E-wallets As An Online Sports Betting Payment Solution
May 28 2021The online sports betting market is experiencing dramatic growth and is now worth over $46bn a year and expanding at an annual rate of 10.1% globally.
Betting on a sporting event online has been popular in countries like the UK since 2005, when their new Gambling Act made it easier to do so. Led by football (soccer) and horse racing, some £2.3bn of remote bets were placed in the UK between April ’19-March ’20.
Meanwhile, in Asia the online sports betting market is worth $25bn and is fast catching up with the established Internet gaming market.
Types Of Payment Solutions For Online Sports Betting
As the already competitive market for online sports gambling increases, established and new online sports betting businesses need to be able to meet consumer needs.
It is no good setting up a slick online platform that caters for multiple bet types and markets such as spreads, fractional odds, exchange betting, accumulators, forecasts, and speciality bets, only to fail because your payment solution is unreliable.
If you are setting up a betting business your online platform has to be mobile-enabled, for example, as this is a major area of growth.
In this day and age, you will need to offer a wide range of payment choices to suit your customers’ needs – and certainly process their electronic payments quickly and securely.
Online sports betting companies may offer several ways to accept payments, such as:
- E-wallets, like STICPAY
- Online bank money transfers
- Debit and credit card, or pre-paid cards
- Bank Standing Orders and Direct Debits
- Transfers from third party money transfer operators
Credible payments solutions help to build credible businesses. And the main considerations for online sports, e-sports or gaming merchants when offering their customers ways to pay are:
User experience: With in-play and live betting so popular, it's important to select payment solutions that are fast and user-friendly. Online gamblers often need to deposit and withdraw funds quickly. And select payment gateways that allow customers to transact in their native language, national currency and via local payment methods.
Costs and terms: Payment providers all have different fee structures which might include initial set-up costs, monthly or yearly subscriptions, and percentage fees or fixed fees per transaction. There may also be restrictions on the volume of transactions per month, depending on the service chosen.
Multiple currencies: If you have an international customer base you will want to accept multiple currencies and maybe cryptocurrencies such as Bitcoin, Litecoin and Ethereum.
Security: Look for a payment provider offering high levels of security and anti-fraud measures.
The Benefits Of E-wallets As A Payment Solution For Online Betting Sites
E-wallets are electronic applications for depositing, managing, spending, transferring and withdrawing money. Users put funds into the wallet using a variety of payment methods, with STICPAY, for example, offering the following options to its customers:
- Visa
- MasterCard
- UnionPay China
- Bank transfers
- Cryptocurrency (Bitcoin, Litecoin, Ethereum).
With so much online sports betting now done on mobiles, integrating e-wallets as a payment gateway is an excellent option - often with added benefits for customers.
For example, STICPAY has launched a new betting cashback programme with betting partners which rewards those who enjoy online gaming with monthly cashback deals and special joining promotions. This is a great way for companies to find new customers.
STICPAY for merchants is:
Ultra-secure: Merchants and gamblers are monitored with thorough KYC (Know Your Customer) and AML (Anti Money Laundering) checks.
Technology-friendly: STICPAY supports PHP. To accept payments online, sports betting businesses can integrate STICPAY as a payment solution directly into their platforms via an Open API and easy to understand documentation.
Highly cost-effective: Merchants are charged a competitive 2.5% + $0.3 fee for processing fiat and 1.8% for accepting cryptocurrency transactions.
A global solution: STICPAY is available in over 190 countries in 19 languages and with 29 fiat currencies and three cryptocurrencies supported.
Easy to set up: Once your account is successfully created and verified, businesses are issued with a unique merchant ID, allowing them to create multi-currency accounts.
Flexible: Your customers have many payment choices for deposits and withdrawals, including Visa, MasterCard, UnionPay China, cryptocurrency, and bank transfers. Users can access the service via redesigned iOS and Android smartphone apps.
Customer-focused: STICPAY offers 24-hour customer service with a dedicated support team.
Our e-wallet solution is a robust payment gateway for online sports betting merchants and it only takes a few minutes to get started.
Are you ready to offer your payments with STICPAY? Open a merchant account with STICPAY now!
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