Booming! A word that truly reflects the online gaming industry’s growth. Recently, regions such as Ontario have opened up their iGaming market, indicating strong demand for regulation. But with new beginnings come new challenges. iGaming merchants face the daunting task of creating the best betting experience for customers in a newly regulated market. While payment solutions may seem like an unlikely solution, they are a necessary tool for tackling this challenge.
According to a survey conducted by PayNearMe and Sapio Research with more than 2,000 participants in 19 US states, 49% of players mentioned that a positive betting experience was the most important aspect of betting online. An important part of that positive betting experience relies on the availability of diverse payment solutions. For this reason, teaming up with the right payment partner in a new iGaming market like Ontario is crucial. Companies such as Paramount Commerce, offer payment solutions such as INTERACⓇ, Instant Bank Transfer, and INSTADEBIT. These solutions provide a lot of advantages for players. Consumers in Ontario benefit from strong bank connections to all major Canadian financial institutions, higher acceptance rates, an innovative risk management system that helps in fraud prevention, and industry-leading conversion for new and repeat users.
In the PayNearMe and Sapio Research survey, 49% of players also indicated they would play more and withdraw more often if they had the payment options they wanted. Providing customers with well-proven solutions such as INTERAC or Instant Bank Transfer will allow them to deposit and withdraw money the way they want. Offering payment options with an established player base will help in building trust between the player and merchant. And as time progresses, the integration of these products will keep bringing more customers which will result in brand loyalty as well.
The demand for regulated gaming markets is growing day by day. Merchants moving into new provinces and regions will need to incorporate creative ways to reach their audience, but also convenience them to stay. Payment solutions will be an important tool in creating a much smoother gaming experience that will benefit both players and merchants in a newly regulated gaming market.