The global casino industry has been making significant strides. In fact, just recently, Market Data Forecast released a report claiming that it had already exceeded $308.52 billion and was on its way to reach $542.41 within the next few years. Of course, a lot has changed since the first online platform emerged in the late 20th century.
And in this article, we will explore how payment methods can help this industry advance even more. Although it may sound simple, payment methods are essential in today’s e-commerce sector. No wonder many online casinos are taking advantage of them to stay ahead. Read on to discover just how this is possible.
Diversifying
Great gambling platforms know quite well that players have differing preferences and tastes. It’s actually why, beyond just considering game variety, guides like the Casingdom’s guide to top casinos often consider the diversity of payments when ranking. This is important because it ensures that multiple preferences are catered to.
Finding a suitable gambling platform is already tedious. So, you don’t want to hurt your experience by continually encountering platforms that offer very narrow payment methods. In fact, according to Primer.io, about 59% of customers can leave their shopping carts if they do not find their preferred methods on a platform. This is already a huge statistic to ignore in an industry like casino that has become extremely competitive.
For casinos targeting the international audience, the need to diversify is even more apparent. Payment preferences vary significantly by region, and aligning with them can really help your brand. For instance, a study noted that in the first half of 2023, iDEAL accounted for about 71% of all online transactions in the Netherlands.
Within this same period, 85% were accomplished through credit and debit cards in the UK. So, if you have to enjoy maximum reach in these groups, you must ensure your methods align with their regional preferences.
Plus, multiple payments can help provide frictionless checkout experiences. You don’t want a clunky checkout process that will only discourage players from returning to your site. As you may know, creating an account or filling out long forms can be burdensome for many players. However, with diverse and more digital options like digital wallets, you can get ahead of these challenges and increase your appeal.
Localizing
The importance of localizing payments cannot be overstated. Actually, according to komoju.com, providing the top three payments of a particular region can improve conversions by 30%. We have already hinted at how important it is to cater to specific payment preferences. And, of course, one of the ways you can achieve that is by localization.
If you notice low conversions in new markets or fewer results from cross-border campaigns, perhaps it’s time to localize payments. Surprisingly, localized payments can actually improve brand trust, as players are more confident because they are using more familiar methods.
This may also suggest that you’re concerned about their regional preferences, which may result in higher conversions. Remember, a good number of players must be able to trust you before transacting. Therefore, to cater to such tastes, you may want to ensure your payments align with their regional preferences. In a broader sense, this is actually like personalization and may help operators improve their performance even more.
Here are some ways you can localize your payments:
- Offer popular payments within target regions
- Ensure your platform can process transactions in multiple local currencies
- Translate payment formats and content
- Partner with local payment providers
- Comply with local payment regulations and data privacy laws
Attention to security
When dealing with anything money-related, security is the last thing you want to ignore. And at a time when attacks are increasing by the day, online security has become indispensable. In the casino industry, about 25% of players have experienced payment-related attacks. And now that this percentage could actually increase, players have become more conscious of the need for safety.
Most of them often check whether platforms implement robust security protocols before participating. Ignoring such a preference only hurts your brand because, according to Security Magazine, 66% of consumers never trust brands that experience data breaches. As if that’s not enough, about 75% may sever ties with brands after such incidents.
That’s why most payment methods on online casinos have implemented infrastructures like 2FA. Others are taking it a notch higher by adopting artificial intelligence to improve real-time fraud management. Surprisingly, 2FA alone can prevent exposure to over 99.9% of targeted attacks, while AI helps overcome the challenge of big data. You can imagine what it would need to identify suspicious actions instantaneously in an industry that’s expected to have over 210 million active users.
What is our final word?
Payment methods can indeed help online casinos improve their competitiveness. Simple as it may sound, these methods form a critical part of the overall gambling experience. Effective payments could increase retention by 15-20%.
This is why operators are diversifying their methods to take advantage of such statistics. But that’s not all – several have started localizing to increase their appeal to regional preferences. This gives an impression of customer-centricity, which may lead to higher conversions and retention.
And, of course, it goes without saying that the payments must also be secure. At a time when almost everyone is conscious of their online safety, you don’t want to ignore this aspect, even for a second.
