A new report surveyed more than 3,000 regular online gamblers about their attitudes towards online gambling payments, and had some surprising results.
The report found that players value fast payments among their top priorities, with 80% of those surveyed citing quick payments as being important when choosing their gaming operators. These fast payments and instant withdrawals are shown to increase deposits, with two thirds of respondents stating that they are more likely to trust a gaming service that offered instant withdrawals.
Online gamblers also preferred to pay by bank transfer, with 7 in 10 players using this method to pay into a gaming service in the UK, Germany and Nordic countries. The revolutionary system of Open Banking is being used to simplify this method of payment, which will presumably lead to a further rise in its popularity.
Another significant insight from the report shows a need for fast and frictionless onboarding. Around two thirds of those surveyed said that they would not tolerate a signup process that lasted more than 5 minutes, stressing the importance of a seamless signup process. Speeding up onboarding is not an easy task, and many operators are looking to Open Banking in an effort to deliver new payment approaches to their platforms.
Probably the most surprising find from the report is that online gamblers are driven by a want to gamble responsibly and be supported in this by their gambling operators. With 65% of respondents being more likely to use a site that promotes responsible gambling, features like affordability checks and spending limits are proving evermore important to consumers.
Open Banking can again be utilised here, as operators are able to use it to rapidly assess affordability. Before making a payment, Open Banking APIs can give gambling operators access to players’ spending and income, allowing them to make an affordability assessment. This can then be used to identify players who may be at risk and consequently invoke personalised spending caps or limitations, which was deemed as important to respondents of the survey.
OpenBankVision (OBV) by LendingMetrics is one such Open Banking platform that provides fully categorised bank statement data, based on decades of combined experience in the field. What's more, it's completely FREE, forever. Gambling operators can use OBV to assess players’ affordability and determine spending limits, through one simple integrated process.
One OBV customer commented:
“Since deploying OBV, the customer journey has been noticeably smoother and the richness of data allows us to automate decisions with confidence.”
As we see online gamblers place responsible gambling high on their list of priorities, this is only likely to become more pivotal in their decision-making process as we see the long-term financial implications of the pandemic play out.
To find out more about how you can utilise OBV for free Open Banking data, affordability checks and more, get in touch today.