Paysafe reveals changing pattern in gambling payments

Paysafe, a financial solution business, conducted a study and revealed a significant changing pattern in making gambling-related payments by online sports wagerers. This includes Canada, too. The study reached out to 3,000 people throughout multiple legal gambling territories, with Canada also in the picture.

As per the study, 78% of wagerers give the payment methods importance while selecting to remain connected with an online sportsbook. Local payment methods (LPMs) such as Interac and digital wallets are accessible in one country only. 17% of wagerers are inclined towards LPMs as in the US.

Throughout the world, debit cards and digital wallets are the most popular payment methods. Going in debit card’s favor is 38%, and for digital wallets, it stands at 37%. The VIP gamers are the ones who wager between 5-7 times every week, and they prefer digital wallets.

The Canadian gambling news shows the increasing inclination towards alternate payment methods (APMs), such as cryptocurrencies. As per a 2022 Bank of Canada statement, Bitcoin ownership fell from 13% in 2021 to 10% in 2022 during price drops and stricter rules.

Despite the insatiable market conditions, the study reveals that 50% of gamers are inclined towards utilizing crypto payments wherever accessible. The US sees the maximum amount, representing 58% of gamers preferring the method.

According to the President of Global Gaming at Playsafe, Zak Cutler, the study shows the importance of payments in the case of sportsbook operators in all the different phases related to gamer exposure. Operators who can offer multiple options for making payments will be ahead of the competition.

Considering the link between payment exposure and retaining gamers, operators must carry out a balance in terms of the mode of payment. This involves scaling their cashiers to offer various options, considering the observed shifting pattern.