The American online and mobile sports betting space is growing rapidly, with more states like New York and Louisiana joining in 2022, following the footsteps of Arizona and Michigan in 2021.
Amidst ongoing regulation, the use of payments technology, including digital wallets and online cash, is becoming more prevalent, keeping pace with the growth of the US market.
By understanding and embracing payment technology, operators in new states can position themselves for long-term success in this expanding industry.
Creating a frictionless payments experience is crucial for operators to gain a competitive advantage in such a crowded market.
Operators can improve their payment experience by expanding the number of payment methods and maximizing payment acceptance.
Offering a wide range of payment options, such as digital wallets, ecash solutions, and cryptocurrency, appeals to a broader range of consumers.
The speed and ease of payouts are equally important in providing an enhanced betting experience for players.
Research has shown that the majority of American players expect to be paid out within 24 hours, and quick payouts are even more important than brand loyalty and promotional offers.
Payments technology not only improves the betting experience but also plays a role in combating fraud and money laundering.
By leveraging payment data, operators can tailor experiences to individual preferences and needs, reducing the risk of fraud and unusual activity.
Payments technology is a key factor in attracting and retaining players in the expanding online sports betting industry.
Operators can differentiate themselves from competitors and meet consumer expectations by offering a variety of payment options and ensuring quick payouts.
Innovations in payment technology also help protect against fraud and cybercrime, enhancing the overall security of the betting experience.
By offering more payment options and accepting alternative methods, operators can increase player acquisition rates in line with market demand.
Zak Cutler is the CEO of North America igaming at Paysafe, with a strong background in regulated US online gaming and expertise in strategy and corporate development.
