iGaming and sports betting in the U.S. is a young industry experiencing exponential growth. Both in states that have passed regulations and those on the precipice, there are millions of new players joining the market. It’s no surprise that with this type of opportunity, comes fierce competition. Operators are looking for new ways to win customers, and they don’t have to look any further than instant withdrawals.
Maybe surprisingly to some, payments have become the new battleground for customer acquisition. In a recent study on sports betting in the U.S., “three-quarters of players, when directly asked, say that being able to receive payouts quickly is the most important factor when deciding whether to open an account with an online sportsbook or not.” Respondents even ranked the speed of withdrawals over and above the more traditional acquisition tools such as promotions and attractive odds.
While the U.S. iGaming and sports betting markets are unique, it’s hard not to draw parallels between more established markets like Europe when it comes to payments. In a research report conducted by Truelayer, it was found that “payment regimes are a key driver for players, whether they are choosing a new gaming provider, allocating deposits, or deciding to move on.” A whopping “8 in 10 players said fast payouts are important when choosing an online gambling provider” further driving home the importance of the withdrawal experience in acquisition.
While speedy withdrawals foster trust, the exact opposite is also true. Slow and problematic withdrawals proved to be a “key source of frustration, complaints, bad reviews and ultimately churn.” But when it comes to withdrawals, how fast is fast enough? With “55% players likely to switch to an online gaming service that offers instant withdrawals,” player expectations are setting a new bar for payments.
Up until Mazooma’s announcement, this bar seemed impossibly high for U.S. operators. Bank account-based payments were traditionally dependent on batch files, clearing times, and banking hours. Withdrawals could take multiple days–especially if the player tried to withdraw funds on a weekend or holiday.
“At Mazooma, we understand that getting money back into the hands of players is critically important when operators are acquiring new and retaining existing customers. This is why we are thrilled to offer instant withdrawals for the first time in the iGaming and sports wagering industry,” said Dave Roe, Chief Operating Officer. “Now, players can receive withdrawals immediately into their bank accounts, safely and securely, 24/7/365.”
With marketing dollars on the line, the stakes are high for operators to successfully convert new customers. Instant withdrawals are a sure-fire way for U.S. iGaming and sports betting operators to differentiate themselves in the eyes of the players. Plus, instant withdrawals will also build loyalty and trust among existing players. Contact us to learn more about instant withdrawals to unleash your secret customer acquisition weapon.