The rate at which online casinos in the Philippines keep improving is quite impressive. As of 2022, the gross gaming revenue from online games in the Philippines is about Php 117.0 billion (US$2.04 billion). Of course, this figure is unprecedented. According to an Asia-Pacific consultancy firm, the figure will reach US$10 billion by 2027. Hence, that is statistically amazing.
The role of payment methods cannot be underestimated in any gambling house. The systems are beneficial to both the betting house and the gambler. How else would one deposit or withdraw funds after hitting the jackpot without a payment method? Different payment methods are used in the Philippines’ online casinos today. The most common are mobile wallets, cash, credit or debit card, bank transfer, and buy now and pay later. Besides, the numbers of payment methods used vary from casino to casino. That is, some online casinos allow the use of more than one payment system, while some don’t.
Below are the importance of various payment methods in online casinos in the Philippines.
Boost Trust and Security
No gambler uses an online casino with a fickle means of withdrawal or deposit. This is because such a payment platform will cause time wastage. It will also make the player lose funds. As a result, gamblers lose trust and confidence in any gambling house without trusted means of withdrawal. To boost gamblers’ trust, online gambling sites like https://onlinecasinohex.ph/casinos/gcash/ ensure to adopt a variety of payment gateway. This enables players to choose any system that they are comfortable with.
The use of various famous withdrawal methods is beneficial to the betting house in several ways. The most important one is security. Discovering that gamers use dubious means to deposit or withdraw funds from the casino would be unseemly. Hence, most of the prominent payment systems are developed with high-end technology. This ascertains that funds are thoroughly screened when deposited or withdrawn.
Improve User Experience
The level of convenience and speed varies in payment platforms. In terms of comfort, some methods of withdrawal are better than others. Some payment systems are straightforward to use on mobile devices. Since many gamers worldwide prefer to play on mobile devices, having a variety of payment gateway in online casinos is very important. In terms of speed, these platforms are also faster than each other. Credit cards, for instance, process funds within the twinkling of an eye. However, systems like bank transfers may take too long before processing fund withdrawals. Some funding methods may delay the funds processing on weekends or public holidays.
Having several funding methods in an online casino means users can choose any convenient platform. Platforms that are faster and without any limitation, given whatever period and circumstance. They help promote customer loyalty.
Accommodation of Preference
Like other regions, the choices of payment methods by online gamers in the Philippines vary from player to player. Accommodating players’ preferences is not only beneficial to the player but also for the gaming platform. Statistics show that most online shoppers or players in the country prefer cash payment. However, there are still some levels of diversity regarding the usage of payment methods.
According to the survey, about 30% prefer mobile wallets, 19% prefer credit or debit cards, 11% prefer bank transfers, and 3% love other platforms. From this report, it can be deduced that every Filipino has a way of shopping. Therefore, for a gambling house to have only one funding method won’t make sense. For any online casino in the Philippines to attract a large demographic, such a casino must have various payment methods. Each gambler can get to choose any method that is best suited for them.
Boost the Casino’s Revenue and Lifespan
Every gambler worldwide loves variety. Philippine’s players are no exception. The survey conducted by Statistica (where about 30% of online shoppers prefer Apple Pay and 19% prefer credit/debit cards) further corroborates the fact. Philippine’s players love diverse means of funding. In this vein, gamblers will frequent betting houses with a variety of methods for financing, compared to the ones with a single system. Thus, increasing the numbers of revenue generated by the betting houses.
The amount of revenue generated by online casinos can also determine if a gaming house will last long or not. If the revenue generated by a gambling house is meagre, it can lead to the demise of such a casino. However, the gambling house will stand the test of time if it generates higher income. Gambling houses with several funding methods will last long in the market. This is because the number of funding methods used by casinos determine how much revenue they generate.
Without much ado, it will be advantageous if every online casino Philippines starts using various payment platforms. By doing so, they will increase their global recognition. They will also increase their lifespan in the market. Apart from that, proffering several funding methods will improve players’ confidence. It will also improve their trust in online gambling houses. Notably, several funding methods will bring the dream of all online gambling houses to reality by increasing their revenue.
About the Author
James Werner is the content manager and editor at onlinecasinohex.ph. With about 10 years of involvement in the gambling and gaming world, he has garnered relevant experience. His knowledge has helped many users and other casino players shape their gambling life. He’s willing to do more by sharing reviews, tips and reliable information about casinos.