Casino currency options are experiencing a new wave of cashless innovation. The fact is, Cashless Gaming is Gaining Ground.
Neil Erlick, EVP Business Development at Paysafe. He says, “Traditional cash, coins, and notes continue to have a clear place in the gaming industry. They’re quick, private, and easily authenticated in most cases; cash is still a relevant and convenient way to pay in gaming. But, this doesn’t necessarily pose an obstacle to the rise of new forms of digital cash in the industry.”
Latest Findings Due To Covid-19
According to Contessa Brewer from CNBC, with casinos open at this time:
- No states currently allow cashless payments on casino floors.
- The CDC recommends mobile payments to limit cash handling and the risk of Covid-19 exposure.
- According to a report by the American Gaming Association, more than half (59%) of casino customers say they are less likely to use cash in their everyday lives because of the Covid-19 pandemic.
So, shouldn’t guests uneasy about using cash in the casino due to Covid-19 have another payment option available?
Cash and Spreading the Virus
Cash is notoriously covered in germs. Studies suggest that paper bills can contain bacteria and viruses. According to the Federal Reserve, the lifespan of various bills ranges from four to 15 years to accumulate germs, and they suggested contactless payments at the beginning of the coronavirus spread. However, recent findings now show the virus doesn’t penetrate the skin. So spreading the virus, flu, or whatever germs are on that $20 bill can only be spread if you touch your eyes, mouth, etc., without washing your hands first.
What’s In It For The Casinos?
Casinos are now looking to modernize the industry to a new normal. But first, companies must reimagine how casinos operate. That includes changing away from almost entirely relying on cash.
The companies pioneering this technology claim it’s good because it:
Cashless Gaming is Gaining Ground
Examples of Available Products
Scientific Gaming Leads the Field
The Scientific Gaming Unified Wallet gives players the power to access funds instantly. It allows players to play slots and tables through an app on their mobile devices. Unified Wallet also eliminates lines at ATMs to withdraw cash. They also redeem tickets without going to a kiosk or casino cage.
Cashless Gaming is Gaining Ground – ACS PlayOn
In January, the STRAT in Las Vegas rolled out ACS PlayOn machines. The system allows guests to withdraw anywhere from $50 to $3,000 during roulette and blackjack play. In addition, PlayOnSM allows customers access to their funds at a gaming position without setting up a new account or getting a new card. These are already used at The Palms, The Strat, the D in Las Vegas, and the Atlantis Casino in Reno.
Recently, Everi the CashClub Wallet. It consolidates payment options for players when integrated with CashClub and the company’s full-service kiosks. Also, CashClub Wallet allows players to store multiple payment methods, move funds in and out of the casino, and manage spending limits. Supporting responsible gaming and managing spending limits is probably the most critical aspect for the player.
Sightline Payments provides a digital payment solution called Play+ to lead casinos with online sports betting. It counts MGM Resorts, Caesars, Penn National, Draft Kings, FanDuel, and William Hill. Mohegan Sun properties have been using SightLine’s Play+ for years.
Related Post – Recreational Gambling Is Responsible Gambling
Resorts World Leads The Way
According to Steve Ruddock, Resorts World opened on June 24 as the first US casino with a fully integrated cashless gaming system, thanks partly to Sightline Payments Play+ technology. As stated in a press release, Resorts World in Las Vegas will deliver “a seamless cashless wagering experience via GamingPlay, the resort’s digital gaming wallet, and cardless logins for Genting Rewards loyalty members.”
…at the end of the day, the transition to cashless gaming is bigger than Resorts World. It provides the industry with the modernization, financial, and responsible gaming tools required in 2021 and beyond.Steve Ruddock, Betting USA
Cashless Gaming is Gaining Ground – Will Gambling Addiction Follow Suit?
The unspoken concern seems to be Problem Gambling. Many have voiced concerns that these systems could instigate gambling addictions due to easy access to cash.
Cashless solution providers counter this argument by pointing out that players can set limits within their system’s framework. Therefore, they believe these systems provide more significant opportunities for bettors to set limits, time limits, and monetary limits.
- customers with more options to wager responsibly.
- Players with the ability to set limits on how much they wager and how long to play.
- Help to combat money laundering.
- Law enforcement additional insights into sources of funds and customer backgrounds.