When money is the product, as it is in online sports betting, a safe and increasingly instant pay in and pay out customer experience is key.
With 26 states plus Washington, D.C., having legalized online sports betting, and 23 of those states now live, dozens of sportsbooks have sprouted up to tap that opportunity. Now it’s a question of how easily and securely money can move in and out of player accounts, creating an experience consistent with the ease, convenience and immediacy of payout winnings at physical casinos.
“I think the biggest point of friction we hear is while [sportsbooks] have instant payout options, they don’t always release the funds instantly because there’s a risk management process in the middle, so it’s instant from the time the operator releases funds,” Drew Edwards, CEO of Ingo Money, told PYMNTS’ Karen Webster.
Contrast this with the experience of online payments in verticals from insurance to tipping, which are now often paid on instant terms. In this environment, Caesars Sportsbook partnered with Ingo Money in 2022 to deliver near-real-time payments to players in Caesars’ ecosystem.
“I believe it’s table stakes for people that are used to a gaming experience,” Edwards said. “We’re also hearing from our partners in the space about the desire to either get my winnings or the money I didn’t lose, whichever the case is, back, sometimes so that I can take advantage of another operator’s offer that’s on the…
