Online payment solutions provider Trustly has released a new study uncovering gaming punters demand for instant payments and withdrawals.
Conducted across nine of Europe’s leading countries for online sports betting and gaming, the study found that 94% of players want instant access to their winnings – with the figure reaching 99% in both Finland and Spain.
“Traditionally, online gaming sites have lacked the instant gratification a player gets from winning in a land-based setting due to a delayed withdrawal process,” explained Ciaran O’Malley, head of commercial strategy at Trustly.
“While offline players walked away with winnings instantly, online players often had to wait several days to claim their prize.”
Trustly was testing the hypothesis that payments – in particular fast payments – can create player value for a sample size of 1,700 across Spain, Poland, UK, Germany, Denmark, Finland, Sweden, Estonia and the Netherlands.
The study found, on average, 80% of players would play more often if offered instant withdrawal services – in Spain the figure reached 90%.
O’Malley continued: “Operators are concerned about losing revenues through allowing their players to withdraw instantly, when in fact instant withdrawals represent a revenue growth opportunity.
“Player acquisition costs are now so high that maximising loyalty is key to profitability. Our study found that players will reward a great service by playing more.”
On top of the demand for instant withdrawals, the study also made clear that players want to deposit immediately from their bank accounts; a growth in demand for automated bank payments has led to over three-quarters (78%) of players feeling comfortable paying via bank transfer.
80% of players surveyed confirmed that offering the right payment method impacts their decision of where to gamble. As a result, offering the right payment mix will generate higher revenue for an operator by increasing player acquisition and retention.
Biometric usage for customer and payment authentication has boomed in the past few years and the report finds Poland, Sweden and Spain are leaders in mobile authentication with over 80% of players having access to modern methods.
However Finland is significantly behind, with only 25%of players having access to mobile optimised methods.
O’Malley concluded: “Sports betting and gaming operators have traditionally solved the problem of acquiring players by offering larger and larger headline bonuses.
“However, as this ‘race-to-the-bottom’ arrives at breaking point, highlighted by a widespread bonusing crackdown by the industry’s regulators, these operators can now leverage the power of fast payments to create the ‘wow-factor’ to stay ahead.
“The transition into this new landscape – one in which the powers of the standard acquisition through bonus model starts to wane – will undoubtedly create winners and losers.
“Those that act quickly and effectively have a considerable opportunity to redefine player acquisition and loyalty, ultimately driving growth and profitability.”