Do online casinos need to implement instant withdrawals?

It shouldn’t come as a surprise that Market Data Forecast expects the casino industry to hit $328.48 billion in 2025. If all goes well for the sector, this research institution believes the market size could expand to $542.41 billion within the next few years. Well, many operators have been joining the sector, making it super competitive.

And as one seeking to distinguish yourself from the crowd, you want to adopt measures to help you achieve your goals. If you’re wondering whether fast and instant withdrawals can really be useful, you need not worry. This presentation will help provide answers alongside important statistical information that will leave you informed – so keep reading.

The growing demand for fast speeds

We live in a time when people expect everything to happen at the speed of light. From instant messaging to same-day delivery, there’s an undeniable demand for immediacy. And this is no different in online casino gaming. Realizing this, even affiliate companies often consider whether a platform caters to this need before ranking it.

A good example is when BestBettingSites.co.uk rated the best online casinos in the UK while considering fast withdrawals as one of the most important metrics. There are a lot of things that contribute to a player’s experience – not just the spinning of reels. Think of it this way: You have successfully played some of your favorite games, but you had to wait for ages before you can access your funds.

Well, many players may not love such an experience. In fact, a study by PYMNTS.com that goes along these lines claims that 78% of consumers rank instant payments as a very important part of their overall customer experience. As if that’s not enough, the Federal Reserve Bank Services recently released a report claiming that about 86% of businesses and 74% of customers used faster or instant payments, further emphasizing their growing popularity.

Plus, Statista thinks that the value of transactions processed through these payment options could increase by 289% by 2030. With all these statistics pointing to a major shift to instant payments, you definitely do not want to be left out for the following reasons.

Aligning with customer preferences

Do you actually know that, according to studies, about one in four consumers want their disbursements completed within not more than 30 minutes? And if a brand strikes, 20% are ready to spend more to get their funds quickly. Remember, acquiring new players is becoming more challenging as operation costs continue to soar.

In fact, some experts claim that you may need at least five times more resources to attract new players than retain existing ones. But since a good number of them seem to prefer speed, providing instant payments can really help you to improve your appeal.

And the benefits can be mind-blowing. According to SuperOffice CRM, customer-centric companies normally can register 60% more profits than those that aren’t. Other studies suggest that customer-centric brands can increase revenues by about 4% to 8% faster than competitors.

This may lead to higher retention rates, which could also result in better business performance. Surprisingly, just a 5% increase in player retention may yield as much as 95% profits, further explaining why many online casinos are turning to real-time payments to stay ahead.

Improving player experience

Humans are value-oriented and always want to spend on brands that prioritize their worth. This is why you don’t want to ignore the player experience even for a minute. Can you imagine that, according to Contentful, more than seven in ten consumers may switch to competitors after several negative interactions, and over half will leave after one?

Players are no longer just looking for fun — they’re looking for convenience and speed, and brands offering them stand a great chance of attracting as many customers as possible. Delayed withdrawals can lead to frustration, prompting players to look for alternative platforms.

Conversely, allowing players to access their funds quickly can present your brand as reputable and even lead to significant organic growth. Naturally, we rarely keep quiet about the experiences we have with brands, as we often tell our friends about them. Looking at the statistics, Help Scout claims that 72% of customers will tell at least six people about satisfying encounters.

Plus, positive experiences really determine whether or not we will make return purchases at a brand. Interestingly, about 89% of consumers are willing to make such transactions after positive encounters. And now that providing instant payments improves player experience, you want to take advantage of these statistics to get ahead of your competitors.

What is our final word?

Agreeably, instant payments offer benefits that you don’t want to miss out on as an online casino. Consider acquiring new customers, for instance. Why would you like to spend exuberant costs finding a new player when you can use these payments to grow organically through word-of-mouth recommendations?

Generally, people rarely keep quiet about positive experiences, and using instant payments can help you reach new audiences seamlessly. Plus, many seem to prefer fast withdrawals, and implementing them can present you as customer-centric, which may improve your appeal.

But beyond just providing these payment options, you want to ensure they are safe to avoid the losses that come with cyberattacks. Don’t forget that cyberattacks targeting this industry are increasing, emphasizing the need to trade with a lot of care. Thankfully, implementing methods like 2FA can really be handy.