October 27, 2023
As gaming enthusiasts seek the thrill of quick access to their rewards, a recent survey conducted by PYMNTS Intelligence sheds light on this evolving landscape.
The “Generation Instant: Gamers and Winnings” study, a collaboration between PYMNTS Intelligence and Ingo Money, reveals that cash is the most popular form of instant payment for gaming payouts. In fact, cash is used more than twice as often as digital instant payment methods for gaming, gambling, or lottery payouts. Among the respondents who received winnings disbursements, 44% stated that cash was their preferred payout method, while only 18% favored digital instant payments.
Despite the dominance of cash, there is a growing demand for digital instant payment methods in the gaming industry. However, gaming companies are not fully capitalizing on this consumer demand, missing out on the opportunity to monetize instant payouts. While more than three-quarters of consumers expressed a desire for instant payouts, less than half were offered this option. Additionally, only 49% of consumers who received winnings payouts were given the choice to receive them via instant payments, although 76% of those not offered instant payouts would have chosen this option if it were available.
To address the growing demand for instant payouts, some gaming companies have started offering this option. For example, Caesars Sportsbook has partnered with Ingo Money to enable push-to-card instant payouts within their app. This collaboration allows customers to receive their winnings in near-real time, significantly enhancing customer satisfaction and loyalty.
The survey highlights the importance of quick access to funds and convenience for consumers. Among those who prefer instant payments, 70% value quick access to their winnings, while 66% find instant payments particularly convenient.
Interestingly, consumers receiving payouts via cash and non-instant digital methods were generally more satisfied than those receiving payouts via digital instant methods. A staggering 87% of consumers receiving cash payouts expressed high satisfaction, followed by 75% of consumers receiving non-instant digital payouts.
While cash remains the preferred instant payment method for gaming, gambling, or lottery payouts, there is a rising demand for digital instant payment methods. Gaming companies have the opportunity to meet this demand and drive customer satisfaction by offering instant payouts as a free service to their most loyal customers. By capitalizing on this trend, gaming companies can enhance the overall gaming experience and stay ahead in this evolving landscape.