5 factors preventing gambling players from checking out

In 2022, the global online gambling market reached a valuation of $63.53 billion. It is projected to experience an impressive growth of 11.7% annually from 2023 to 2030. The rise is attributed primarily to the increasing internet penetration and adoption of mobile devices by online gamblers worldwide.

With that in mind, attracting and retaining customers in such a competitive market is both a challenge and a crucial strategic priority. In this article, we delve into potential reasons that may hinder the flourishing of online gambling businesses and eat into their conversion rates.

What prevents gambling players from checking out: 5 main reasons

The key metric for evaluating a gambling business's performance is conversion rates. It measures the percentage of visitors who take a desired action – make a deposit or place a bet. Our Lead Customer Success Manager shared the insights on the factors that harm conversion. Below is the list of what hinders potential gamblers from completing their transactions.

Payment page loading time

A slow-loading payment page can frustrate users, leading to a negative user experience. Users may become impatient and abandon the transaction, decreasing the conversion rates.

In gambling, users often make spur-of-the-moment decisions to place bets or make deposits. Slow loading of a payment page can disrupt this impulse and cause users to second-guess their decision, potentially leading to a lost conversion.

Daria

Lead Customer Success Manager at Corefy

Considering the online gambling market competitiveness, users have many options available to them. Thus, they may even choose to go to a competitor's platform if a payment page is slow. A fast and efficient payment page is crucial for maintaining high conversion rates in gambling payment processing.

Hosted payment page design

The hosted payment page (HPP) should have an intuitive and easy-to-navigate interface. Users should be able to quickly understand where to input their payment information and complete the transaction. A complicated or cluttered design may confuse users and lead to abandoned transactions. Moreover, the HPP design must align with the design of your website, ensuring that users have confidence in the transaction and are not suspicious of any fraudulent activity.

Website URL changes

Users tend to trust websites with familiar and reputable domain names. If a URL looks strange or suspicious, it may raise doubts about the legitimacy and security of the website. It can lead to a lack of trust and deter users from completing the payment process. Additionally, users may be wary of potential phishing attempts that can hinder their willingness to deposit. Prioritising a clear and secure URL is essential for building user trust and ensuring a positive payment experience.

Users care deeply about keeping their personal info and money safe. Seeing an odd URL can raise a red flag, hinting at a possible fake site or scam. So, it's super important for online gambling businesses to make sure they pay for their domains and certificates on time and avoid changing their URLs.

Daria

Lead Customer Success Manager at Corefy

Payment declines

Payment declines create friction in user experience. Especially if the problem is off the user's end. It may frustrate gamblers, causing suspicions about the website's security or payment process legitimacy. It increases the likelihood of users abandoning the transaction and leaving the site, resulting in lower conversion rates.

Ensuring the utmost convenience in the users' payment experience is crucial. Businesses can achieve this by integrating multiple gambling payment providers to have failover options in case one or more are unable to process the transaction. It enables online gambling merchants to establish robust payment routing and cascading schemes, allowing each transaction to be processed through the optimal route.

Absence of the ‘Remember me’ feature for card payments

The 'Remember Me' feature allows users to save their payment information for future use, making it convenient to make repeat transactions. Without this feature, users must manually enter their payment details each time they want to deposit. It can cause errors and be time-consuming, especially on mobile devices with smaller screens. Moreover, having to reenter data may lead to impatience and frustration, causing some users to abandon the transaction before completion.

To grasp the significance of the ‘Remember Me’ feature, glance at one of our client's payment analytics: the green bars represent transactions made with newly inputted card details, while the yellow bars represent those made with saved cards. The ratio depicted here speaks volumes about the feature's impact.

Daria

Lead Customer Success Manager at Corefy

Also, in gambling, users often make impulsive or spontaneous bets. Without the 'Remember Me' feature, the extra step of entering payment information may cause them to reconsider or abandon these impromptu transactions.

Conclusion

These five factors can contribute to a negative user experience and potentially lead to lost conversion opportunities. To maintain high conversion rates in this competitive market, online gambling businesses must prioritise user convenience and trust in their payment processes.

How Corefy helps online gambling businesses thrive

Corefy's comprehensive payment processing solution for online gambling addresses the specific challenges faced by this type of business. By optimising user experience, increasing trust, and minimising potential payment hurdles, Corefy empowers gambling merchants to thrive in a competitive market and capitalise on the projected growth in the industry.