Company research reveals payments play essential role in global
sportsbooks’ customer acquisition and retention amid diversifying
transactional preferences
Global online sports-bettors prioritize rapid payouts and
payment choice when starting their customer experience with
sportsbooks, according to the 2024 All the ways players pay
research from Paysafe (NYSE: PSFE), a leading payments platform.
Released today, the report also reveals that payments are just as
valuable in strengthening the customer experience for players,
whose appetite for digital wallets and even crypto payments is
rising.
Showcasing Paysafe’s all-new brand identity, which the company
recently unveiled, the report surveyed 3,000 sports bettors in six
U.S. states (Massachusetts, Michigan, New Jersey, New York, Ohio,
Pennsylvania), the Canadian province of Ontario, the U.K., France,
Germany, and Italy, in December 2023. The research found that
streamlined payouts was players’ top factor when choosing a
sportsbook (prioritized by 37%). They consider this more important
than brand trust (34%), odds (29%), promotions (26%), user
experience (17%), sports markets (15%), and sponsorships (10%).
When selecting a sportsbook, players also prioritize their
favorite payment methods’ availability (26%) and seamless deposits
(26%) over every factor except brand trust, odds, and
promotions.
Payments are just as crucial for strengthening player retention,
with 78% of bettors considering the payment experience important in
why they remain with a brand. This trends even higher in Italy
(88%), New York (84%), and Germany (80%).
Bettors’ payment preferences continue to diversify. Debit cards
remain the dominant choice globally (a preference of 38%), though
this is being challenged by digital wallets (37%). Wallets are
today the top payment preference in Italy (53%) and Germany (52%).
And by facilitating wagering across multiple sportsbooks, digital
wallets are a leading payment choice of VIP players, with 46% of
bettors wagering 5-7 times weekly favoring a digital wallet versus
43% a debit card.
Credit cards’ overall popularity is limited by markets like the
U.K. and the U.S. state of Massachusetts banning their use. Despite
this, the preference for credit cards remains robust both globally
(25%) and across the U.S. (also 25%), while in France they are the
favorite payment method of all (47%).
Interest in eCash remains niche but significant, with 13%
preferring online cash. This trends higher in countries with an
enduring cash culture like Germany (16%) and the U.S. (16%).
Local payment methods (LPMs) available only in single country
are a preference of 13%, trending higher in the U.S. (17%) and
Canada’s Ontario (17%), with their established LPM brands.
Confidence in the transactional security at sportsbooks
continues to improve, with 57% of players more confident than last
year. However, there is no room for complacency, with 10% less
confident and 33% unsure.
Player adoption of digital wallets, eCash and other alternative
payment methods (APMs) will likely grow, with 58% of players
expecting to use APMs more through end-2025. And despite
cryptocurrency market volatility, crypto payments appear attractive
for players, with 50% interested in this when permitted by
regulators. This trends higher in the U.S. (58%), especially in New
York (72%).
Zak Cutler, President of Global Gaming at Paysafe, commented:
“Our latest research clearly indicates the value of payments to
online sportsbook operators at all stages of the player experience.
Operators that optimize their payment offering will gain a
competitive advantage when starting their brand’s relationship with
new bettors. Given the correlation between the payment experience
and brand loyalty, operators can maximize player retention by
getting payments right. This includes upgrading their cashiers to
cover all possible payment choices to meet evolving transactional
expectations.”
Paysafe is exhibiting at the ICE London conference (Booth
N5-220) from February 6th to 8th, 2024.
About Paysafe’s 2024 ‘All the ways players pay’ iGaming
research
Paysafe’s 2024 ‘All the ways players pay’ report was based on a
survey conducted on behalf of Paysafe by Sapio Research among 3,000
consumers who have been involved in, or have a serious interest in,
sports betting across six U.S. states (Massachusetts, Michigan, New
Jersey, New York, Ohio, Pennsylvania), the Canadian province of
Ontario, the U.K., France, Germany, and Italy. The interviews were
conducted online by Sapio Research in December 2023 using an email
invitation and an online survey.
The full research report can be downloaded here.
About Paysafe
Paysafe Limited (“Paysafe”) (NYSE: PSFE) (PSFE.WS) is a leading
payments platform with an extensive track record of serving
merchants and consumers in the global entertainment sectors. Its
core purpose is to enable businesses and consumers to connect and
transact seamlessly through industry-leading capabilities in
payment processing, digital wallet, and online cash solutions. With
over 20 years of online payment experience, an annualized
transactional volume of over $130 billion in 2022, and
approximately 3,300 employees located in 12+ countries, Paysafe
connects businesses and consumers across 100 payment types in over
40 currencies around the world. Delivered through an integrated
platform, Paysafe solutions are geared toward mobile-initiated
transactions, real-time analytics and the convergence between
brick-and-mortar and online payments. Further information is
available at www.paysafe.com.
About Paysafe iGaming
Paysafe brings over two decades of specialized payments
experience supporting the global iGaming and sports-betting sectors
and provides operators with a comprehensive suite of traditional
and alternative payment methods through a single, streamlined API
integration. Paysafe is also a leader in digital and affiliate
marketing technology and services for iGaming operators through its
Income Access business unit.
Since the opening-up of the U.S. iGaming market in May 2018,
Paysafe has consistently stated its ambitions to be the payments
leader in the fast-growing sector, building on its leadership in
Canada and Europe. As of February 5th, 2024, the company supports
75% of operators in the country with payments or marketing
solutions across 32 jurisdictions. In Canada, Paysafe also has a
leading position and partners with the majority of regulated
iLottery and gaming brands.
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version on businesswire.com: https://www.businesswire.com/news/home/20240205162279/en/
The Paysafe Press Office via PR@Paysafe.com
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