In February 2023, online payment service PaySafe conducted an All the ways players pay survey to examine the impact of different factors on players’ choice of bookmaker.
The survey was conducted among US (Iowa, Louisiana, Michigan, New Jersey, New York and Pennsylvania), UK and Canadian (Ontario) players.
So, what plays a decisive role when a player chooses where to bet on sports?
In the first place was “quick and easy payments”: for 36% of respondents the easiness of withdrawal was found to be the most important. Even more vital (43%) were hassle-free payouts when choosing a betting provider for players in Michigan (the market was opened in January 2021) and the UK (39%), where the gambling industry has been in existence for over 20 years.
In second place is “trust in the brand”, i.e., the reputation of the betting company important for 34% of players. This factor was the most important (39%) in Ontario, where the market was opened in April 2022. Payouts, on the other hand, were second in importance here (35%).
In third place were two categories of “good odds” and “promotions”. These were rated as significant by 28% of all sports bettors.
Likewise, the list of the most important factors for choosing a betting company includes:
- 27% – “availability of preferred payment methods”;
- 11% – team sponsorship.
Which means of payment are important for betting customers?
75% of sports bettors cite a positive payment experience as an important factor. Convenient payments are particularly valuable for customer loyalty in New York City, where 85% of online gamblers give it a high priority.
In doing so, players’ payment preferences continue to diversify. The traditional debit card payment method is still dominant, preferred by 49% of players. Probably the UK and Iowa (USA) gambling regulators’ bans on credit card use for iGaming have contributed to this trend, with debit card preferences rising to 59% there.
Nevertheless, despite the restrictions in these two markets, credit cards were favoured by 25% of all players. Likewise, a credit card in BC is the main payment method for residents of the other State of New York (44%).
The alternative to cards is e-wallets: 28% of all players opt for them. This figure reaches 45% in Iowa, where credit cards are not allowed. E-wallets are most frequently used by players who bet most often (VIP players) and those who bet 5-7 times a week representing 41%. Yet the same groups of players choose debit cards at the same time with 41% as well.
Among those players who bet more than 7 times a week, 34% prefer a wallet, which outnumbers mobile wallets (33%) and credit cards (24%).
In addition, eCash (electronic payments similar to regular cash: i.e. without the need for a third party to intervene) is also prevalent among players in the countries surveyed. 16% of players prefer this method of payment, and it is even more common in the US (18%), where the use of cash is still relatively stable, and in New York in particular (28%). Future demand also looks high: 53% of punters said they would bet online more often if they could use eCash products.