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Online Sports Betting Payment Preferences Revealed Thanks to the Paysafe Research!

In the world of online sports betting, payment methods are more than just transactions, they’re integral to the player experience. Paysafe’s comprehensive research delves into the intricate nuances of bettors’ picks, shedding light on how these choices influence their engagement with sportsbooks.

Streamlined Payouts

paysafe_research_stronger_online_betting_experience_starts_with_paymentsAccording to Paysafe’s research that was conducted across six United States (Massachusetts Michigan, New Jersey, New York, Ohio, and Pennsylvania), the Canadian province of Ontario, the United Kingdom, France, Germany, and Italy in December of 2023, the rapid withdrawals are a top priority for bettors worldwide. Surpassing factors like brand confidence and probabilities, players prioritize sportsbooks that offer swift and hassle-free payouts. This focus on streamlined transactions highlights the importance of efficient payment processing in enhancing the overall betting journey.

In addition to speedy payouts, bettors seek platforms that support their preferred payment methods. Paysafe’s findings reveal that seamless deposits are a crucial consideration for players when selecting a sportsbook. The availability of various payment options, ranging from traditional methods like debit cards to emerging alternatives such as digital wallets and eCash, is instrumental in catering to the diverse needs of players.

Player Retention

Beyond attracting new customers, maintaining player loyalty is paramount for sportsbooks. Paysafe’s research indicates that a seamless payment experience significantly contributes to customer retention. With 78% of bettors valuing payment satisfaction in their decision to remain loyal to a brand, sportsbooks must prioritize the optimization of their payment processes to foster long-term relationships with players.

The emergence of digital wallets as a preferred payment method is a notable trend highlighted in Paysafe’s research. Digital wallets offer convenience and security, appealing to a growing segment of bettors, particularly in regions like Italy and Germany.

Despite regulatory constraints in certain markets, credit cards maintain their popularity among bettors, especially in regions like France. Additionally, the research underscores the significant interest in eCash, particularly in countries with a strong cash culture such as Germany and the United States.

Localized payment options, tailored to regional preferences, are favored by a substantial portion of players. These LPMs cater to the specific needs and preferences of players, contributing to a seamless betting experience.

Security and Future Trends

While players generally express confidence in transactional security, continuous efforts are required to address any concerns and maintain trust. Sportsbooks must prioritize robust security measures to safeguard player data and financial transactions.

Looking ahead, the adoption of alternative payment methods is expected to grow significantly. Digital wallets and eCash are poised for increased usage, offering players greater flexibility and convenience in their transactions.

Interest in Cryptocurrency

Despite market volatility, cryptocurrency paymentsgarner significant interest among players, particularly in regions like the United States. This highlights the potential for cryptocurrency to emerge as a viable payment option in the future, offering players additional choice and flexibility.

The Global Gaming President for Paysafe, Zak Cutler said: “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. Given the correlation between the payment experience and brand loyalty, operators can maximize player retention by getting payments right. This includes upgrading their cashiers to cover all possible payment choices to meet evolving transactional expectations.”

Source: ”Paysafe Research: Stronger Online Betting Experience Starts with Payments”. European Gaming. February 8, 2024.

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Meta Has to Pay a Fine Because of Promoting Betting and Gaming on Facebook and Instagram in Italy

The social media giant Meta, owner of Facebook and Instagram, was fined by the Italian Communications Regulatory Authority (AGCOM). The company has to pay a fine of €5.85 million for violating the country’s laws about gambling advertising.

Fine for betting and gaming ads

Meta-fined-by-Italian-Regulatory-Authority-for-gambling-ad-violation-The country decided to issue a fine to the industry giant, which is clearly a huge escalation when it comes to conducting the laws and regulatory actions issued by the state recently.

The AGCOM found various betting and gaming promotional content advertised on 13 Facebook profiles and five Instagram ones, 18 in total. Since both Facebook and Instagram are owned by the same company, Meta, the company got fined.

But that’s not all – further investigation revealed 32 visual posts, both video and images, that advertised betting and gaming activities. Since Meta provides various advertising services and it isn’t just the platform to display your own content, it is responsible for the violation.

AGCOM stated that the company is aware of the fact that betting and gambling ads are illegal, but despite that it approved the problematic ads.

In total, 18 accounts are flagged, but according to AGCOM, Meta is responsible for only five of them. After the AGCOM flagged the problematic ads, the company took measures to stop advertising and correct the issue. Also, after the regulator flagged the account, Meta blocked 11 of them.

But all those steps weren’t enough – the company had to pay a fine anyway. Apart from the penalty, Meta received an official notice and a take-down order for all ads in question.

Strict rules

Italy has strict rules when it comes to the regulation of problem gambling and gambling addiction. Back in July 2018, the state issued a Dignity Decree, a decree that helped prevent and resolve the issues related to the matter, and Meta violated that decree.

According to the document, all forms of betting and gambling ads are prohibited on both social media and other mediums, such as sports team jerseys, stadiums, and other media platforms.

Meta isn’t the only company that recently got fined because of betting and gaming ads. Both YouTube and Twitch got fined this month. AGCOM issued a fine of €2.5 million to YouTube, and Twitch had to pay €900.000 for similar violations.

The European Gaming and Betting Association (EGBA) disagrees with Italy’s strict rules since it can drive the companies into the rapidly growing offshore market.

Source: Hogg, Lea, “Meta fined by Italian Regulatory Authority for gambling ad violation”SiGMA. January 2, 2024.

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New Legislation Bans Using Credit Cards for Online Betting in Australia

A lot is changing when it comes to Australian gambling law, and new legislation has just been passed. The use of credit cards as a payment method for placing online bets will be prohibited from now on, as the Australian Federal Parliament decided.

Important measure

Kai Cantwell, the CEO of Responsible Wagering Australia, supports this decision. He thinks that the country needs this decision since the residents will be allowed to gamble only with the money they actually have on their cards.

Cantwell commented: “This is an important measure to protect customers and their loved ones, making it easier for people to stay in control of their own gambling behavior. It will complement the existing offering of safer gambling account management tools by RWA members to customers to help them stay in control of their betting.”

Lotteries and keno issue

australian-parliament-passes-legislation-banning-online-credit-card-betting-He added that it was disappointing that some kinds of games, for example, lotteries and keno, were excluded from this ban since the lotteries are the most popular type of gambling in the country, especially in people from lower socioeconomic groups.

Only in 2020 and 2021 did citizens lose more than $3.2 billion playing these two types of games, according to the Australian Gambling Statistics. When online keno was legalized in Victoria, these numbers increased even further, and in 2022 and 2023, the losses increased by more than 400%.

There are other parts of the gambling law that lotteries are excluded from. There is also a National Self Exclusion Register, Betstop, so the Australians who already have excluded themselves from other forms of online gambling still have the opportunity to gamble up to $10.000 online by playing lotteries.

Cantwell added: “To effectively reduce gambling harm, consumer protection measures must exist across all forms of gambling. Otherwise, those at risk of harm will just move from one form of gambling to another less regulated type.”

Strict regulations

The industry is talking about the potential credit card ban from 2021. The RWA members collaborate with the federal government and financial institutions to deliver the best possible solutions when it comes to credit card bans and online gambling regulations. The institutions will continue to work hard on this, and the ban is supposed to be implemented in all online casinos in Australia within six months.

This is the newest regulation in the Australian market, but not the only one. Other prohibitions include banning external signage, reducing the cash-input limit, reducing the cap on machine entitlements, and others.

Source: Narayan, Niji, Australian Parliament Passes Legislation Banning Online Credit Card Betting”. European Gaming. December 7. 2023.

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Wyoming Registers New Sports Betting Records in October

wyoming-smashes-online-sports-betting-records-in-october-Wyoming, the American state that is widely known as the “Equality State”, has registered new records in the month of October 2023 when it comes to its regulated online sports betting market.

Bettors in the state wagered 21.2 million dollars in October using licensed online bookmakers, an amount which is an all-time high since the state opened its legal online betting market.

The previous record set in the American state was 19.2 million dollars, and it was set in September 2023. Moreover, the figure registered in October 2023 represents an increase of 23.4 percent compared to the same month of 2022.

Gross gaming revenue also registered an all-time high of 2.3 million dollars, an increase of 15 percent year-on-year and 53.3 percent compared to the 1.5 million that were generated in September 2023.

Taxable gaming revenue also set a new record in October, amounting to 1.4 million dollars. That figure represents an increase of 21.7 percent from October 2022 and no less than 172.6 percent when compared to September 2023, when the total taxable gaming revenue in Wyoming amounted to just over half a million dollars.

DraftKings On Top of The Market

The most successful online bookmaker in Wyoming in October was DraftKings, with revenue of 1.4 million dollars and a handle of 12.5 million dollars. FanDuel ended the month in second place with revenue of 402,961 dollars and a handle of 4.9 million dollars.

BetMGM grabbed the final podium place with revenue of 387,344 dollars from a handle of 3.5 million dollars, while Caesars was in fourth place with revenue of just 73,028 dollars from a handle of 378,622 dollars.

The Wyoming onlines sports betting market is set to become more competitive as Fanatics Betting and Gaming will join the fray after having taken control of PointsBet Wyoming LLC.

Fanatics Betting and Gaming is a division of Fanatics, the global sports retail giant, and it has struck a deal to acquire the United States operations of PointsBet earlier this year. The purchase price was 225 million dollars and it was approved by the PointsBet shareholders.

However, the effective transfer of the operations to Fanatics Betting and Gaming will only happen when the operator will receive all necessary approvals in each state. Fanatics Betting and Gaming has so far rolled out its online sportsbook in Virginia following the acquisition of PointsBet U.S.

Source: “Wyoming smashes online sports betting records in October“. iGaming Business. November 23, 2023.

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New York Hits the US-Record $2 Billion Sports Betting Handle in October

The State of New York hit the nation-wide record as the total sports wagers placed through online operators totaled to more than $2 billion in October 2023. Such a handle also brought $166.3 million in revenues to mark the highest market level since the launch of online sports betting in the state in January 2022.

$2.01 Billion in Player Bets

new-york-mobile-sports-bets-break-2-billion-in-octoberNew York players reportedly wagered a total of $2.01billion using online platforms and mobile betting apps to hit the handle 30.5% higher than in the same month of 2022. The figure also represents a 14.2% higher level than $1.76 billion wagered in the state in September 2023.

Consequently, the market hit the record monthly revenue of $166.3million to exceed the September 2022 record of 165.5 million and stand for a 14.1% higher level than October 2022.The remarkable online sports betting result was extensively driven by several leading operators.

77% Market Share of FanDuel and DraftKings

FanDuel kept the New York market leading position with a 50% share in total revenues generated during October and the handle of $891.9 million representing a 44.5% stakein overall bets processed in the market in the given period. DraftKings followed with a 35.6% revenue share and the $652.3 million handle to get hold of a 32.5% share in the total market handle.

Individual Operator Contributions

The remaining around 15% of revenues and 23% of online bets placed in the state in October 2023 have been split to six major operators with their individual revenue and handle contributions standing as follows:

  • BetMGM: Revenue $7.2M; Handle $107.6M
  • Rush Street Interactive: Revenue $3.3M; Handle $114.2M
  • PointsBet: Revenue $1.3M; Handle $27.6M
  • Resorts World Bet: Revenue $894,039; Handle $7.7M
  • Wynn Interactive: Revenue $313,363; Handle $12.3M

Mets Owner and Hard Rock Partners for a Casino License

The $2 billion record handle testifies about the season of the increased gambling-related activities in New York. Another argument supporting the trend comes from the recently made announcement that Mets owner Steve Cohen would partner with casino giant Hard Rock International to bid for the last of the three casino licenses available for a casino development in downtown New York.

$8 Billion Metropolitan Park Casino Development

The billionaire and the top-tier casino operator revealed plans to build an $8 billion Metropolitan Park casino and entertainment complex next to the Citi Field Stadium in Queens, New York City.

The hotel and casino project includes separate sports betting facility, as well as a wide range of amenities, such as a music venue, food hall, an entertainment park, and the associated parking and retail facilities.

Obtaining Support to Bid For the License

Cohen has reportedly hosted multiple community workshops and conducted more than 20,000 door-to-door conversations with local community members. The project has thus secured the support of more than 89% of the pooled community members who signed the petition to support the project and help Mets owner take a lead in the metropolitan casino license race.

Source: “New York sets US-first with $2bn online sports betting handle in October”. iGB. November 13, 2023.

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