Recent research from Paysafe found that players in the US and UK prioritise frictionless payouts above anything else when choosing sportsbooks while also revealing the vital role of payment experience in player acquisition and retention.
All the ways players pay research was carried out in November 2022 on a sample of more than 2,000 sports bettors from the US, UK, and Canada.
Quick and Easy Is the Way to Go
When asked about the most critical factor when choosing a sportsbook, North American and UK online sports bettors agree that quick and easy payouts are the top priority.
In a survey that encompassed over 2,000 online sports bettors in six US states (Iowa, Louisiana, Michigan, New Jersey, New York, and Pennsylvania), the Canadian province of Ontario, and the United Kingdom, Paysafe found that 36% of players prioritised quick and easy payouts above any other factor.
US and UK players prioritise speedy and easy payouts above anything else when picking their sportsbook.
The effortless and speedy payouts were more critical even than brand trust (34%), odds, or promotions (28% for both). On the other hand, the availability of preferred payment methods was a decisive factor for 27% of bettors.
In Michigan, for example, 43% of players said frictionless payouts were the essential factor in picking sportsbooks, while in the UK, 39% of players said the same. In contrast, for Ontario players, brand trust is paramount for 39%, although payouts took second place with 35%.
Payment Experience Vital for Player Retention
Paysafe data suggested that payment experience is equally vital for player retention, with 75% of sports bettors citing it as an essential factor for why they stay loyal to a brand; in New York, the figure goes as high as 85%.
Finally, regarding payment security, operators seem to be addressing players’ concerns, with 59% of bettors saying they are more confident transacting than in 2021. However, with 30% of players undecided and 11% less confident, it seems the iGaming industry has no room for complacency.