Do you actually know that, according to Statista, the UK betting sector has already exceeded 2.48 billion British pounds? And this is without including figures from other iGaming sectors like online casinos. Of course, this growth has resulted from various things happening across different regions, including London.
But do you think that digital payments have anything to do with this trend? Well, if you have such questions, you will actually do well to hang around. It’s no surprise that most operators and sportsbooks alike are adopting payment methods like PayPal. Unlike traditional methods, these ones are quite fast, convenient and more cost-effective, which explains why you have probably seen PayPal betting sites dominate the sector. To understand more about the changes these technologies have brought, read on.
Meeting the desire for instant payments
With the tech advancements of our modern world, would you prefer waiting for ages before receiving your funds, or would you want them immediately? Well, most people would go for instant payments. In fact, a recent survey by PYMNTs.com noted that almost eight in ten customers say that such experiences greatly affect their customer satisfaction levels. This is because, as technology changes, our expectations also shift because of the new possibilities available.
And in London’s iGaming industry, things have not been any different. We are now seeing a trend where sportsbooks are turning to contemporary technologies to allow for instant payments. Methods like crypto are becoming popular in this sector, given their capabilities. According to several reports, Bitcoin, for instance, can take as little as ten minutes to process a transaction. And for companies that want to scale while maintaining speed, frameworks like Solana can really come in handy.
Remember, for any business to succeed, aligning with customer preferences is very important. It’s just like visiting a platform that never allows you to wager on the London Premier League – you possibly will never return to it. That explains why iGaming companies have been adopting instant payments in an effort to align with modern preferences. This makes the companies more customer-focused, which, according to WiserNotify, can make you 60% more profitable.
Offering better customer experiences
As simple as it may sound, payment experiences contribute a great deal to the overall customer experience. You don’t want to end up with unhappy customers just because your payment processes have glitches. Are you aware that, as per studies, up to 62% of customers can leave their carts if they experience problems during checkout? No one would want to dream about such a loss in a sector like iGaming, where competition is on another level.
Providers are scrambling for the attention of players, using innovative features to appeal to them. In fact, if you stop being creative and forward-thinking, you might soon be out of this industry. Thankfully, digital payment methods offer an excellent opportunity to improve customer experience and, as a result, your competitiveness. The first thing is to ensure they are reliable and well-tested to minimise failures and allow for seamless transactions. If you do this, you might appeal to about 40% of customers who usually leave sites because of payment failures.
Plus, don’t forget that we all don’t prefer paying using the same method. At least diversify so that you can appeal to multiple tastes. The variety of payment methods also allows users to switch between different options seamlessly. Offering such experiences can also position you as a reliable and trustworthy brand, which further adds to your competitiveness.
Are there any considerations for players and providers?
As much as digital payments have transformed, there’s a clear need to stay safe. The iGaming sector, being popular not just in London but globally, is a prime target for cyber attackers because of its many followers. We are living in a time when customer data has become the modern gold. And with many people participating, cyber attackers will always want to attack their accounts and steal their personal information.
Surprisingly, a recent study reported an increase of about 685% in online gambling attacks. And you can be sure that payment compromises formed a considerable percentage of this. So, as an iGaming company, you don’t want to be part of this statistic and paying attention to the security of your payment mentions can really save you a lot. This is not just about saving on your finances but also your brand.
After all, no one wants to participate in an environment that could possibly compromise their safety. Implementing measures like MFA can give the impression that a brand values players’ safety, causing it to stand out. In a time when individuals have become more aware of their need for safety, you can’t afford to not secure your payment methods. Other methods to improve security may involve:
- Adopting strong passwords
- Implementing tokenisation
- Regularly updating systems and software
- Including biometric authentication and so on
What is our final take?
There’s no denying the fact that digital payments have brought a lot of changes in London’s iGaming sector. Companies are not just using them to facilitate transactions but also to improve customer experience. As a result, more innovative options have emerged to help players stay connected on gaming platforms.
But with all this progress comes the need to ensure online safety. Remember, this is one of the industries most targeted by cyberattacks, and any slight mistake could cost companies a lot. Therefore, integrating strategies like 2FA and others can really help take advantage of this revolution securely.
Please play responsibly. For more information and advice visit https://www.begambleaware.org
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