Canada
Payments crucial to ongoing growth of US online sports-betting market
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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EveryMatrix has expanded its partnership with tier-1 operator Pinnacle powering its new casino in Ontario, Canada, using CasinoEngine platform technology – the first time its platform solution has gone live in North America.
The latest agreement builds on the two companies’ previous collaboration that saw EveryMatrix’s CasinoEngine productivity platform power the well-known brand’s global casino offering.
The new launch takes the relationship to North America, marking EveryMatrix’s debut CasinoEngine platform integration in that market.
BonusEngine, EveryMatrix’s cross-vertical bonusing tool will be integrated in the second phase of launch. This will equip Pinnacle Ontario with a host of bonus types as well as AI-powered bonus abuse solution Bonus Guardian.
BonusEngine is the first of multiple engagement tools from EveryMatrix’s EngageSuite that Pinnacle plans to integrate.
With this comprehensive toolkit at its disposal, and the opportunity to add even more casino products in the future, Pinnacle Ontario can tailor campaigns, segment audiences, and reward players more effectively, creating a world-class digital entertainment experience for its customers.
EveryMatrix has more than 300 global customers and holds North American licences in Ontario, New Jersey, Michigan, West Virginia, Connecticut and Pennsylvania.
Stian Enger Petersen, CEO, Casino, EveryMatrix, said: “This launch marks a key milestone for EveryMatrix as we bring our market-leading CasinoEngine platform to Canada for the first time.
“We’re delighted to expand our partnership with Pinnacle and support their ambitions in Ontario with a powerful combination of platform, content, and engagement tools that are proven to drive success.”
The post Pinnacle Ontario live with CasinoEngine in North America debut appeared first on Gaming and Gambling Industry in the Americas.
As CEO of Prime Skill Games Inc., I feel compelled to address recent comments made by the Alcohol and Gaming Commission of Ontario regarding so-called unapproved gambling machines in convenience stores across the province.
Let me be perfectly clear
Our machines are not gambling devices. They are entirely skill-based, fully compliant with the law, and built on the fundamental idea that players are in control. The outcome of every session is determined solely by the player’s ability, not by random chance.
Prime Skill Games is proud to be the only true skill game operating in Ontario today.
We categorically reject any suggestion that our products fall under the definition of unregulated gambling. Such statements are inaccurate, misleading, and fail to recognize the critical distinction between games of skill and games of chance.
We stand firmly behind the legality of our machines and the integrity of our operations. We will demonstrate this through every available means, whether through legal documentation, expert analysis, or, if necessary, before the courts. We are prepared and unafraid to defend the truth.
To our players, partners, and business community, we want to reassure you that our mission has not changed. We are committed to offering a responsible, transparent, and innovative entertainment experience. We will not be intimidated by broad and baseless accusations, and we will continue to move forward with strength and clarity.
Sincerely
Matt Zamroźniak
Chief Executive Officer
Prime Skill Games Inc.
The post Prime Skill Games Inc. Official Response to AGCO Press Release appeared first on Gaming and Gambling Industry in the Americas.
LuckyStart Casino has announced the addition of a new payment method – Interac – available for all players in Canada, in order to make it easier for their customers to fund their account balance and cash out their winnings quickly.
The brand is aware of the popularity of this payment method amongst Canadian players, and hence, it has decided to add it and enable flexible deposit and withdrawal limits, in order to be considered as the best Interac casino in Canada, especially since the brand is also releasing Interac-exclusive bonuses and promotions.
Furthermore, LuckyStart has announced flexible limits for deposits and withdrawals, to make it easier for players to fund their account balance and cash out their winnings, offering instant approval and same-day processing, which are traits that LuckyStart believes are going to position it as the best Interac casino in Canada.
LuckyStart now supports Interac on the desktop and mobile website, offers exclusive bonuses for Interac bonuses, as well as instant withdrawals, and unrestricted access to their catalog of 5000+ real money games.
LuckyStart believes there is no better way to celebrate an accomplishment in the online gambling world than by launching new bonuses and promotions. That’s why the brand has released a new welcome bonus package for all players who deposit via Interac, as LuckyStart envisions becoming the best Interac casino in Canada.
This new welcome bonus package available for all Interact deposits rewards players with up to $4800 in free bonus money across their first 4 deposits, along with 400 Free Spins. When compared to the welcome packages offered by other Interact casinos, LuckyStart stands out with the biggest offer currently available.
The post LuckyStart Casino Adds New Payment Method appeared first on Gaming and Gambling Industry in the Americas.
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