An iGaming Case Study: Why Businesses Would Benefit from Varied Payment Methods

I have spent the past couple of years conducting some basic research into the payments sector of the online gambling industry – an encompassing term used to describe any online business operating in a sector where they are legally permitted to offer real money gambling services to anyone of legal age who joins their site. 

I have focused on the types of payment methods commonly accepted on these sites. 

The research has taught me how the more successful operators are the ones that typically accept a broader range of traditional and modern online payment solutions at the virtual checkout, which, on these sites, is usually called the cashier or banking section. 

The less successful operators usually accept fewer payment methods. Here is a closer look at why that might be. 

I will also reveal why those less successful businesses would benefit from increasing the number and variety of payment methods they offer their fully registered members. 

Why should online businesses accept multiple payment methods?

Have you ever been shopping online for goods or services, only to get to that website’s checkout and find that your preferred online payment method isn’t accepted? If so, you’re not alone. 

From personal experience and speaking with others, I’ve noticed how this kind of thing happens all the time. 

It can sometimes be extremely frustrating, especially when you have a trolley full of items, or perhaps just one item, but it has taken you ages to find it, and you don’t think you will be able to find that same item anywhere else. 

Similarly, on real money gambling sites, you may go through the entire online registration process, which means providing them with sensitive data such as your name and address, date of birth, mobile number, etc., only to find when you log in and go to the cashier section that it doesn’t accept your favourite online payment method. 

Whether the website you just joined allows you to play computer-generated online fruit machines or highly sophisticated live dealer classics like blackjack and roulette, place pre-match or in-play sports bets, or participate in multi-table poker tournaments, I’ve learned that providing customers like me with multiple payment options at the cashier is essential to the success of that business.

What are the main benefits for businesses that accept varied online payment methods?

The more payment methods an operator accepts, the more customers that particular operator will cater to. 

For example, most sites currently featured on the askgamblers.com iGaming review site (VBet, Bally and Dream Vegas to cite just 3) tend to accept a broad range of trusted online payment methods, such as wire transfer, Skrill and Visa, to cater to the widest audiences possible. 

Accepting a broad range of online payment methods comes with the following benefits:

• Accepting multiple payment methods can help a business reach a broader audience and thrive in a highly competitive industry
• Business can maximise their conversion rates to increase their customer base (and increase customer retention) when accepting a variety of payment methods 
• Operators that accept multiple payment options can gain a competitive edge over their rivals by increasing brand perception and enhancing trust in them
• According to the statistics, the majority of customers who can’t find their payment method at the checkout will not return to that site in the future, and they will not go out of their way to register/sign up for a new payment method 
• Accepting multiple payment methods has proven to increase sales, especially when accepting more than one payment type, not just multiple same-type payment processing gateways. The top sites will accept a range of traditional online payment methods and alternative payment methods (APMs)

Before signing up anywhere, people looking to join websites to play online fruitys, table & cards, bingo, video poker, scratchies, etc., should always check that at least one or two of their preferred online payment methods are accepted. 

Popular online payment methods commonly accepted on these sites

No two sites are typically the same, especially regarding the types of payment methods they accept in their cashier/banking sections. However, the most successful operators will usually accept anywhere from 10 to 20 or more different payment methods (traditional and APMs). 

Bank transfers and credit/debit cards, such as Trustly, Interac, POLi (bank transfer methods) and Visa, Mastercard, American Express, Diners Club (credit/debit cards) are accepted almost everywhere, but the exact options you will be able to use will often depend on the country you live in. 

For example, American Express is more commonly accepted on sites that welcome US players. Credit cards are NOT accepted on any UK-licensed sites because of local online gambling laws. POLi is a common online payment solution on New Zealand-focused sites and Interac on Canadian sites. 

However, you can also find several universal traditional/APMs that many site operators accept, such as Visa/Mastercard debit cards, the Paysafecard prepaid card, and various mobile/digital/eWallets, such as PayPal, Skrill, Apple Pay, and Neteller. 

Many of the most trusted sites also tend to accept one or more of the following methods: AstroPay, Jeton, Neosurf, Payz (formerly ecoPayz), Pay By Phone, Boku, Flexepin, and Venmo. You may also find some that accept Revolut, Paytm, Instadebit, MuchBetter, and Web Money, to name a few. 

In recent years, some operators have started accepting cryptocurrencies, including Ethereum, Bitcoin, Litecoin, Tether, Ripple, Stella, Cardano, Solana, DogeCoin, and Bitcoin Cash. Blockchain technology is helping revolutionise many industries and is now more mainstream than ever. 

Final note

In this highly competitive industry, it’s important for a business to be more flexible in the number of payment methods it accepts, especially if it wants to remain competitive.

The most trusted sites will allow their fully registered members to deposit anywhere from as little as $/€/£5.00 to $/€/£20.00, depending on the site and depending on the chosen payment method, and they will have controls in place to ensure players easily remain within their budgets. 

These sites tend to stand out from the crowd and flourish in a highly saturated market.