Paysafe Research Unveils Shifting Trends in Online Gambling Payments

A recent financial services company Paysafe study sheds light on changing payment preferences among online sports bettors, including those in Canada.

Surveying 3,000 participants across various legal gambling regions, the research, mainly focused on Ontario, indicates a shift towards alternative and local payment methods.

Key findings reveal that 78% of bettors consider the payment experience crucial when selecting an online sportsbook.

Local payment methods (LPMs), such as Interac and digital wallets, exclusive to a single country, are gaining popularity, with 17% of bettors favoring LPMs, aligning with trends seen in regions like the United States.

Globally, debit cards and digital wallets top the list of payment choices, with 38% preferring debit cards and 37% opting for digital wallets.

Notably, VIP players, engaging 5-7 times weekly, exhibit a heightened preference for digital wallets.

The study also highlights the growing interest in alternative payment methods (APMs), including cryptocurrencies.

Despite a decline in Bitcoin ownership from 13% in 2021 to 10% in 2022, as reported by the 2022 Bank of Canada, the research indicates that 50% of players express interest in using crypto payments where available.

In the U.S., 58% of players would consider this option.

Zak Cutler, President of Global Gaming at Paysafe, emphasized the study's implications for online sportsbook operators, stating, "Our latest research clearly indicates the value of payments to online sportsbook operators at all stages of the player experience."

He suggested that optimizing payment offerings can provide a competitive advantage, enhancing brand loyalty and player retention.