When it comes to re-imagining payments within sports betting and growing the one-click experience, the education and trust of consumers are crucial.
Speaking at the Betting on Sports Europe conference, Kaizen Gaming was accompanied by STS Gaming Group and TrueLayer, detailing their common observations of instant payouts becoming a top differentiator for European bettors.
As part of a panel moderated by Andrea McGeachin, the Neosurf CCO commenced the conversation by exploring why fast payouts are so pivotal?
Bartosz Moranski, Head of Payments at STS Gaming, commented: “What I can say is I see a lot of good things. I think that even in the UK payment consolation influences the whole industry. Most of the operators went for instant payouts. The tech is already here, we have to make use of it.”
Roberto Villani, Head of iGaming at TrueLayer, continued on from Bartosz’s statement, listing what he sees are the three most crucial aspects when it comes to executing fast payouts.
He said: “Cost, speed of execution and regulatory compliance. The most important out of these is regulatory compliance, It’s really important to understand who we are paying out to. Overall, as suppliers, we have to listen to what the market is telling us and find a good commercial common ground.”
With fast payouts rising in prevalence, so are KYC and AML regulations. According to Villani, the open banking technology that TrueLayer provides can help expedite an operator’s compliance levels, while also boosting the payment experience and with it – customer acquisition.
Villani continued: “Through open banking, there is the possibility to make a name matching and give you the piece of mind that the bank account name matches. This is becoming widely adopted by multiple regulators across Europe.
“Having those approvals really strengthens our positions. We want to help operators be compliant but also provide a good user experience.”
Villani also appreciated the role of the European Union when it comes to putting pressure on banks to embrace instant payments, which he believes represents a ‘utopia’ for consumers.
Yiannis Lyronis, Risk & Withdrawals Manager at Kaizen Gaming, emphasised that when it comes to instant payments, KYC and AML checks simply cannot be bypassed.
He added that in terms of presenting instant payments as an option, education and ensuring consumers have all the information as their disposal is key.