Online gambling is a pastime that has been around for more than two and a half decades. Yet, it has just recently started to hit its stride worldwide as projections now put the global internet gaming/betting market at $63 billion and on track to expand to a whopping size of an estimated $153 billion by 2028.
Going by a recent report from SkyQuest Technology, an Indian consulting firm aiming to demystify dark data and unravel market info, the number of people that are partaking in online wagering/gaming in the UK over the internet has jumped by 32% in the past two years. That is a trend driven by the growth of online sportsbooks and casinos in Britain, sites becoming more sophisticated by the year. What most people also probably don’t know about the UK is that it is the world’s most massive internet gambling market, with Brits spending more than $16.4 billion annually at gaming platforms and bookmakers.
It goes without saying that the internet era spoiled humankind, supplying info and services with speeds previously not thought possible. Thus, speed has become a given, a customary expectation. That is a characteristic also boasted by online gamblers, who are no longer patient regarding receiving their winnings. They want their prizes as soon as possible and with as few feasible hassles as can be. Operators are looking to indulge them in this desire, and they are doing so by facilitating almost instant payments. Below, we explain the importance of this aspect of the online gambling experience.
Everyone Craves Instant Gratification
Instant gratification is getting what you want immediately, or in technical terms, it is the desire to experience fulfillment or pleasure without delay. There is nothing wrong with needing things promptly. So, by itself, instant gratification is not negative. However, since modern tech is ubiquitous, and our connectedness with it is constant, we no longer have much patience for much. Digital marketers are well aware of this human hardwiring. And they know that instant gratification begets instant gratification, meaning the desire to get something swiftly does not stop once a person receives what they seek. Instead, it seeps into all aspects of offered services.
That should come as no surprise as the average human attention span is not a little over eight seconds, and it has decreased by 25% from where it was in 2000. Customers now expect speed, and if one business does not offer it, people have no problem looking for one that does. It stands to reason that gamblers want to receive their winnings straight away, as the longer this process gets drawn out, the more they get left with a sour taste in their mouth as they await delayed gratification.
Instant Payouts Attract Players & Boost Loyalty
A YouGov survey from 2020 produced data showing that 80% of European gamblers see fast payouts as essential criteria when selecting a gambling operator. Moreover, 55% stated they have no issue switching to a brand that offers speedy withdrawals if the one they are currently using starts dragging its feet concerning payouts. Also, up to 75% of gamblers polled made it clear they are more likely to trust a company that offers instant deposits and withdrawals over one that does not have this feature.
It is a fact that casino/sportsbook promotions are the chief allure that gambling operators can present to new customers. Most fall prey to these deals, as the enticement of doing some on-the-house gambling is often a temptation too great to pass up. But once the well of free-play funds dries up, gamblers need something more than cash incentives to remain on a platform. That is where instant payments come in, as a cost-effective player retention factor that everyone craves. 33% of bettors cite lengthy deposit/withdrawal procedures as their most sizeable gambling pain point, and slightly over 29% claim that this is among their top reasons for dropping a gaming/betting app.
They Increase Player Spend
In general, all customers do not appreciate the complexities of Know Your Customer identity verification procedures, and they do not appreciate the intricacies of payout processes. They view expediting payouts as being solely the responsibility of their chosen operator. According to the YouGov survey discussed above, one in four European gamblers would deposit and bet more if they could access their preferred payment method and withdraw their rewards straight away. In Spain, the percentage of those polled that stated this was 38%. Those surveyed also mentioned that they would make more significant deposits if they could access their favored transaction option and knew they would get their winnings instantaneously.
Another research conducted in the US by the electronic billing and payment platform PayNearMe found that 52% of bettors have some history of declined transfers at gambling sites. These players cite long payouts as a massive turn-off, and given the high costs of customer acquisition, this is something most operators cannot afford to have to happen on their sites.
What Impacts Payout Speed
Concerning transfer speeds, the best online casino payment methods are cryptocurrencies. While Bitcoin is the most famous and established digital coin on the planet, and at gaming hubs, it is nowhere near the fastest. On average, the world’s initial form of virtual money processes payments on its blockchain network in around forty minutes. Tron, on the other hand, does so in a minute. And blockchains like Solana and Ripple transfer coins from sender to recipient in seconds.
The chosen transaction method is the number one factor influencing payouts, with cryptos ranking at the top of this category, followed by e-wallets. Such digital pocketbook software allows payments to go through in twenty-four hours, and then credit/debit cards facilitate transactions in three working days.
Automatic processing is necessary for instant withdrawals. It is primarily available on top-end platforms. Hubs with manual processing have staff that goes over each withdrawal request, dramatically slowing down the payout process.
KYC (Know Your Customer) procedures, usually only applicable on an initial withdrawal, though that is not always the case, can and do bottleneck payouts. So, the simpler they are, the easier for all parties involved.
To Sum Up
Currently, true instant withdrawals are only available through cryptos. Yet, it is vital to note that the gaming industry is on the cusp of massive payment breakthroughs thanks to the adoption of instant bank-to-bank transfers for fiat gamblers. Since immediate payouts are a top priority for gamblers, their incorporation should greatly affect this sphere.
