iGaming Player Expenditure Influenced by Trust in Payment Methods, Indicates Paysafe Study
In the online domain, trust is foundational to building and maintaining a reliable relationship with players. Ensuring that iGaming operators secure player funds and promptly payout winnings is paramount.
A recent study conducted by Paysafe polled over 14,500 consumers spanning Europe, North America, and Latin America. The findings revealed that while 57% of the participants have grown more concerned about online payment fraud compared to a year ago, the iGaming sector enjoys a commendable level of trust. Specifically, 61% believe online betting transactions are secure.
Yet, only 38% of the respondents expressed satisfaction with the current equilibrium between security and convenience in iGaming. This suggests potential areas of improvement for operators. Significantly, 67% of online bettors indicated that their spending habits on betting platforms are influenced by their confidence in available payment methods.
When examining preferred payment modes, digital wallets and eCash emerged as top choices. While 57% regard digital wallets as secure and 50% feel the same about eCash, convenience was also a notable factor: 60% and 52% respectively find digital wallets and eCash the most user-friendly options. Notably, 65% believe digital wallets offer the quickest means of accessing their winnings.
Lastly, maintaining a grip on spending is pivotal for many players; a substantial 76% underscored the significance of expenditure controls within the iGaming ecosystem.
Zak Cutler, President of Global Gaming at Paysafe, said: “Finding the right balance between security and convenience has long been a challenge for the industry, and our research highlights the importance of trust in the payment method for players. Offering a wide range of payment options that gives players more control provides a solution here, and is key in meeting their needs and expectations.”
Find out more in Paysafe’s latest ‘Lost in Transaction’ study: Consumer Payment Trends 2023: How consumers’ shifting priorities are impacting the experience economy, which surveyed 14,500 consumers in the UK, US, Canada, Italy, Germany, Austria, Bulgaria, Peru, Chile, Brazil, Mexico, Colombia, Argentina and Ecuador.