As the popularity of online and mobile sports wagering increases, players often must wait days to receive their winnings from betting apps that rely on older payments methods.
Real-time payments over the RTP® network allows sports wagering players to receive payments immediately after they request access to their winnings, resulting in higher customer satisfaction.
The payment of winnings from sports wagering apps is generally made through an ACH payment to the player’s bank account. While ACH is a reliable and familiar way to make payments, it has some drawbacks. The player may need to wait days before having access to their money as ACH payments are not 24x7 and sometimes do not settle until the business day after they are sent. Sports wagerers who are looking to access their winnings will regularly check their bank account to see if the money has been transferred and often call the betting app provider or their financial institution to find out the status of the payment. The uncertainty of when the payment will be received hurts the user experience and the subsequent calls to the betting app or financial institution call center increases customer service costs. Real-time payments over the RTP® network removes the uncertainty about the payment and the unnecessary friction occurred during the traditional payment process.
Providers of payments technology for iGaming and sports wagering, such as Mazooma-Nuvei and others, are providing real-time payments to sports wagering apps through many different financial institutions. With real-time payments over the RTP® network, players can receive their payment from sports wagering apps the second they initiate the transfer. The result is a smoother transfer process that removes any doubt from a player about when they will receive their money and increases customer satisfaction for the betting app.
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