94 per cent of players want instant access to their winnings, according to research from Trustly on nine of Europe’s leading countries for online sports betting and gaming.
The online payment solutions provider was testing the hypothesis that payments, specifically fast payments, can create player value for a sample size of 1,700 across Spain, Poland, UK, Germany, Denmark, Finland, Sweden, the Netherlands and Estonia.
“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.”
The study, designed to examine the power of fast payments, alleviated the old-school operator concern that instant withdrawals will reduce revenues. It found that, on average, 80 per cent of players would play more often if offered instant withdrawals. In Spain, more than 90 per cent of players would play more.
O’Malley said: “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 maximizing loyalty is key to profitability. Our study found that players will reward a great service by playing more.”
While 94 per cent was the average amount of players who craved instant access to winnings, this figure actually reached 99 per cent in both Finland and Spain. In fact, Sweden was the only country that dropped below the 90 per cent mark (88 per cent).
The second key finding of the Trustly study was that players want to deposit immediately from their bank accounts. This has led to a growing demand for automated bank payments, with over three-quarters (78 per cent) of players surveyed feeling comfortable paying via bank transfer.
Despite being typically considered as “card markets”, players in the UK (87 per cent) and Denmark (79 per cent) were comfortable paying via bank transfers. This is influenced by the comparative ease of remembering your bank account details over your card number.
In all nine of the countries, more players had memorised their bank log-in credentials than card number and security code. Poland came out on top for the number that could recount bank details with a high of 85 per cent, with Denmark close behind (84 per cent).
The third and final key finding was that it is especially crucial to cater for VIPs. While 80 per cent of regular players said they would play more often if offered instant withdrawals, this figure reached 87 per cent among VIPs. The sentiment was especially felt in the UK, Spain and Poland, where VIPs agreed roughly 20 per cent more than other players.
Given that these are customers with a preference for playing with higher amounts, it was perhaps unsurprising that more than 40 per cent of them said that instant withdrawals added the most value in the €100-€500 category, against just 20 per cent for less than €100.
Finally, whereas 78 per cent of regular players said they were comfortable playing from their online bank, this number hit 87 per cent for VIPs. This included 95 per cent of VIPs in Finland, 94 per cent of those in the UK and 92 per cent in Denmark.
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.”
To download ‘The power of fast payments’ ebook from Trustly, click HERE.