Need for speed: why European iGaming operators need instant payouts
Nowadays, players are used to doing everything in an instant — whether it’s placing a last-minute bet or playing slots on the go. But after the thrill of the win, players in Europe are far too often left waiting to reap their rewards.
Many operators in Europe haven't widely adopted instant bank transfer as a payment method meaning players can wait days to receive their winnings — but that’s all about to change with improved UX and instant payment rails.
Bank to bank transfers can offer your players instant access to their winnings, transforming their experience when using your platform. For your business, it’ll drive player loyalty, increase player spend and differentiate you from your competitors.
Why are so many operators in Europe slow to adopt instant payouts via bank transfer?
Across Europe, many operators still view bank transfers as the most basic payment option because it's time consuming for operators and a poor experience for customers. But with the advancement in bank payment infrastructure in recent years, bank to bank transfers can now offer something card payments can’t — deposits that settle in an instant for both players and operators.
Despite this, many operators are yet to feature instant payouts via bank transfer on their platforms. This might seem logical — after all, why would you make it easier for customers to remove their money from your website? But in an industry as competitive as iGaming, there are major benefits for those operators that take customer experience into consideration.
By offering players instant access to their winnings via bank transfer, you’ll complete the customer journey in a way that will entice players to come back, attract new players, and drive an increase in revenue. TrueLayer’s instant payouts feature builds on top of bank instant payment rails, providing a smoother experience for your players by integrating directly into your website or app.
European players want instant – and they want it now
Research shows that players want instant payouts. In a 2020 YouGov survey, 8 in 10 players across Europe said fast payouts were an important factor when choosing an online gambling or betting provider. This number varied slightly between different European regions, with 73% of players in Germany saying fast payouts were important, while 83% in France agreed with this statement.
These stats point to one thing — iGaming players in Europe are asking for a better payout experience.
But instant payouts don’t just benefit customers. They can drive growth in your business in several ways.
Instant payouts attract new customers
iGaming customers have many operators to choose from and they all offer great joining bonuses — whether it be free spins, enhanced odds or free bets. But what if you could attract new players without throwing cash at them?
In our survey with YouGov, 55% of players said they were more likely to switch to an iGaming platform that offers instant payouts. In some regions, such as Spain and Italy, this number was as high as 75% and 64% respectively, and in France it was only slightly lower at 62%.
Across all countries, the stats show that a significant number of players view instant payouts as an important addition to the player journey — so much so, they’re willing to change operators to get it. Instant payouts can give you a major advantage in this competitive market.
Instant payouts boost player loyalty
One of the major problems operators face is retaining players after they’ve signed up. Once the free spins and bets have dried up, there’s little to stop players moving to another operator who will offer them another great deal. Instant payouts can change this pattern of behaviour.
We found that 64% of players said they would be more likely to trust an iGaming operator that offered instant payouts. Spain and France came in at the top of this poll, receiving 77% and 65% respectively.
It goes to show that there is more to keeping players loyal to your platform than cash incentives. Building trust is key for iGaming players, and instant payments can offer a more cost-effective way to reduce player churn for your business.
Instant payouts increase player spend
You’ve probably tried everything at your disposal to increase your bottom line. But you might not realise the impact a simple change to the withdrawal method on your platform could have on player spend.
Across Europe, one in four players said they’d deposit more money if they could withdraw their winnings instantly. In Spain, this number was as high as 38%.
There are plenty of ways you can try and increase revenue, but few are as cost effective and easy to implement as adding instant payouts to your platform.
For a more in depth view of what players across Europe want from iGaming operators, download the full YouGov research report here.
Eliminate failed withdrawals and fraud with verified instant payouts
Another reason that instant payouts via TrueLayer are an ideal option for iGaming operators is the ability to automate verification. Using open banking technology alongside the fastest payment rails across the UK and EU, you can instantly verify your player’s bank account ownership before paying out. This means no more failed or lost payouts, less fraudulent withdrawals and peace of mind for your players.
TrueLayer offers two withdrawal flows to provide operators with a one-stop solution for all of their payouts:
Closed-loop payments: combine open banking deposits with instant payouts
How it works: Once a player makes a deposit from their bank account using Truelayer’s open banking technology, the funds are collected in a dedicated merchant account. These deposits are automatically reconciled and allow operators to view and verify account ownership so that when a player wants to withdraw funds, they will be instantly paid out to the account where the funds originated from.
Open-loop payouts: combine open banking verification with instant payouts
How it works: Upon requesting a payout to a new bank account, players share their bank account information (ownership and details) in a safe, secure and easy way. This information is taken and used to conduct an instant verification using the information collected from the bank and the information the operator has on file. If the two match, the payment is instantly pushed to the player’s account.
Europe is on the cusp of a major instant payments breakthrough and much like in the UK, it’ll be the iGaming industry that leads the way with the adoption of instant bank to bank transfers. Instant payouts have proven to be a top priority for Europe’s players, so now is the time to attract new players, boost player loyalty and increase player spend with this simple addition to your payouts feature.
Find out more about TrueLayer and how to get started with instant payouts.