The online sports betting industry grew despite numerous months of canceled games due to COVID-19, in part from markets like Michigan and Colorado joining the list of states with regulated online sports betting. However, states that had already launched sports betting industries also saw an increase in revenue.
Even with projected growth and a world of opportunity ahead, the US online sports betting industry faces plenty of challenges gaining new customers and even more when it comes to safely, securely, and quickly processing deposits and withdrawals.
Players are currently placing 70% of their bets online, and that number could keep growing, as 61% of players in a specialized survey stated that they are planning to bet online “much more frequently” during 2021. Furthermore, this applied for bettors of all frequencies, ranging from those who only bet once or twice a year up to those who make bets on a daily basis.
Higher volume players are also more likely to place more of their bets online. Those who bet less than once per week deposited $238 per month on average, a number more than quadrupled by players who made more than seven bets a week ($1,107).
High-volume bettors also deposit 4.6x per month more on average. They are also more likely to bet across multiple sportsbooks, making the role of payments even more important for them than the rest of the population, where it is already of tremendous significance.
The deposits at online sportsbooks have a high rate of declined bank cards. More concerning, the rate is on the rise. In 2018, 10% of players experienced consistent declines; that number has risen to 14% as of December 2020, with 40% of all players saying they have experienced a card being declined at some point in their sports betting career.
Failed deposits have implications, hurting the sportsbook’s long-term reputation and its relationship with the bettor. Nearly half of the players surveyed placed the blame on the sportsbook for a card decline. Many others have changed preferred sportsbooks and even found themselves dissuaded from betting more online as a whole due to declined transactions. In total, only 13% of players were largely unaffected by this issue.
There are other options for depositing in many cases, including E-wallets such as Skrill or NETELLER. These are the most popular among high-volume players as they allow for the easiest way to move funds across sites. Many others favor prepaid eCash cards as the most secure way to place bets online. Players believe that payment should be instantaneous, and on the converse, only a meager 8% of players were comfortable waiting more than three days for their money.
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