PayNearMe, an expert in iGaming payment processing, surveyed 2,051 gamers who were at least 18 years old. PayNearMe centered its “Understanding the iGaming Payment Experience” report on the United States.

PayNearMe, a provider of the MoneyLine iGaming payments network that is operating in the same business sector as Skrill, Paypal, and Neteller, found that 46 percent of all online casino and sports betting players regarded the ability to make speedy deposits as equally significant as the availability of a good bonus, with 48 percent naming the bonus as one of their primary motivators. 

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Negative Experience Is Reported by 50% of Players

An additional 47 percent of respondents favored access to player-favorite games. The amount of individuals who have problems with the onboarding process as a result of unsuccessful deposits is one of the most pervasive challenges that businesses might benefit from tackling.

More than half (52 percent) reported encountering difficulty with an iGaming app or platform while making their initial deposit. 17 percent of these users indicated that they had uninstalled the software and did not attempt to reinstall it, rendering them essentially lost to the company. Commenting on the significant number of individuals that have difficulties with their onboarding owing to payment errors.

The time it took to deposit and withdraw funds has been a recurring problem among gamers, with 29 percent and 39 percent complaining about each transaction, respectively. Another 33% said that a lengthy deposit procedure was undesirable, and 29% claimed that if the deposit process took too long, they would consider abandoning the betting platform completely.

Trusted Payment Methods Enhance Gameplay and Playtime

32 percent of gamers said that they would be more likely to choose their chosen payment method if given the opportunity. For a further 64 percent, the ability to deposit using PayPal was a really strong incentive.

Then, 49% of respondents stated they would consider playing more if they could pick the payment method they are most interested in. Nevertheless, many of the “recommended” payment options are unavailable. Consumers nominated about 20 favorite payment methods, however several of the most popular ones, like Amazon Pay (46%), Google Pay (47%), and Venmo (48%), are not widely accepted in the gaming industry.

Hay says that over 65% of regular bettors have suffered payment decreases, which may be a major demotivator. She also mentioned the fact that PayPal is one of the most popular payment ways among players, advising iGaming operators to examine whether or not they would be interested in incorporating additional trustworthy and preferred payment methods.

In addition, the poll revealed that many gamblers are hesitant to place wagers when they are required to submit personal information. For instance, 25 percent of those polled said that they dislike it when gaming firms request this sort of information.

Hay argues that bridging this trust gap may be accomplished by iGaming companies relying only on reputable payment methods, such as PayPal. The research predicts that recreational gamblers will play a greater role in the future. In order to maintain growth trajectories as the sector expands, it will require the uncommitted to join up.

This might be accomplished by ensuring that the payment and onboarding procedures are painless and tailored to each customer’s preferences in order to inspire confidence and encourage participation in the iGaming pastime.

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