Publication date: 2 December 2020
The online gaming industry has enjoyed twenty years of consistent expansion, and that growth is expected to continue at least until 2025. But providers keep competing to entice gamers either to choose a new company or to take services of multiple providers. For this reason, brand, and the consumer’s trust in a brand, is crucial. One of the key marketing techniques to attract new clients used to be bonus systems. Any bonus, unfortunately, is easily forgotten, and it doesn’t inspire long-term loyalty. True loyalty, the sort that causes customers to genuinely recommend a brand to their friends, comes from exceptional customer experience. That includes everything from dispute resolution through to technical reliability and confidence in payments. A research conducted by TrueLayer in collaboration with YouGov shows that payment regimes are a key driver for players. Thanks to open banking, APIs and a steady flow of new technologies, payments now present an opportunity to differentiate and drive customer loyalty.
1. Players want fast payments Instant withdrawals and deposits consistently top the list of player priorities. 8 in 10 players say fast payouts are important when choosing an online gambling or betting provider. 2. Instant withdrawals create trust Instant withdrawals increase deposits, while slow or problematic withdrawals are a key source of frustration, complaints, bad reviews – and ultimately churn. More than half of all players (55%) said they were likely to switch to an online gaming service that offered instant withdrawals. 3. Players want to pay by bank transfer Payment methods vary across Europe, but bank payments are growing in popularity – and open banking is making them simpler. 7 in 10 players in the UK, Germany and the Nordics use bank transfer to pay into a gaming service. 4. Onboarding must be fast and trusted Long processes and redirections to less-trusted third party systems encourage players to quit, so white-labelling of external payment providers is key. 58% said they were likely to abandon sign up, if redirected outside of the website to make their first payment. 5. Players want to play responsibly Players are likely to choose online gaming operators who promote responsible gambling. Most players (65%) are likely to use a gaming service that promotes responsible gambling by setting spending caps and limits.
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