Cashless Gaming is Gaining Ground

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. 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 therefore, 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 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.

Contactless payments were suggested at the beginning of the coronavirus spread. However, recent findings now show the virus doesn’t penetrate the skin. Spreading the virus, or flu, or whatever germs are on that $20 bill can only be spread if you touch eyes, mouth, etc., without washing your hands first.

Related Post – Casino Health Means Washing Your Hands

What’s In It For The Casinos?

Casinos are now looking to modernize the industry to a new normal. 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:

  • It is a Convenience for your Players (good for some, not for many)
  • No CTR requirements (currency transaction report)
  • Stronger Holding power (players stay longer, are more loyal – all good to keep the players playing)
  • No incurred debt to the player (no fees or no marker payment)
  • No stoppage in gameplay (great for the casino. Sometimes, getting up to go to the cashier is a great break to clear one’s head.)
  • Reduced operating capital over time (in other words, it saves the casino money)

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/or tables through an app on their personal 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. PlayOnSM allows customers access to their own funds at a gaming position without setting up a new account or getting a new card. These are already in use at The Palms, The Strat, and the D in Las Vegas, and the Atlantis Casino in Reno.

Everi

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, managing spending limits is probably the most important aspect to the player.

SightLine

Sightline Payments provides a digital payment solution called Play+ to lead casinos with online sports betting.  It counts MGM ResortsCaesars, Penn National, Draft KingsFanDuel, and William Hill. Mohegan Sun properties have been using SightLine’s Play+ for years.

Related Post – Recreational Gambling Is Responsible Gambling

Cashless Gaming is Gaining Ground – Will Gambling Addiction Follow Suit?

The unspoken concern seems to 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 have the ability to set limits within their system’s framework. They believe these systems provide greater opportunities for bettors to set limits, time limits, and monetary limits.

Summary

The AGA report argues that digital payments provide:

  • 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.

Ultimately, the industry needs to trust players to self-regulate while providing resources to help problem gambling. But gambler, beware. “Know Thyself.”

Binbin