Cashless Gaming is Gaining Ground

Casino currency options are experiencing a new wave of cashless innovation. The fact is, Cashless Gaming is Gaining Ground.

Cashless Gaming is Gaining Ground

“Cashless isn’t necessarily a term that should be taken too literally,” said Neil Erlick, EVP Business Development at Paysafe.    He continues, saying, “Traditional cash, coins and notes, continue to have a clear place in the gaming industry. They’re quick, private, and easily authenticated in the majority of cases. These benefits combined mean 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.”

Cash, and Spreading the Virus

Cash is notoriously covered in germs. Studies suggest that paper bills can contain bacteria and viruses. Incidentally, the lifespan of various bills ranges four to 15 years to accumulate germs, according to the Federal Reserve.

Contactless payments were suggested in the beginning of the coronavirus spread. However, resent 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?

The companies pioneering this technology claim it’s good because 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 game play (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 and here are some examples of available products

Scientific Gaming Leads the Field

Scientific Gaming has quickly responded with their the Unified Wallet for cashless gaming. The Scientific Games’ Unified Wallet gives players the power to instantly access funds. This is expected to be used to play their favorite slots and tables through an app on their personal mobile device. Cashless solutions are not only convenient for guests but are also cost effective for casino operators. Unified Wallet 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

Cashless Gaming is Gaining Ground

In January, before the pandemic,  The STRAT in Las Vegas rolled out a new way to pay with ACS PlayOn machines. The system allows guests to withdraw anywhere from $50 to $3,000 during roulette and blackjack play. PlayOnSM is the only solution that allows a customer 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 displayed its full lineup of services designed to make all these money matters much easier for gaming operators to handle. The CashClub Wallet 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, easily move funds in and out of the casino, and manage their spending limits, all aimed at supporting responsible gaming. Managing spending limits is probably the most important aspect to the player.

The casino industry has many advantages to use this technology.  But, the unspoken concern seems to be a huge concern – Problem Gambling.

Related Post – Recreational Gambling Is Responsible Gambling

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

Many have voiced concerns that these sort of systems could provoke those with gambling addictions. ACS said cashless devices could actually discourage problem gambling.

The system gives operators the opportunity to track payment methods and gives them better insight into where players’ money is coming from. Clark said that insight could lead to better safeguards. Casey Clark, senior vice president of strategic communications for ACS said, “There’s greater opportunities for bettors to set limits, both time limits and monetary limits.”

But, easy access to cash can spell trouble for problem gamblers. Cashless solution providers counter this argument, by pointing out that players have the ability to set limits within their system’s framework.

The Draw

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

 

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