Online Sports Betting is Here. Now what?

FinTech’s like EML are set to play an increasingly important role in helping Online Sports Betting companies meet player expectations in the new U.S. sports betting market.

Expectation #1: Placing wagers must be fast and hassle-free, whether done in person or online.

Reality: Since the Supreme Court struck down a federal ban on sports betting last May, seven states have passed legislation for players to legally gamble on sports – New Jersey, Pennsylvania, Rhode Island, Delaware, West Virginia, Mississippi and New Mexico. (Sports betting has been legal in the state of Nevada since 1931.) With all the excitement in these new markets it’s no wonder players are ready to get in on the action. There’s just one caveat. Funding gaming accounts, especially with online operators, has been one challenge after another.

Most operators allow players to fund their accounts via three options: credit card, debit card or bank transfer. The problem is most credit card companies and banks decline online gambling transactions because they have yet to update their online gambling policies to reflect these changes. And until all states legalize online sports betting, things will most likely stick with the status quo.

EML has been working with sportsbooks throughout Australia and Europe for a number of years to help them introduce easier ways for players to transfer funds into their accounts via a reloadable card. Using this card means players can transfer as much as they want with no banking denial.

Expectation #2: Accessing winnings must be easy and immediate

Reality: It makes sense. You place your wagers and, if you win, receive your money fast, quick, and easy. But that’s not exactly how it works for online players in these states. Most operators allow you to access your winnings either through a bank transfer, mailed check, or participating casino. Players enjoy the thrill of winning only to discover they must hop in the car and drive to a casino that might be miles, if not hours away, or wait several days to collect their winnings. This results in a significant drop off in recurrent betting with the operator and an all-around poor experience for players new to the market.

EML’s experience outside the U.S. has resulted in the development of a seamless experience that offers players immediate access to their winnings via a general payments card. These winnings can either be directed back into their online gaming account or accessed online, in-app or at an ATM.

Expectation #3: Players must be able to place wagers with all casinos and sportsbooks within their state

Reality: New sportsbooks are popping up every day, but the reality is most states offer very few options when it comes to online sports betting. Aside from a few online sportsbooks, casinos and racetracks, online sports betting options remain fairly limited for new players. This shouldn’t come as a shock, especially considering all states, with the exception of Nevada, are new to the sports betting industry.

Over time, the addition of new competitors in online betting should help to level the playing field. Until then, players might be surprised by their lack of options and easy access to place bets and collect their winnings.

EML’s experience in Australia and Europe has shown strong partnerships with sportsbooks supported by general purpose reloadable card technology make many of these expectations easier to satisfy. Our solution allows users to enjoy a seamless funding experience without the hurdles of most other gaming operators. Instead of waiting days to access their winnings, EML cardholders payouts can be pushed back into their gaming account or used online, in-store, in-app or at ATMs.

EML is excited to share our experience with our new U.S. partners to help them exceed player expectations and make online sports betting an enjoyable experience for all. To learn more about EML‘s gaming solutions, contact us.