Withdrawal times are frequently cited as one of the most important aspects of an online sportsbook. With this in mind, there has been a buzz recently about the power that artificial intelligence has over influencing payout speeds.
As faster withdrawal times are a common request from online sportsbook fans, more companies have been working hard to stay competitive. This means more time and money invested into improving these features. Has the industry kept up with the demand? Find out below.
Why are withdrawal times important?
Withdrawal times are very important, as they are a critical part of the overall betting experience.
Compare receiving your money at a land-based venue with that of an online sportsbook. With a land-based venue, you essentially receive your money the moment you win. This is true for winnings credited straight to your member card, quarters falling out of a slot machine, and even receiving chips at a table designed for poker or roulette.
But with online sportsbooks, there is always a waiting period before your money arrives at the digital destination of your choice. This delay is exactly why fast withdrawal betting sites have become so popular among players who value quick access to their winnings. However, it’s important to understand that even though they may be the best and being the fastest, it doesn’t mean withdrawals are instant.
When you’re feeling the excitement of a jackpot or a big win, you want to celebrate and be in that same elated state of mind when you get your cash. This is why many people take withdrawal times at online sportsbooks so seriously. A bit of patience is still necessary, though, even at the fastest withdrawal sites.
How does AI improve withdrawal times?
Though many different strategies have been used to reduce withdrawal waiting periods, artificial intelligence is perhaps the newest method people are exploring. Most solutions applied to withdrawal times don’t use any kind of tech at all, making this an exciting development in the industry.
AI is being used in many different logistical applications, but a common thread to all of them is that AI is helping make various business processes much faster, thanks to its processing speeds and access to databases.
One important area is in verifying someone’s ID when they first register at an online sportsbook. This is not normally a long process, but thanks to AI, it is now even faster. This means people can experience shorter waiting times for their verification process to go through, meaning payments will be given the okay even faster, too.
AI is also helping businesses deal with fraud detection much faster. This is an important part of the payment process, as online sportsbooks need to make sure that the people they are sending money to are not only who they say they are but aren’t trying to pull a fast one on the sportsbook. Sometimes when a withdrawal is pending, it’s because the site is still in the process of checking for potential fraud. AI will help speed that process up considerably.
AI can even be implemented in the actual payment processing systems. Many of these tasks are performed manually, but when the speed and automation that AI provides is added, any task from simple data entry to complex transaction channel routing will be much faster.
What other factors influence payout speeds?
If you want to use an online betting site with the absolute best payout speeds around, it is important to check for other factors besides AI. Artificial intelligence is undeniably a powerful form of technology that is reshaping the fabric of online payments, but there are a few other things that also impact withdrawal times.
First is the actual payment method you will be selecting for yourself. Not all payment methods are equal – far from it, in fact. Different methods will yield different withdrawal times, even if just about every online casino or sportsbook offers instant deposits.
Major credit and debit cards – Mastercard, American Express and Visa – tend to have a 1-3 day withdrawal period. Major e-wallets, like PayPal, are usually in the same range.
For payment methods that offer the absolute fastest speeds, cryptocurrencies are by far the best choice. Though they aren’t nearly as popular as other methods found at online sportsbooks, they have grown in popularity over the years and are a little easier to find these days. The most widely accepted cryptocurrencies are Bitcoin, Ethereum, Litecoin and Tether.
Another major factor is the internal processing and staff quality of the site itself. Unfortunately, this is a much more difficult aspect to gauge, since this information is not listed on charts or FAQ pages of the official websites.
You can read user reviews to get a sense of how fast a betting site operates, though. Look through reviews or forums and check to see if comments mention anything about long processing times. As a rule of thumb, online sportsbooks with fast-replying customer support teams are more likely to have faster payment processing speeds as well.
The popularity of a site may also be a factor, as more people requesting payments means more time spent waiting in line, so to speak.
