Play and stay: faster withdrawals the key to player loyalty
Trustly is a solution provider of fast payments and withdrawals. To understand the value of this to the average player on a gaming site, we surveyed 1,700 people across 9 EU markets. Trustly’s Head of Commercial Strategy, Ciaran O’Malley, highlights some key insights revealed on improving conversion and strengthening player loyalty.
Operators spend massive resources to attract players to their site, only to have them churn at countless points of friction. About 24% of players end up dropping out during the registration process, according to Jumio’s ‘Mobile gaming registration and deposit abandonment’ study. And even players that survive registration aren’t guaranteed to proceed with a deposit: CRM specialist Optimove revealed that only one in three players who registers makes a deposit within 24 hours. At this point, operators pour in even more money to activate these players.
Many of those players will subsequently be lured away by sign-up bonuses and deposit promotions offered by other sites anyway, leaving operators with a poor return on their acquisition and reactivation investments. With such dismal retention rates, player loyalty can feel like a fallacy.
So what’s an operator to do? The approach in achieving loyalty varies, but can include the introduction of new games, deals or competing on bonuses. It’s quite challenging, however, to achieve long-term impact.
To understand what players really want, Trustly, solution provider of fast payments and withdrawals, surveyed 1,700 people across 9 EU markets. We found that providing a better payments and registration process would improve conversion as well as player loyalty.
According to the survey, almost all players – 94% – want instant access to their winnings, and 80% said they would frequent a site that could offer this service.
Instant Withdrawals increase Player Lifetime Value
of players want operators to offer withdrawals instantly.
of players would appreciate the experience more if offered instant withdrawals.
This sentiment was especially strong in Spain and Poland, where over 90% of players stated they would enjoy the experience more with instant withdrawals. And among the more frequent players, the desire is even stronger: 87% say they would be happier with instant withdrawals.
Beyond offering speedier withdrawals, operators can differentiate themselves from the competition through a sleeker player experience. With Trustly’s Pay N PlayⓇ solution, a player does not have to go through a process to register per se, but only has to make a deposit via his or her trusted online bank. This drastically boosts conversion because by bundling the registration and deposit steps, there is no chance a player will register but not deposit.
As the player makes a deposit, Trustly extracts necessary information from the player’s bank account to fulfill KYC requirements. Trustly then delivers the data to the operator, who can register the player account in the background. This means the player doesn’t have to fill out lengthy forms or submit copies of bills or their identification document. Simulations show an 80% drop in the time (from 195 seconds to 39 seconds) to register and deposit. During this step, operators can also verify the player’s identity and age, ensuring that he or she is allowed to play. It streamlines the registration and deposit steps, and also ensures that operators stay compliant with increasingly strict KYC regulations.
According to Trustly’s internal data, players who have tried Pay N PlayⓇ divert 75% of their deposits from traditional gaming sites to Pay N PlayⓇ sites, which is perhaps the best measure of stickiness.
When Trustly first introduced Pay N PlayⓇ, many operators were skeptical that offering faster withdrawals could yield financial benefits. But almost five years later, with over 100 brands using the solution across several markets, the game-changing product proves that faster withdrawals coupled with a frictionless player experience is the key to unlocking player loyalty.
Ciaran O’Malley is Trustly’s Head of Commercial Strategy and an expert in fast payments.
Want to know more about Pay N PlayⓇ and the power of fast payments? Get in touch.