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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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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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US Integrity Partnership Spree for Sports Betting Monitoring Continues

US Integrity is on a roll ahead of the college football season.

US Integrity sports betting Big Ten Conference
The Big Ten is the latest conference to sign a partnership with US Integrity. The sports betting monitor will surveil Big Ten games for sports betting irregularities. (Image: Big Ten Conference)

US Integrity in August alone announced partnerships with the Big Ten, Big 12, and Mountain West conferences for the tech company to keep tabs on sports betting activity related to their college sports. Founded in 2018 as a sports betting monitoring company seeking to eradicate fraud and corruption from sports gambling, US Integrity on Thursday confirmed its fourth major conference partnership reached in August with Conference USA.

The Big 10, Big 12, Mountain West, and Conference USA join US Integrity’s other conference clients, which include the SEC, Pac-12, Big West, Big Sky, and West Coast Conference. The sports betting monitor says its mission is to grow the legal sports gambling market by strengthening game integrity. Along with the aforementioned conferences, US Integrity has an array of school partnerships for similar monitoring services.

As a US Integrity partner, odds and line movements for those conferences and partner schools will be monitored by the tech firm, which is based in Las Vegas and New York. US Integrity’s proprietary dashboard, the firm says, allows its team to conduct analysis across dozens of data sets to proactively identify irregular wagering behaviors and patterns.

The goal is to assure the NCAA, conferences, teams, players, bettors, and the general public that the country’s ongoing expansion of legal sports betting isn’t impacting the legitimacy of the games.

Injury Reports Going Public

A common example of how sports betting might impact the integrity of a game is when a player or team member with confidential knowledge of a player’s injury status shares that information with an outside individual who then attempts to use the intelligence to their advantage via gambling.

For instance, if USC quarterback Caleb Williams suffers an injury during practice and is unlikely to start, and that information falls into the wrong hands, a bettor might wager heavily on USC not covering the spread or staying under the game’s over/under point total. Williams is expected to be one of college football’s most electrifying players this year. He’s the betting front-runner for the Heisman Trophy at +450.

Colleges have traditionally refrained from making injury reports public because of privacy concerns. But beginning this year, in the age of widespread sports betting, one major conference is requiring such disclosures to be made public ahead of kickoff.

HIPPA, the Health Insurance Portability and Accountability Act of 1996, set national standards that prohibit medical professionals from sharing a patient’s sensitive health information with another party without the patient’s consent. In pro sports like the NFL, players are required to sign HIPPA disclosures. But since college athletes are technically amateurs and are not directly paid by their universities, a school or conference’s legal ability to require student-athletes to sign health information disclosures has been questioned.

The Big Ten Conference last week announced it will be the first Power 5 conference to require teams to produce player availability reports. The conference is circumventing HIPPA concerns by simply requiring each team to say whether a player is available or not. No specific information on their injury or health is to be disclosed. The player status reports are due at least two hours before the start of a game.

“The well-being of our students, coaches, and staff, as well as the integrity of our competitions, are of paramount importance,” said Big Ten Commissioner Tony Petitti. “Enhanced transparency through availability reporting and partnering with US Integrity strengthens our efforts to protect those who participate in our games as well as the integrity of the games themselves.”

Reporting Resource

“If you see something, say something” is being applied to college sports and sports betting. Along with US Integrity monitoring betting markets, the firm this week announced an integration with RealResponse, a popular communication tool utilized by more than 150 colleges and universities.

RealResponse allows for confidential communications between players, coaches, team officials, and school administrators. RealResponse announced this week that, effective immediately, its mobile platform now includes a sports betting tool that allows student-athletes to anonymously report suspicions of sports betting policy infractions.

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Sports Wagers in Louisiana Amount to 135 Million Dollars in July

The Louisiana Gaming Control Board, the regulator in charge of overseeing sports betting and gambling in the state, has announced the sector’s financial results for the month of July 2023 and the numbers show a healthy increase in sports wagers.

Going Mobile

louisiana_reports_sports_wagers_of_dlr135_million_in_july (1)Sports wagers in Louisiana amounted to 134.8 million dollars in July, a figure which represents an increase of 14 percent compared to the same month of the previous year.

The best-performing sector was mobile sports betting, which attracted 122.5 million dollars in wagers during the month of July. That total represents an increase of 18.6 percent year-on-year. Baseball was the most popular sport for mobile bettors in Louisiana in July, it managed to attract wagers amounting to a total of 2.7 million dollars.

Retail sportsbooks in the state did not perform so well, in fact, they recorded a significant decline in July. The total wagers at retail locations was 19.4 percent lower compared to the financial results of July 2022, amounting to just 12.2 million dollars. In the case of retail sportsbooks most punters chose to play parlay bets, which attracted over 1.2 million dollars in wagers.

Casinos Register Downward Trend

Casino revenue in the state of Louisiana was not that great in the month of July, it registered a decrease both when compared to July 2022 and with June 2023. Harrah’s New Orleans Casino, the land-based venue which is owned and operated by Caesars Entertainment, reported gross gaming revenue of 17.5 million dollars in July 2023, 11.9 percent lower than the previous month and 22.8 less than what it recorded in July 2022.

Riverboat casinos in the state managed to bring in a total of 146.6 million dollars in adjusted gross revenue during the month of July. That was a good result considering that two riverboat casinos, one in Lake Charles and another in Bossier City, are currently closed.

Slot games located at the state’s racetracks reported slight increases in activity during July compared last month and last year. The Evangeline Downs racetrack registered the largest increase, with adjusted gross revenue going up by 7.3 percent to almost 6.5 million dollars.

Delta Downs was the best-performing racetrack in July when it comes to adjusted gross revenue, with a total amount of over 14.2 million dollars. Overall, total revenue from slot machines in Louisiana amounted to 27.6 million dollars, while the four racetracks in the state paid a total of 4.2 million in state tax.

Source: “Louisiana mobile sports betting wagers rise 18.6% year-over-year for July“. Gaming America. August 22, 2023.

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