Paysafe: Sports bettors prioritize quick payouts, payment options

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A recent study by Paysafe found that online sports bettors value quick payouts and payment options when using sportsbooks.

The report, released Monday, reveals that streamlined payouts are the top priority for players when selecting a sportsbook. This factor is even considered more important than brand trust, odds, promotions, user experience, sports markets and sponsorships.

It also highlights the importance of payment methods in enhancing the customer experience, with players increasingly interested in digital wallets and cryptocurrency payments.

“Our latest research clearly indicates the value of payments to online sportsbook operators at all stages of the player experience. Operators that optimize their payment offering will gain a competitive advantage when starting their brand’s relationship with new bettors,” said Zak Cutler, the president of global gaming at Paysafe.

Cutler said that improving payment processes can help operators retain players by strengthening brand loyalty. Based on the study, 78 percent of bettors find the payment experience significant in their decision to stay with a sportsbook brand. This figure is even higher in Italy (88 percent), New York (84 percent) and Germany (80 percent).

The research, which surveyed 3,000 sports bettors across various regions in December 2023, covered respondents from six U.S. states — Massachusetts, Michigan, New Jersey, New York, Ohio, Pennsylvania — the Canadian province of Ontario and several European countries including the U.K., France, Germany and Italy.

Bettors favor debit cards, digital wallets

Although bettors’ payment preferences are becoming more diverse, debit cards remain the top choice globally, preferred by 38 percent of respondents. However, digital wallets’ popularity is on the rise, with 37 percent of respondents choosing this payment method.

Among VIP players betting across multiple sportsbooks, 46 percent prefer digital wallets for transactions, while 43 percent opt for debit cards.

Credit cards face limitations due to bans on their use in markets like the U.K. and Massachusetts. However, their popularity remains strong globally (25 percent) and in the U.S. as a whole (25 percent).

Players’ confidence in transactional security at sportsbooks is increasing, with 57 percent feeling more assured than the year before.