Payments processing and efficient transactions are at the heart of the player experience for online betting operators. Robbie Evans, SEO Content Director of Seven Star Digital, shares his view that bookmakers have not fully realised the potential of the digital wallet.
Paysafecard is a near-ubiquitous payment option at online gambling sites, and yet few operators are taking advantage of the payment solution’s full potential. Often reduced to a simple, deposit-only prepaid card service, Paysafecard naturally remains far behind debit cards, e-wallets and built-in mobile wallets in terms of popularity at the best online casinos and betting sites.
However, those with a myPaysafe account — which takes just seconds to create — are able to employ Paysafecard as a more well-rounded e-wallet service offering fast withdrawals alongside its highly secure prepaid deposits. With this in mind, this article will aim to reposition Paysafecard as online gambling’s most complete payment method, held back by a combination of Paysafecard’s modest marketing strategies and the misinformation of gambling affiliates.
Redefining Paysafecard’s existing reputation
From reading the impressions of affiliates similar to TopRatedCasinos.co.uk, you would be forgiven for dismissing Paysafecard as a rather old-fashioned payment solution — one which requires you to head out to a participating retailer, purchase your voucher and enter your code to deposit. If you want to withdraw, you will have to find an alternative payment method as Paysafecard is deposit-exclusive. Personally, I wouldn’t be inclined to opt for the payment method I’ve just described, but thankfully that’s not what Paysafecard is.
At bet365, for example, myPaysafe account holders can make fast withdrawals back into their Paysafecard balance, with comparatively low deposit and withdrawal limits of £5. PayPal, on the other hand, which is far more popular and is often hailed for its ability to also facilitate fast payouts, comes with a minimum deposit and withdrawal amounts of £25 and £10, respectively. These limits will not apply at every gambling site, but they do emphasise Paysafecard’s potential as a superior alternative to the industry’s dominant e-wallets.
Can Paysafecard challenge the e-wallet’s dominance?
In their 2023 report, Paysafe revealed that e-wallets are, behind debit cards and bank transfers, the most popular payment option at UK gambling sites, citing speed, security and ease of use as the three most important factors. When given the ability to withdraw as well as deposit, I would argue that Paysafecard either surpasses or is equal to the e-wallet in all three categories.
Paysafecard’s deposit and withdrawal speed, for example, rivals that of PayPal, Skrill and Neteller, and the privacy of using prepaid cards constitutes a far more secure service. Plus, the Paysafecard sign up process is significantly faster and more seamless than that of the aforementioned e-wallets. You can sign up to myPaysafe in a matter of seconds, and can top up your balance immediately, either online or in-person at participating stores. Of course, taking the latter option will slow down proceedings, but is a nice option for those who want to fund their online gambling account with cash.
Paysafe also reported that 27% of online bettors consider the ability to both deposit and withdraw with a single payment method to be a deciding factor in choosing an online sportsbook. Therefore, Paysafecard is potentially losing out on users by presenting itself solely as a prepaid card service, and correspondingly, operators such as Paddy Power — one of the many who at present only support Paysafecard deposits — may be losing out on customers who prioritise betting sites that will allow them to deposit and withdraw using the same method.
The gulf between Paysafecard and e-wallets is too strong to overcome, but as a recent convert to the many benefits of Paysafecard at gambling sites that allow it to spread its wings, I see no reason why this prepaid card/e-wallet hybrid cannot become a more popular option at online gambling sites. Prepaid cards — of which Paysafecard is the most common— currently account for just 7% of deposits at UK betting sites, but this figure would certainly increase if more sites continue to join bet365 in supporting Paysafecard withdrawals.
Summary: five reasons for choosing Paysafecard
To conclude, here are my top five reasons why Paysafecard has the potential to be the most versatile, secure and efficient payment method at online gambling sites, based on Paysafe’s report on what players consider to be the most important factors in deciding a payment method.
Fast withdrawals — The ability to support quick payouts was the number one factor in choosing a new payment method in the Paysafe report, and contrary to popular belief, account holders can withdraw back into their myPaysafe balance as quickly as other fast withdrawal e-wallets like PayPal. Obviously, this only applies to sites like bet365 that allow you to make Paysafecard withdrawals.
Security — Just behind fast withdrawals in Paysafe’s survey is security: an area in which Paysafecard has always excelled. You don’t need to share any sensitive information or bank details when depositing and withdrawing at Paysafecard casinos, nor will you need to upload any identifying documents when creating a myPaysafe account. Of course, your balance can also be topped up in cash for optimum privacy, which coincidentally was listed by Paysafe as the fourth most deciding factor.
Ease of deposit and withdrawal — Paysafe specifies that this refers to the steps required to fund your online betting account, and is considered the third most important feature of the perfect payment method. Few do this better than Paysafecard. As previously discussed, going on the information of both the Paysafecard website and gambling affiliates, you would be forgiven for thinking this process is rather convoluted, but if you sign up to myPaysafe — which is significantly faster than the sign up process of all other e-wallet services — depositing and withdrawing is extremely fast and simple.
Responsible gambling — Unregistered users are limited to £40 a day, which will be too low for some, but extremely beneficial for those who need help limiting their spending. myPaysafe users can hold up to £250 in their balance, which is less inhibiting, but still encourages you to keep your spending to a minimum, and your bankroll separate.
Pay without a bank account — You don’t need a bank account to pay through Paysafecard, and can top up your balance via a variety of methods, including cash.
Perhaps the most likely explanation for most operators failing to take full advantage of this functionality — despite Paysafe’s report on the importance of being able to both deposit and withdraw for consumers — is that Paysafecard repeatedly markets itself as a cash-based prepaid card service. Of course, this remains an integral part of the Paysafecard brand, but it neglects — and ultimately inhibits — the staggering utility of Paysafecard’s service. We hope other operators will follow in bet365’s footsteps by allowing their customers to benefit from the full Paysafecard experience.