Unlocking Games Revenue: Player Behavior and Payment Trends in the West

Unlocking Games Revenue:
Player Behavior and Payment
Trends in the West

2
Table of contents
Introduction & Foreword 03
The Games Market Landscape 06
Spending Behavior 15
Spotlight Interview 19
Key Takeaways 25

3
Introduction
Welcome to Unlocking Games Revenue: Player Behavior and
Payment Trends in the West , powered by Tebex and Newzoo.
As the games industry continues to evolve, so too do the ways
games are delivered, monetized, and experienced. From premium
titles to free -to -play, and from traditional storefronts to user –
generated content platforms.
Alongside this, the variety of payment methods available to players
has also expanded. It’s now more important than ever for
developers and publishers to understand not just how players pay
and what options they prefer, but also why they choose to spend.
While core monetization models like live services and
microtransactions remain consistent, the way players think about
spending is changing. This is especially noticeable in North America
and Europe, where growth in new payers has slowed .
Drawing on Tebex’s deep knowledge of payment behavior , having
processed over $1 billion in transactions, and Newzoo’s player
research, this report takes a closer look at how player motivations
and habits influence spending behavior , and how payment
experiences shape those decisions.
Minh Tue Le Ngoc
Sr. Consultant, Newzoo
Newzoo is the global leader in PC and console
games data. We provide best -in-class,
proprietary data spanning game -level metrics,
gamer insights, market intelligence, and
storefront activity.
Backed by deep industry expertise, we help
developers and publishers make confident
decisions across the entire game lifecycle —from
strategy and development to launch and live
ops.
Our goal is to help developers and publishers better understand
what matters to players today, and how thoughtful adjustments
to the payment experience can support revenue growth,
player loyalty, and long -term engagement .

4
Foreword
At Tebex , we’ve had the privilege of working alongside creators,
developers, and studios for over a decade. As gamers ourselves – I
buy more ARK mods than I care to admit – this work is deeply
personal. We’re driven by a simple motivation: to help the people
behind the games we love keep building, innovating, and thriving.
Being a trusted partner to these teams is an honour , but it’s also a
responsibility we take seriously. Every day, we learn more about
what drives player spend, uncovering missed revenue
opportunities for our partners and work hand -in-hand with the
studios, taking a small role in not only ensuring they survive, but
thrive.
Too often we see money left on the table – nothing to do with the
game’s enjoyment or engagement, but because the payment
experience is letting players down. That’s why we’re proud to
partner with Newzoo on this report. By combining their market –
leading research with Tebex’s payment and cohort data gathered
over 14 years and $1bn of processed payments, we hope to shine a
light on how player behaviour is evolving , and where studios can
unlock new value, even as overall payer growth begins to plateau.
Thanks for reading. If you ever want to chat about payments, player
monetization, or why modded creatures in ARK are the true
endgame – my inbox is open. Enjoy the report.
Liam Wiltshire
Head of Payments & Compliance, Tebex
Tebex is the leading monetization platform and
Merchant of Record for game studios
embracing player -driven economies.
Tebex helps studios launch and scale in -game
and web -based storefronts with ease across
PC, mobile, and everything in between.
Tebex Checkout – WHMCS Marketplace

Terminology and overview of payment methods
5
Total value of all transactions
processed through a platform,
before fees or deductions
Gross Merchandise Value
(GMV)
Average amount spent per
transaction (GMV / number of
transactions)
Average Transaction Value
(ATV)
Payments made using credit,
debit, or prepaid cards.
Examples: Visa, Mastercard,
American Express
Cards
Digital wallets that store payment
details and/or hold stored value
for fast and secure checkout.
Examples: PayPal, Apple Pay,
Google Pay
Wallet
Allows users to split purchases
into installments or defer
payment to a later date.
Examples: ClearPay , AfterPay ,
Klarna
Buy Now, Pay Later (BNPL)
Direct bank transfers between a
user and merchant without card
networks.
Examples: SEPA transfers, iDEAL
(Netherlands), Sofort (Germany),
Pix (Brazil)
Account to Account (A2A)
Users pay with cash at authorized
retail locations or via prepaid
vouchers.
Examples: Paysafecard , Razer
Gold
Cash/Over -the -Counter
(OTC)
Payments made using digital
currencies on blockchain
networks.
Examples: Bitcoin, Ethereum,
Stablecoins
Crypto
Payment Methods

The Games Market

7
28%
18%
4% 4%
46%
Asia -Pacific
$87.7Bn
+2.3% YoY
Latin America
$8.3Bn
+6.4% YoY
Europe
$33.1Bn
+3.6% YoY
North America
$52.7Bn
+4.2% YoY
Middle East & Africa
$7.1Bn
+7.5% YoY
$188.9Bn
+3.4% YOY
2025 Total
Global games market to hit $188.9 billion in 2025: with North America
and Europe accounting for nearly half (46%) of spending
Source: ©Newzoo | Games Market Reports & Forecasts | May 2025 | newzoo.com/games -market -reports -forecasts
Our revenues encompass consumer spending on
games: physical and digital full -game copies, in –
game spending, and subscription services like Xbox
Game Pass.
Mobile revenues exclude advertising. Our estimates
exclude taxes, secondhand trade or secondary
markets, advertising revenues earned in and around
games, console and peripheral hardware, B2B
services, and the online gambling and betting
industry.
2025 Global Revenues Per Region

8
+6.6% YoY
595M
Middle East & Africa
+3.5% YoY
3 ,542M
2025 Total
+1.7% YoY
4 62M
Europe
+3.6% YoY
368M
Latin America
+1.8% YoY
249M
North America
+3.2% YoY
1,868M
Asia -Pacific
53 %
7 %
13 %
10 %
17%
930M
PC Players
653M
Console Players
2,945M
Mobile Players
North America and Europe house 20% of players, yet they drive
nearly half of global gaming spend
Source: ©Newzoo | Games Market Reports & Forecasts | May 2025 | newzoo.com/games -market -reports -forecasts
Definition of players : All people who play (digital)
games on a PC, console, mobile device, or cloud
gaming service in the past six months .
2025 Global Players Per Region

9
+7.4% YoY
222M
Middle East & Africa
+4.1% YoY
1,561M
2025 Total +3.0% YoY
264M
Europe
+5.4% YoY
171M
Latin America
+1.6% YoY
162M
North America
+3.9% YoY
742M
Asia -Pacific
48%
10%
17 %
11%
14%
Average annual spend per payer in 2025
in North America
#1 region in the world
$324.9
Average annual spend per payer in 2025
in Europe
$125.4
Western Europe : $170 .0
Eastern Europe : $51.6
A small share of payers, a large share of spend – North America
leads in average annual spend per payer
Source: ©Newzoo | Games Market Reports & Forecasts | May 2025 | newzoo.com/games -market -reports -forecasts
Definition of payers: All people who have spent
money to play games on a PC, console, mobile
device, or cloud gaming service in the past six
months.
Spend per payer: Annual average revenue
generated per payer (Game revenues / Payers)
2025 Global Payers Per Region

Paying gamer growth is modest in North America and Europe
Source: ©Newzoo | Games Market Reports & Forecasts | May 2025 | newzoo.com/games -market -reports -forecasts 10
With slower growth in mature markets, studios must look beyond new payer acquisition – evolving monetization strategies will be key
to driving value and engagement
North America Europe
2023 – 2027 CAGR
North America: +1.1% | Europe: +3.1%
Total payer growth over the years
2023 -2027
2 0 2 3 2 0 2 4 2 0 2 5 F 2 0 2 6 F 2 0 2 7 F

BNPL and crypto show stronger ATV, especially in Western markets
Source: Tebex 11
BNPL, in particular, influences player behavior and increases ATV by enhancing perceived affordability
$0
$20
$40
$60
$80
$100
$120
North America Europe Latin America Australia & New
Zealand
Asia Pacific
Cards Wallet Cash/OTC A2A BNPL Crypto
Although cards and digital wallets continue to
dominate in terms of gross merchandise value
(GMV), payment methods such as Buy Now, Pay
Later (BNPL) and cryptocurrencies are showing
significantly higher average transaction values
(ATV) in Western regions.
BNPL providers like Afterpay and Clearpay in North
America, Europe, and AUSNZ are already
demonstrating promising ATV figures despite their
relatively recent entry and lower GMV share.
Similarly, crypto payments , though niche, also
show higher transaction values .
Notably, players who use both cards and BNPL
show no decline in transaction frequency , yet
continue to drive higher ATV – highlighting the value
of offering multiple payment methods. Overall, the
average monthly ATV across payment types has
risen from $30 in 2024 to $40 in 2025 , indicating a
broader trend toward higher -value purchases ,
reflecting macroeconomic factors like inflation.
Average Transaction Value (ATV) by Payment Method
2025

12
Top revenue – generating genres reflect regional player preferences
Source: ©Newzoo | Games Market Reports & Forecasts | May 2025 | newzoo.com/games -market -reports -forecasts
While North America and Europe share similar top genres, key differences emerge in sports and shooter games
Global
1. Role Playing
2. Shooter
3. Strategy
4. Battle Royale
5. Puzzle
North America
1. Shooter
2. Role Playing
3. Puzzle
4. Sports
5. Adventure
Europe
1. Sports
2. Shooter
3. Role Playing
4. Puzzle
5. Adventure
Shooter games are especially popular in North America ,
led by major franchises like Call of Duty.
Puzzle games perform well due to their mobile appeal,
while sports titles such as EA Sports FC consistently
generate strong revenue.
In Europe, sports games dominate , reflecting the
region’s passion for soccer, with shooters and RPGs
following similar trends to North America.
Much of the spending is driven by in -game monetization
models, including downloadable content (DLC),
subscriptions, and microtransactions.
Total genres by revenue
2025

13
In – game purchases drive major revenue across platforms
Source: ©Newzoo | Games Market Reports & Forecasts | May 2025 | newzoo.com/games -market -reports -forecasts
Live services and content updates remain key to driving player spend. On PC, microtransactions (MTX) is dominated by free -to -pla y titles,
while console MTX driven by premium titles like Call of Duty and sports games.
38%
49%
12%
DLC
Premium
MTX
23%
52%
4%
21%
Premium
MTX
DLC
Subscriptions
99%
1%
Premium
In -game
Share of yearly revenues by business model | Per platform
North America | 2025
50%
In-game
48%
In-game

14
Microtransaction spending higher in Europe
Source: ©Newzoo | Games Market Reports & Forecasts | May 2025 | newzoo.com/games -market -reports -forecasts
Microtransactions make up nearly half of PC and one -third of console game revenues in Europe
49%
42%
9%
DLC
Premium
MTX
30%
51%
4%
15%
Premium
MTX
DLC
Subscriptions
98%
2%
Premium
In -game
Share of yearly revenues by business model | Per platform
Europe | 2025
58% 49%
In-game In-game

Spending Behavior

16
Payers skew older and are likely to have a mid – to – high income
Source: Newzoo Global Gamer Study 2025 | Payers – North America (n = 2,794) Europe (n = 10,713) Q: Gender, age, income, work situationPayers are players who, on average, spend money on a monthly basis on games on a PC, console, or mobile device. Spending mone y includes gifts, downloadable content, subscriptions, and other micro -transactions
Demographics of payers in North America and Europe
North American Payers European Payers
24% 32% 29% 15%
10-20 36 -50 21-35 51-65
57% 42 % 1%: Other/
non -binary
23% 38% 27% 12%
10-20 36 -50 21-35 51-65
59% 40% 1%: Other/
non -binary
Average age: 33.6 Average age: 32.8
33% 33% 31% 3%
Low High Middle Other/Prefer not to answer
22% 34% 39% 5%
Low High Middle Other/Prefer not to answer
Age
% full -time employee
Household income
Gender
Age
% full -time employee
Household income
Gender
53% 57%

17
Top reasons for spending varies slightly between regions
Source: Newzoo Global Gamer Study 2025 | Payers – North America (n = 2,794) Europe (n = 10,713) Q: Reasons to spend
Despite a higher share of FTEs and income, payers in Europe are still on the lookout for the best deals
North America
1. Unlock extra / exclusive playable
content 34%
2. Play with friends or family 30%
3. Personalize characters or things
built in -game 29%
4. Advance quicker / easier in the
game 28%
5. For sale / special offer / good
price 27%
Europe
1. For sale / special offer / good
price 28%
2. Unlock extra / exclusive playable
content 27%
3. Play with friends or family 23%
4. Advance quicker / easier in the
game 21%
5. Play without seeing in -game ads 21%
Top 5 reasons to spend
Base: Payers
Players across both North America and Europe spend for
a range of reasons, from unlocking content to
accelerating progress, but their motivations vary .
In North America, personalization plays a bigger role.
Players are more likely to spend on character
customization or to express themselves through things
built in -game.
European players , despite higher rates of full -time
employment and income, tend to prioritize value . They’re
more motivated by deals and offers, and they show a
stronger aversion to ads.

18
Players are spending in a way that suits their style
Source: Newzoo Global Gamer Study 2025 | Payers – North America (n = 2,794) Europe (n = 10,713) Q: In -game items / virtual goods spent money on
The variety in player purchases reflects a growing trend toward personalized and flexible monetization models
North America
1. Expansion or content packs 27%
2. Power -ups 27%
3. In-game currencies 27%
4. In-game subscriptions 24%
5. Battle passes 23%
6. Cosmetics / skins 22%
7. Gear 22%
8. Playable characters or heroes 21%
9. Time -savers 21%
10. Loot boxes or gacha 16%
Europe
1. In-game currencies 21%
2. Expansion or content packs 21%
3. In-game subscriptions 20%
4. Power -ups 18%
5. Gear 18%
6. Time -savers 18%
7. Playable characters or heroes 18%
8. Battle passes 17%
9. Cosmetics / skins 15%
10. Loot boxes or gacha 11%
In-game spending is not concentrated in a specific
category. Players are investing across a mix of content
packs, in -game currencies, subscriptions, and power –
ups , with this observed in both North America and Europe.
As monetization models evolve, studios that align
payment experiences with player expectations through
seamless, localized, and diverse payment options are
better positioned to drive higher conversion, improve
retention, and increase average transaction value (ATV) .
Top 10 in -game items / virtual goods spent money on (past 6 months)
Base: Payers

Spotlight Interview

20
What are the biggest trends currently
shaping the gaming payments market?
What are the biggest challenges the
industry faces when it comes to
payments in gaming?
How are shifts in player expectations
influencing monetization?
How do you see virtual currencies and
microtransactions evolving?
We sat down with Liam Wiltshire from Tebex to discuss the most important aspects guiding strategy and investment for
game developers and publishers:
The present and future of payments in games, according to Tebex

21
What are the biggest trends currently
shaping the gaming payments market?
✓ Unbundling of payments from platforms:
Globally, regulatory changes and player demand are powering a shift
away from platform -controlled payments. Studios are gaining the
freedom to offer more flexible, cost -effective options, highlighted by
cases such as Epic’s legal battles with Apple and Google in the US.
✓ Rise of wallets and local payment methods:
In high -growth regions like LATAM, Africa, and APAC, wallets like Pix in
Brazil and Gcash in the Philippines are becoming the norm. These
methods are essential for reaching players where global card networks
have low penetration.
✓ Emergence of Buy Now, Pay Later (BNPL) and crypto:
In Western markets, these are gaining traction. BNPL, in particular, is
influencing player behavior by increased perceived affordability.
The future of gaming is about flexibility – meeting players where
they are, with the methods they trust. “
”
Card+BNPL Card BNPL
North America $52.2 $85.0
Europe $42.7 $72.0
Average Transaction Value (ATV) by dual -method payers
Source: Tebex | June 2025
Card+Crypto Card Crypto
North America $55.9 $94.8
Europe $37.4 $111.6

22
What are the biggest challenges the industry
faces when it comes to payments in gaming?
✓ Regulatory complexity:
The shift away from platform -controlled payments introduces legal
and operational complexity. Studios, especially smaller ones,
struggle to keep pace with evolving laws and platform policies.
✓ Friction in payment flows:
Players are sensitive to friction in the payment flow. Games that
offer seamless payments outperform those that rely on third -party
directs.
✓ Webstore conversion:
Engaging in new trend being embraced by the likes of Roblox to
offer incentives for web -based purchases, studios must provide
compelling reasons for players to shift from in -game to external
storefronts. Without clear benefits, adoption remains limited.
Price for Robux by platform
Source: ROBLOX
Players won’t tolerate clunky checkout experiences. The
smoother the flow, the higher the conversion. “
”

23
How do you see virtual currencies and
microtransactions evolving?
Virtual currencies and microtransactions will remain central to
monetization strategies but their role is expanding. With recent court
rulings in the EU and US requiring platforms to allow studios to offer their
own in -app purchases and links to external webstores, these tools are
becoming strategic pillars in managing the developer -player relationship,
not just revenue drivers.
Beyond revenue, virtual currencies are evolving into retention and
engagement mechanisms. Expect to see studios use loyalty bonuses,
exclusive content, and even cross -title portability.
“
”
Definition of microtransactions: Revenues generated from microtransaction
consumer spending, including but not limited to virtual currency, cosmetics,
and battle passes.
Share of microtransaction revenues by platform
North America Europe
38% 49%
23% 30%
Source: ©Newzoo | Games Market Reports & Forecasts | May 2025
Virtual currencies and microtransactions are no longer just
revenue streams – they’re becoming strategic levers for retention
and differentiation.

24
How are shifts in player expectations
influencing monetization?
Today’s players expect more than just engaging gameplay – they expect
fairness, transparency, and a sense of ownership.
Studios should avoid pay -to -win mechanics to maintain trust and clearly
communicate the value behind every purchase, including fees and taxes.
Players want to know exactly what they’re getting.
Those that meet these expectations through value -for -money bundles
and player -friendly policies stand out from among their competitors and
build stronger loyalty while reducing churn.
In a competitive market, aligning monetization with player values is not
just good practice, it’s a strategic advantage.
Today’s players want to know what they’re paying for – and why.
How you monetize matters more than ever. Evolving monetization
strategies are key to driving deeper engagement and long -term
value.
“
”
Payer growth
2023 -2027 CAGR in
North America
+1.1%
Payer growth
2023 -2027 CAGR in
Europe
+3.1%

25
Key Takeaways
Growth in mature markets isn’t
about more players – it’s about
deeper monetization
With modest payer growth in North America and
Europe, studios must shift focus from acquiring
new payers to maximizing value from existing
ones.
Aligning monetization with how and why players
choose to spend is essential to driving
engagement and revenue.
Offering more ways to pay is
an opportunity to unlock
higher spend
While cards and wallet still dominate in volume,
alternative payment methods like Buy Now,
Pay Later (BNPL) and cryptocurrencies have
higher average transaction values (ATV),
especially in Western markets.
Players using both traditional and alternative
payment methods maintain frequency while
spending more.
Understanding why players
spend is as important as how
In both North America and Europe, players spend
for a variety of reasons – from unlocking
exclusive content to progressing faster, but the
motivations differ.
North American players are more likely to spend
for personalization and self -expression, while
European players are more value -conscious,
prioritizing deals and ad -free experiences.
Spending is also spread across a wide range of
virtual goods , from content packs and
subscriptions to power -ups and cosmetics.

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