There are a lot of things that determine the popularity of online casinos. The range of available games, initial deposits, fast payouts, and ongoing bonuses are all important. They help attract new players and retain existing ones. But, factors like reliability and customer satisfaction shouldn’t be overlooked.
One area players are especially interested in is the speed of deposits and withdrawals. While traditional online casinos can make players wait two to three days or more, modern instant casinos can pay out in less than an hour.
The rise of fast casinos
Traditionally, it takes at least two or three days before withdrawn funds reach the player’s bank account or credit card account. The casinos may only process payments in batches, every day or so, and the banks behind the payment methods take several days to process payments.
The instant casino model is different. It offers all of the same features, like a varied selection of games and generous bonuses, but payments are processed automatically and typically via quicker payment methods including cryptocurrency and digital wallets. This means players can receive their funds within 24 hours, and often within an hour, of hitting withdraw. And when crypto coins enter the formula, the payouts maybe even faster.
How exactly do casinos offer fast payouts?
Fast payout casinos offer benefits to players and the casinos themselves, but not all iGaming websites offer this functionality. Instant deposits do require that the casino itself has automated payment processes in place, rather than batch processing. Batch processing simply means that the casino waits until it has a certain number of transactions, or total transaction value before it submits the payments.
Some may process payments once a day or two or three times over a week. If players submit payments at the wrong time, this can add a one or two-day wait to an already lengthy processing time. The other factor that directly determines payment time is the payment method used.
Digital wallets
Digital wallets like Apple Pay, Google Pay, PayPal, and Wepay are convenient, and most people have at least one digital wallet now. They are linked to bank accounts and other payment methods, which means it can still take time for the user to gain access to usable funds, but once the money hits the user’s account, it is still there.
Digital wallets are secure and their prevalence makes them popular. However, users and casinos typically still need to comply with licensing requirements to gather Know Your Customer (KYC) details.
Cryptocurrency
A more recent fast payout alternative to digital wallets is cryptocurrency. Currencies like Bitcoin, Dogecoin, Tether, and Ripple, for example, have become popular with iGaming and betting websites because they are rapid and inexpensive. And because they run on the blockchain, payment processes can be automated. This means withdrawals can be completed within a matter of minutes.
However, users do need a cryptocurrency wallet and some experience dealing with cryptocurrency. Some users are put off by the volatility of cryptocurrency, although the currency Tether is tied to the value of the dollar, which means it doesn’t suffer the same sharp price movements as others.
The benefits of fast payouts in iGaming
The following benefits for both players and iGaming providers derive from timely payouts:
Enhanced trust
Even when casinos provide a detailed outline of how long payments will take, a three-day wait for a cash withdrawal can feel too long. Gaming is supposed to be fun, but payment anxiety can completely erode the fun. A fast payout reduces the anxiety that can accompany waiting for payment. Trust is a big factor in the relationship between the casino and its players.
Casinos advertise their security policies and practices, offer links to their licenses, and promote various other ways that they offer a trustworthy and reliable service, even including social proof. But, arguably one of the best ways to build a sense of trust, is to offer fast payouts.
Increased player satisfaction
People play casino games, slots, and poker in the hope of winning money. This means, at some point, most players will reach a point where they want to withdraw cash. It’s an exciting moment in a casino player’s life and one that shouldn’t be marred by delays and slow processes.
For the player, a fast payout means they can see their winnings in their account or wallet straight away and this retains the feeling of excitement. From the casino’s point of view, this increased excitement means that the player will be more likely to return and place more wagers on their site. It really is a win-win situation.
Player retention
Player retention is driven by many factors. A casino needs intuitive software, high-quality games, and a good variety of bets for players to enjoy. It needs good customer service and it has to build trust and satisfaction with its players.
Fast payouts help build trust and they foster a feeling of satisfaction, so they help with customer retention. For the casino, customer retention is vital. According to studies an increase in customer retention of just 5% can lead to an increase in profitability of between 25% and 85%, showing that customer retention is at least as important as attracting new customers.
Better cash flow management
Cash flow is important to players. Effective cash flow management means individuals know how much they have to spend. If payments take days to submit and process, and withdrawals take the same time, it means players don’t always know exactly how much money they have, or where it is. This can make it difficult to budget.
With instant deposits and withdrawals, even players with multiple accounts have a better understanding of their betting balance. They will be able to budget more efficiently and manage their bankroll without overspending.
Fast payout casinos offer faster deposits and withdrawals which offers an improved experience to players. From the casino’s point of view, an improved customer experience means improved customer retention, while a strong reputation with other players will also help attract new players. Fast payouts are usually facilitated through automated casino processes, but also through the use of technologies like digital wallets and cryptocurrencies.
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