How payments are processed in the world of sports betting and online casinos isn’t the sexiest topic, but it’s one that matters to customers, even if they don’t spend a huge chunk of their time thinking about it. 

“While I don’t think payments bring you customers, they can certainly turn customers off,” Betfred Director of Product and Online Gaming Ivan Souffront said during a panel discussion Wednesday at the G2E conference in Las Vegas.

The discussion, which also featured Sightline Head of Product Mandi Hart and Fifth Third Bank Treasury Management Officer Josh Dunaway, focused on the present and future of payments in the gambling space.    

Consumers want simple use, protection

Among the key takeaways from the talk was that customers don’t go into a sports betting or mobile casino app with a focus on payment. Like an online shopper, a customer is mostly focused on the product.

“The last thing I’m thinking about is how I’m paying for something,” Hart said. 

That means one of the few times a customer will actually notice a payment system is when it creates friction in their wagering experience. That can come in the form of cumbersome deposit and withdrawal options or if the payment system doesn’t work correctly, declining payment altogether. 

Ensuring payment methods are seamless is a focus for payment companies involved in sports betting and legal online casino gaming.

There’s also an element of trust in the payment method. Consumers want to know their financial data is secure, so if they’re using a trusted payment system they use for other purchases, it eases their mind. 

“They’re not payment experts,” Hart said. “They don’t know what’s happening behind the scenes … but if they have an opportunity to use something that they trust and they know it, that adoption rate is going to come.” 

Companies in the online gambling payment industry are placing an increased emphasis on giving customers numerous options to deposit and withdraw money. This typically gives customers at least one or two options they trust to handle their money during a seamless deposit and withdrawal process.  

Responsible gambling considerations

Responsible gambling remains an important topic in the payment space, with some industry stakeholders hoping all jurisdictions move away from allowing gamblers to deposit money into an account via credit card. Responsible gambling advocates prefer when customers use money they have in existing bank accounts, rather than using credit, and some states bar credit card deposits for online betting. 

“My personal opinion, I think ultimately credit starts to go away,” Dunaway said. “I believe that debit will always be there.” 

Dunaway anticipates a shift away from credit cards in the coming years due to those responsible gambling pressures. A recent Optimove survey found that 75% of players consider responsible gambling tools as a “trust and loyalty booster for the gambling operator.”

There’s a growing demand and respect from customers for operators that value responsible gambling. That applies to payments, and industry stakeholders anticipate the payment space shifting accordingly in the next few years.