A new survey from Paysafe reveals interesting trends among sports bettors about how they prefer to fund their wagers and how they choose which sportsbooks to use.
In Comped’s analysis of the survey results, two takeaways stand out the most:
- Credit cards aren’t as prevalent as you may think for deposits.
- Bettors care most about how quickly they’ll receive their payouts when choosing among sports betting platforms.
Let’s dig into those two topics — as well as a handful of other eye-opening findings from the survey.
Debit cards nearly twice as popular as credit cards
Paysafe, a payment processing, digital wallet, and online cash solution, surveyed 4,000 “active or prospective sports bettors” from the United States, Canada, Argentina, Colombia, Ecuador, Mexico, Peru, France, Italy, Romania, Spain, and the United Kingdom for this survey.
In the US, it specifically polled bettors in Florida, Louisiana, New Jersey, New York, Pennsylvania, and Tennessee.
Among those US bettors, when asked to name up to three preferred deposit methods when using online sportsbooks, 49% listed debit cards — the highest percentage of any method. A close second was digital wallets like Venmo or PayPal, at 44%.
Then, a distant third was credit cards at 27%, followed closely by direct bank transfers at 24%.
The rest of the listed methods went as follows:
- Online cash, 18%
- Local payment method, 16%
- Other, 1%
These findings reveal two things:
One, digital wallets like Venmo are surging in popularity in the US (this deposit method is up 1% globally, per the survey). These mobile-first digital wallets are especially popular among younger generations. As those generations become a larger chunk of the sports betting population, we may see options like Apple Pay or Cash App creep closer and closer to debit cards in rankings like these.
Two, certain lawmakers around the country are probably thrilled to see credit cards so far behind the top two options. There is growing legislative momentum in the US to bar credit cards from online gambling. Several states — including Tennessee, one of the states polled in this survey — already don’t allow residents to bet with credit cards. In its model legislation for legalizing online casinos released in late 2024, the National Council of Legislators from Gaming States recommended leaving credit cards off the approved deposit options list.
“Credit cards were banned years back on these shores,” Jordan Reay, an England-based sports betting consultant who works with Playtech, told Comped in February. “In reality, someone should never bet on credit.”
Money factors more important than actual betting factors
Only bettors in Romania care more about quick payouts than US bettors, per Paysafe’s survey.
Respondents were asked to list up to three important factors when considering sportsbook options. In the US, 41% said “quick and easy payouts” — the most of all factors, and a higher percentage than all other countries surveyed except Romania, where it was 42%.
Second place in the US belonged to “a brand I trust” at 34%. The ability to deposit and withdraw money using a preferred payment method came in third at 29%, and rounding out the top five were “quick and easy deposits” and “good promotional offers” at 27%.
Here’s how the rest of the factors ranked:
- Good odds, 25%
- A better user experience, 19%
- Ability to bet on multiple sports and events, 17%
- VIP/loyalty rewards, 14%
- It’s where my friends bet, 10%
- A brand that sponsors sports teams or has sponsorships in sporting, 8%
- Ability to bet with the same sportsbook in person, 8%
- Don’t know, 2%
Perhaps the most compelling takeaway from this portion of the survey was the prevalence of money-related factors over actual betting-related factors. Four of the top five dealt in some way with money. The first wagering-related factor was “good odds” and that came in sixth place.
These survey results support the notion of prioritizing brand recognition and fast payouts over having the best odds and betting markets.
Transaction security is a worldwide priority for bettors
The Paysafe survey didn’t break its results down by country for most of the other results, but some global findings were also interesting.
Like this: 78% of respondents said they were “receiving the payment experience I am looking for with the online sportsbook brands I am wagering with” while only 6% said they weren’t.
Respondents were also asked what they care most about when depositing in an online sportsbook. They could list up to three reasons. Here were the results:
- Security of the transaction, 41%
- Speed of deposit, 34%
- Ease of making the deposit, 27%
- Availability of customer support if there is an issue, 19%
- Privacy of betting activity, 19%
- Availability of alternative payment methods, 18%
- Cost of completing the transaction, 18%
- Familiarity with the payment method, 18%
- Loyalty programs/VIP benefits, 12%
- Availability of local payment methods, 12%
- High or no transaction limits, 10%
- None of the above, 1%
- Don’t know 1%
