Technology has transformed every aspect of sports betting over the last decade, from the way that people research and compare odds to the way they interact with operators, betting platforms and other players, and the types of bets they place. In order to compete in today’s marketplace, operators need to ensure their end-customer experience and internal operations are optimised to the fullest to be able differentiate themselves and keep ahead of the competition.
The payments hamster wheel
Payments is a crucial step of any online operators’ road to success. The modern sports bettor, now more than ever, requires the ability to make a deposit or withdrawal quickly and securely across any device and via their preferred payment method. As a result, many operators may find themselves trapped in a never-ending cycle, balancing ‘business as usual’ tasks and the need for innovation.
Highlighting payments performance
These is one area where there should be more focus - payment performance. Every gaming operator’s payment infrastructure differs. It is crucial they have a thorough understanding of each specific component of their payments process and how it is performing currently.
Performance starts and ends with data
This will allow them to work with their providers to navigate the complexity of payment processing. The goal is to identify specific, tangible areas for improvement.
Improving payments performance is all about identifying and utilising meaningful data, analysing that data, benchmarking it, and then enforcing a strategic plan to improve and optimise the process.
“Data-driven decisions can deliver significant improvements across the entire payments economy, not just in terms of increasing acceptance but also in improving the customer payment experience”
Future-proof performance
Considering the pace of change and innovation within the gambling industry, as well as within the payments sector, the focus on payments performance needs to be ongoing. In fact, it needs to be the lens through which operators approach all payments decisions.
More on this topic from our SVP Gambling and FX Chris Smart is available on iGamingBusiness magazine.