Consumers are growing to expect instant disbursements across all industries, and the gaming and gambling industry is no exception.
Numerous U.S. states are moving toward legalizing online gaming, which is prompting a host of collaborations intended to give players their winnings — fast. The eSports space, which is slated to reach $1 billion by the end of the year, is also on a tear, with events from around the globe pulling in video gamers and tens of thousands of spectators.
This exceptional growth in eGaming and online gambling is still creating some growing pains, however. Companies are looking to avoid slower manual or more traditional payout methods, as these can fall victim to delays and other logistical hurdles. In addition, firms must consider the regulatory and currency-related challenges that cross-border transactions can face. In the July Disbursements Tracker®, PYMNTS examines how these issues have made it increasingly evident that instant digital disbursements are needed to allow gaming industry businesses to keep customers satisfied and enjoy the benefits of streamlined and more efficient payment processes.
Around The Disbursements Space
Two payment solution providers have received a green light from the Michigan Gaming Control Board to participate in online gaming ventures in the state. PayNearMe is collaborating with William Hill on a service that would enable bettors to make digital deposits and handle payouts digitally as well. Paysafe is also entering into a partnership, working with Golden Nugget Online Gaming to give gamblers in the state the option to receive their winnings instantly via their registered bank accounts.
The travel industry is also poised to benefit from the adoption of digital disbursements and insurance services as more consumers begin resuming their vacation plans. A survey found that European consumers are keenly interested in travel insurance options that can give them instant payouts if there are cancellations or other concerns. It found that consumers’ biggest worries were being stranded without transportation (63 percent), having their trips canceled (62 percent) and experiencing transportation delays or having their belongings stolen (57 percent). The study found that many of them were willing to pay for additional insurance options that could offer them instant payments if their fears were realized, however.
Business-to-business (B2B) firms are also interested in receiving faster payments, and financial services provider Wave launched such a capability for Canadian firms in May. It said its clients would be able to receive instant payouts in addition to having 24/7 access to cash and instant deposits. The service also connects with Wave’s invoicing and payments management solution, streamlining recipients’ cash flow management functions.
Read more about these stories and other headlines in the Tracker’s News and Trends section.
Resorts World Las Vegas On Giving In-Person Gamblers The Digital Disbursements And Payments They Crave
Consumers who spent more than 16 months making the bulk of their purchases online are no longer willing to go back to their old payment habits, even as they reenter brick-and-mortar stores. They also expect retailers to make it easy and seamless for them to receive funds. This makes digital disbursements a particularly crucial consideration for merchants in industries like the gambling space, which traditionally relies on the support of in-person customers.
In this month’s Feature Story, Rick Hutchins, senior vice president of Casino Operations for Resorts World Las Vegas, examines why implementing mobile and digital-first payment and disbursement options is key to helping casinos stand out among competitors.
Deep Dive: How eSports And Online Gambling Are Getting A Power-Up From Instant Digital Disbursements
eSports and online gambling enthusiasts are very familiar with digital services, and their expectation for these seamless online services extends to their payment preferences. Receiving digital payouts for their winnings has become particularly desirable, making instant payment solutions appealing.
This month’s Deep Dive examines how gaming platforms can tap into innovative payment solutions that help users access speedy payouts.
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