The ways players like to pay

Christoffer Gronlund, Co-founder of Winlandia, talks about why operators must stock their cashiers with the right payment methods for each market if they are to acquire and retain players at scale

Online casino brands need to understand the payment preferences of their players and ensure the right methods are available in the cashier. Why? Because payments are a key deciding factor they consider when choosing where to play.

Not only that, but payments are crucial when it comes to retention as players want to be able to use their preferred payment method for further deposits and, of course, payouts. Throw in demand for fast payouts and it’s easy to see why the cashier needs to be a focus for operators.

Of course, player preferences differ from market to market, as do the regulations that govern the payment methods that operators are permitted to offer to their players. This presents additional challenges for multi-market brands.

As a brand that’s now live in several regulated markets across Europe, we have had to innovate in the area of payments to ensure we deliver the experience players are seeking in the UK, Ireland, Sweden and more, while staying compliant with the different rules in place.

These are some of the lessons we’ve learned along the way.

Local payment methods are a must

The importance of having local payment methods in the cashier can’t be stressed enough. Market preferences vary significantly, and not including the most popular payment method in any given jurisdiction will have a negative impact on acquisition and retention.

In the UK, for example, debit cards such as Visa and Mastercard dominate, but in Sweden, Swish (a mobile payment provider) and Pay ´n Play by Trustly or Zimpler are the go-to options for casino deposits and withdrawals. In Canada, it’s Interac while in Brazil, it’s Pix.

To enter any of these markets without the preferred payment method in the cashier is setting the casino or sportsbook up for failure from day one.

What’s more, payments are a key factor for the success of customer acquisition when it comes to working with affiliate partners – most affiliates won’t send players to operators that do not have a localised and comprehensive cashier.

Mobile banking is on the rise

The vast majority of players now engage with online casinos from their mobile devices so it should come as no surprise that the demand for mobile wallets is higher than ever before.

While digital wallets such as PayPal, Skrill and Neteller have helped meet this demand in the past, what players are really looking for is Apple Pay and Google Pay. But most operators have been slow to add these methods to their cashiers.

Why? Because Apple Pay in particular can be expensive (for the operator) and there is always a bit of reluctance to be the first to add new payment methods before demand is really proven. But we have seen this as something of an opportunity and have been offering Apple Pay for some time now.

Players are seeking instant deposits and withdrawals

It’s not just the choice of payments that matter but the speed of transactions offered by the casino – which is ultimately dictated by the payment methods offered. It’s a given that deposits are instant, but now players expect to receive their winnings just as quickly.

While this is simply not possible with some payment methods – there’s usually a bit of a delay with debit card transactions, for example – new fintech companies such as TrueLayer, Trustly, Zimpler and Vyne now allow online casinos to provide instant payouts.

These solutions essentially let players send money from their bank account to the online casino’s bank account (and the other way around) directly and instantly.

For us, this is one of the biggest innovations in the payments space and a breakthrough that allows online casinos such as Winlandia to not only give players their winnings without delay, but to build incredible trust with our players – trust that keeps them coming back for more.

Demand for pay and play casinos is there

Players want to play, they don’t want to spend time signing up to the casino, providing identification documents and having their payments approved. This is why the Pay n Play casinos have been such a hit in the markets where regulations allow them to be offered.

Sweden is probably one of the best examples of how Pay and Play can be offered successfully with plenty of brands allowing players to sign up, deposit and play with all verification done via their bank account. Trustly is one of the leading providers of this service.

The issue with Pay and Play casinos is that most regulated markets do not allow operators to undertake KYC requirements in this way and that’s why players in the UK for example must still sign up and submit identification documents before they can make a deposit or withdrawal.

For me, this is something that will need to change over time. If not, players will likely turn to unlicensed sites that do offer more seamless onboarding and payment journeys (and instant payouts) – a situation that we all want to avoid.

Payments really are mission critical to the success of an online casino brand and that’s why at Winlandia we invest significant time and resources into our cashier. This includes adding more local payment methods in the markets we target.

Bonuses are important when it comes to attracting and retaining players, but so too are providing players with the ways they want to pay to play.