary AI system called Atlas.

Atlas determines the optimal cost of acquiring a customer and their predicted long-term value.
With this new funding, 23 Broadway will add non-dilutive capital to fund user acquisition to run alongside its existing performance marketing and technology capabilities into a single integrated solution.

Jordan Tuch, CEO of 23 Broadway, said: “23 Broadway is reimagining user acquisition financing by not only providing capital but deploying it through proprietary technology and performance marketing expertise. We’ve created a model that empowers businesses to scale faster without needing to build complex technology or marketing infrastructure themselves. The ability to use AI and execute bids based on a customer’s predicted lifetime value means we can deploy capital far more efficiently. That combination of predictive intelligence and funding creates a powerful growth engine for our partners.”

The underlying thesis is that platforms combining  in-house technology and performance marketing expertise can offer a truly differentiated and durable user acquisition financing solution.

Growth-stage businesses benefit from access to dedicated capital for customer acquisition without equity dilution, while also being able to implement advanced marketing execution across platforms such as Google Ads and other major advertising ecosystems.

Funding will be allocated to develop Atlas further and enhance 23 Broadway’s predictive modelling capabilities. Another focus will be building new AI-driven models to help gaming companies strengthen retention marketing strategies. A final part will be to onboard additional partners seeking scalable user acquisition financing solutions.

The post 23 Broadway secures $3m seed funding to launch AI-powered user acquisition financing platform appeared first on Americas iGaming & Sports Betting News.

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