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How to Increase iGaming Player Conversion and First Time Deposits

Gaming
March 25, 2024
Morgan Shearer

In the iGaming industry, converting players can be difficult and expensive, particularly when it comes to first time deposits (FTDs). This is caused by growing competition and increasingly expensive promotions, bonuses, and incentives that effectively pull players in multiple directions, making it hard to stand out. 

When a player reaches the point of decision and doesn’t make a FTD, the reason for abandonment likely comes down to two factors; incentivization and/or deposit experience. 

The 6 tactics in this post will help improve your player conversion rate and maximize first time deposits. 

1. Carefully incentivize first-time deposits

Incentivisation is an easy and obvious starting point. The most profitable iGaming operators, spend up to 18% of their gross revenue on bonuses in order to attract new customers.

Free picks and first-time deposit bonuses go a long way to drive FTDs, however there is a fine line to keep in mind. Over-promoting will cut into margins and limit profits. While under-promoting may deter more first time deposits. You’ll likely need to play around with your incentives to find the right balance.

Additionally, gaming companies should be mindful of bonus abuse, or the process of signing up to a service multiple times using marketing offers normally intended for new users. This type of multi-accounting fraud is common for no deposit bonuses such as free spins, free picks, or free cash. 

To detect bonus abuse, your iGaming fraud prevention tool should be able to read human behavior, including:

  • Time to register: Scammers might take less time to register since they’ve done it before.  
  • Wagering/behavior to withdrawal/cash-out ratio: When there is a shorter time span between registration and withdrawal or chip dumping when the account is fake. 
  • Preferred games: Certain games will tend to attract more fraudsters than others, especially low odds games that minimize risk.

2. Offer multiple deposit options 

PayPal found that 59% of consumers have abandoned their carts when their favorite payment method was unavailable. So when a new player gets to your payment page, you better offer their deposit method of choice. 

The most popular iGaming deposit methods are typically the most user-friendly and effective. For example, online bank transfers are a preferred deposit/withdrawal method because they link a player’s bank account and allow instant pay in and pay out options.

Generally, the standard deposit methods for iGaming include: 

  • Online bank transfers (most effective)
  • Credit/debit cards
  • Digital wallets
  • Cryptocurrencies

To ensure interested new players make their first time deposit and currently enrolled players return, make sure to offer a variety of deposit options. 

3. Facilitate easy withdrawals

A new player is more likely to deposit money when they’re confident in an iGaming site’s withdrawal process. Easy access to funds equals greater confidence in your platform and at this point, instant withdrawals are virtually non-negotiable. 

An instant withdrawal gives players the freedom to choose when to cash out, a feature that’s becoming standard in the iGaming industry thanks to services like Aeropay

iGaming companies can leverage Aeropay's Real-Time Payment (RTP) network for instant payouts to customers. We enable instant withdrawals for top gaming companies like PrizePicks, the largest fantasy sports operator in North America. 

4. Customize your payment experience

Convenience and seamlessness are top goals for iGaming deposits. When the checkout process is integrated into a gamer’s mobile app and website, it minimizes friction for prospective first time depositors and enhances their experience—improving the likelihood of that deposit. 

Online gaming companies should embed and customize their payment offerings so they’re branded and easy to use. 

Aeropay’s Payment API offers gaming companies the freedom to build a deeply embedded payment experience. Meet and exceed your audience’s expectations, ensuring a positive user experience every time and increasing your conversion rate. 

5. Enable one click deposits

At the point of deposit, less friction equals higher conversion rates. Seamless experiences like Aeropay’s one click deposits offer a level of speed and convenience that maximizes conversion and increases return deposits. 

Get the most from your iGaming payments solution

Aeropay is more than a payment processor; we’re a partner. Our customizable and tailor-made online banking payment solutions help gaming businesses step into the future and drive higher player acquisition and retention. 

Learn why Aeropay is the trusted solution for online gaming giants like PrizePicks by booking a demo with our team today.

Author

Morgan Shearer

Enterprise Account Director
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