U.S iGaming Survey Shows Players Avoid Sites With Payment Processing Issues

Summary

• The survey was commissioned by electronic payments platform PayNearMe
  It found that 52% of online bettors have experienced payments issues with iGaming sites
  Some of those encountering issues are unlikely to come back

A smooth payment experience is one of the most important factors that bettors consider when choosing an online gaming site, and operators that fail in this aspect are unlikely to attract customers.

This is the info coming from a new report conducted by Sapio Research for electronic billing and payments platform PayNearMe.

The report titled “Understanding the iGaming Payment Experience“, which was carried out in February 2022, involved 2,051 online casino players in the US, both regular and casual, across 19 states where real money online gaming is currently legal and active.

The respondents were asked about their iGaming payment experience in the past year and why this aspect matters to them when choosing which iGaming sites to play. The results show that customers prefer those that support multiple payment options and offer fast and convenient deposit and withdrawal processes.

The survey found that 52% of bettors have encountered issues with their payment transactions while trying to register with new iGaming sites, with 49% saying that they’re more likely to place bets at online platforms that provide a positive payments experience for their customers.

Leighton Webb, General Manager of iGaming and Sports Betting with PayNearMe, said operators should look at improving their payments processes as this area plays a vital role in customer conversion. Users hate delays; they want their payment transactions to be as quick and smooth as possible.

Webb said that while customers go through similar processes when using other apps like Uber, bettors are more frustrated when they encounter payment hurdles and inconveniences at iGaming sites considering that they are required to provide more information for KYC purposes and some of the online platforms aren’t really big names.

Bettors Look for Choice, Speed, and Convenience

Webb emphasized that the industry has evolved significantly over the years along with the tastes and perceptions of customers, noting that the early adopters of online gaming were more considerate in terms of encountering sign-up and payment issues, in contrast to today’s casual users who dislike disruptions and delays. Operators should set up their sign-up and payments processes with casual players in mind.

The survey also found that PayPal is the payment option most preferred by bettors (64%), with 49% of bettors saying they’d play more if the site supports their preferred withdrawal option.

More importantly, 17% of bettors having negative payment experiences when joining iGaming sites leave and never come back.

Webb said the survey highlights three key areas that operators must look into if they want to attract more customers – providing a variety of payment options, including online banking, offering a fast and convenient sign-up process, and supporting a trusted payment method like PayPal.