Sightline Payments: An optimal experience needs withdrawals in minutes not days

Overlap between innovation in the sports betting and payments spaces is becoming ever more apparent, and operators would be wise to recognise the importance of the latter.

Writing for Payment Expert, Sightline Payments’ CEO and Director Joe Pappano expressed this viewpoint, arguing that betting firms should consider the vital role the payments journey plays in a successful customer retention. 

From Sightline’s experience, Pappano noted that in-play wagering and same-game parlays provide customers with more ways to win, but that ‘tension’ occurs when said in-lay betting clashes with real-time cash outs. 

This occurs due to customers winning money on an in-play punt and withdrawing immediately – but then finding another selection that they wish to bet on, and redepositing the funds.

“It’s not surprising that this tension has resulted in marketing campaigns designed to keep customer funds in a wagering account,” he explained. “And that’s even more of a concern when dealing with your top players – you want to give them the best of both worlds. 

“From what we see, high-value customers replay 85% of funds that are transferred back to their Sightline Play+ account, a rate almost 50% higher than standard players. 

“Sportsbooks are solving this tension through the introduction of payment options that allow for a player’s immediate access to their winnings without the waiting period. 

“Operators are also educating themselves on fund acquisition costs and including in their payments’ stack options like Play+, which allow for reacquiring funds at a lower cost than traditional payments methods.”

Pappano also examined a common cause of frustration for customers – slow transaction times for withdrawals, with the most common cash-out methods often taking days to process. 

This of course means that a punter who wins his or her bet on Saturday’s horse race or football match will not get their funds back until perhaps mid-way through the week. 

As Pappano put it: “An optimal customer experience should give winners access to their funds in minutes, not days.” However, he did also note that both gaming companies and payments processors are highly innovative businesses.

“Sportsbooks are exploring the use of real-time payments and original credit transaction solutions for faster customer cash outs. 

“Operators are taking familiar digital payment solutions from non-gaming ecosystems to provide customers with more ways to get quick access to their funds.”

The ultimate goal of most sportsbooks is of course acquiring and retaining loyal spending customers, in a socially responsible manner. 

To do so, however, requires a seamless customer experience, and in the modern era of online betting dominance, an efficient and quick payment processing system is necessary for this.

“Leveraging modern payments solutions enables operators to provide a better player experience and customised communication for every loyal customer,” Pappano concluded.

To read the full feature on Payment Expert, click HERE