As the online slot-machine reads a lucky ‘7 7 7,’—unleashing the ‘BIG WIN’—the player gets that feeling of instant gratification. Winning compares to no other feeling…apart from withdrawing the winning funds instantly.
One of the most important aspects for players in the growing iGaming and sports wagering industry in the United States is instant gratification. During a 2021 SBC Digital North America Panel on Why payout speed matters, industry experts explained how they are using payments technology as a form of gratification.
Sereena Boparai, Director of Sales and Account Management (Mazooma), cited that with the launch of Mazooma’s Instant Withdrawals, online gaming operators have seen positive results in player acquisition and retention. According to a TrueLayer report, “8 in 10 players said fast payouts are important when choosing an online gambling or betting provider.” Boparai explains why payment providers should keep instant gratification as a core goal.
“As soon as they (players) have got those winnings in their wagering accounts, they want to see it in their bank account,” says Boparai.
Boparai predicts that instant payouts will become the norm in the United States’ online gaming industry due to the high gratification rate it accompanies.
Echoing Boparai’s statement, Trent Striplin, Director of Customer Finance (FanDuel), added that because the online gaming industry is relatively new in the United States, using instant payouts as a form of gratification helps in building trust between the gaming operators and players.
“We’ve got to kind of build that trust. We’ve got really fast pay-ins—we’ll take your money in pretty quickly. We’ve got to make sure on the backend that we are getting those funds to customers equally as fast,” says Striplin.
Striplin added that as an online gaming operator, it is important to provide customers with a wide range of payment methods.
Christopher Granger, Lottery & Gaming Lead (Visa), said that another component in instant gratification using payouts is KYC and AML. Granger said that a player almost goes through the same checks and balances on an online gaming site as compared to opening a bank account—familiarizing the operator or bank with the consumer.
“If you’re a consumer and you sign up for a bank account and you put money in, you want to get money out. You want it right away,” says Granger.
Granger added that after going through a detailed sign up process, an online gaming player feels the operator is acquainted with who they are, resulting in quicker payouts.
Keeping player gratification in mind, the panel participants all agreed that speed and efficiency in payments technology is going to be an area of focus in the future of iGaming and sports betting. The panel participants also mentioned that the availability of more instant payout options with a quick and thorough review process is a challenge they would like to tackle. After Instant Withdrawals, Boparai believes Instant Deposits are going to be another game-changer for the gaming industry. Mazooma is looking to be the first to roll out Instant Deposits in the U.S. online gaming industry, building off their first-to-market success of Instant Withdrawals.