‘Players care most about receiving their wins instantly’: Why firms should prioritise payout speed

Turbo Games’ highly vocal advisor, Slava Zhuk, has encouraged iGaming operators to prioritise the speed with which players are able to withdraw their winnings.

Taking to social media, Mr Zhuk posed the question: “What is extremely important to the gambling audience?”

The answer, he has found, is “fast payments.”

In his words, “players care most about receiving their wins instantly.”

Mr Zhuk is backed-up by prior studies, including one released last year, by Worldpay from FIS, titled: ‘Power Your Payments.’

The survey, conducted in mid-2020 and consulting 33,000 customers from 12 countries, found that the vast majority (70 per cent) of players factor in the speed of payout when deciding which company to use, requiring a payout time of ideally under 30 minutes.

Fast payouts have become increasingly achievable for iGaming operators in recent years, due in large part to the growth of innovative and quick e-wallets, such as PayPal, which facilitate almost instant transactions at lower fees to their traditional banking counterparts.

Another option some companies are trying is the use of cryptocurrencies, which are popular for their anonymity and low fees, but also because they bypass inefficiencies of traditional banking processes.

As Mr Zhuk acknowledged, however, fast payouts are not always a possibility, especially in cases where players win major jackpots.

Regardless, he said: “The best gambling companies withdraw relatively small amounts of money immediately. So, organise it this way.”

While Mr Zhuk’s post focused on the payout speed, there are a number of other important characteristics to an effective and appealing payment system for operators.

Notably, the aforementioned survey found that it was important to customers to deposit to their accounts with their desired method.

According to the report, 27 per cent of players drop out and consider using a different company when they can’t pay the way they want.

This requires operators to embrace a range of payment methods, aside from simply credit or debit card payments, which less than half of players surveyed preferred to use.