The new legislation will revolutionize payments within casino venues
The Nevada Gaming Commission has now approved multiple amendments to cashless gaming systems. These changes will revolutionize how financial transactions take place inside casino venues and help keep players safer in light of recent global events.
The eight new amendments being introduced come into force with immediate effect. They will change the way players move money around from their own bank accounts, cards, and e-wallets to casino games. The changes will not just be significant for player convenience and safety, but it will create a frantic hurry for developers to enhance existing products and make new ones.
After making the changes, the commissioners went on record to say they hoped the new legislation would be the first step in a line of changes that revolutionize payments within these establishments.
But, is cashless casino gambling anything new?
Cashless casinos is not exactly a new phenomenon. After all, many gamblers choose to play casino games from their smartphones and computers via websites and apps. These provide a cashless way to deposit money into an account and play games from anywhere at any hour.
What’s more, online gaming sites now boast an array of ways to deposit and withdraw money from their wallets. From debit cards to PayPal and even bitcoin in some areas of the world. But one of the newest ways to deposit into the casino is through Apple Pay, which could also be a way to provide cashless gaming when visiting a real venue.
How does cashless gambling work?
Although the recent pandemic has sped up the rollout of these new rules, cashless casino gaming has been in the pipeline for many months. This is good news because it is not a sudden unexpected change to casino game developers, who have been preparing cashless gaming systems for some time. Some of the big names already developing cashless products include IGT, Scientific Games, Everi Holdings, and NRT Technology Corp.
The new amendments will remove one step in the current cashless gaming regulations. Before these were introduced, players had to make digital transactions to a device within the casino that could then get money printed before being fed into a slot or placed at a blackjack table.
This part of the process has been made redundant. Players will now be allowed to move money from digital wallets or bank accounts and have access to funds within the casino using their portable devices (smartphone, tablet, etc.), which then moves money to any of the games available. The whole process occurs without the need to touch a dollar bill. And if players win, they could move the money back, using the reverse process.
The regulations may appear to be a straightforward way to protect players and those working in that environment, but there was opposition from some responsible gambling organizations. They voiced concern that the ease of moving money could be damaging to compulsive gamblers. From these concerns, commissioners have agreed to make further changes and address the need for self-exclusion and limiting the number of digital transactions possible, when necessary.
Authorities and these organizations are together keeping a close eye on the fast-paced development. The British government prohibited the use of credit card transactions at the UK betting vendors earlier this year as “Credit card gambling can lead to significant financial harm”, a statement released by Neil McArthur, the CEO of the British Gambling Commission, upon the ban.
But there were also some concerns regarding how cashless gambling could foster an increased success of money laundering in the industry. Some commissioners proposed countering this by making players sign up to cashless systems just like signing up to an online account. But this was rejected because the majority believed that enough financial tracking is already possible and would not benefit investigators of this nature.
Moreover, money laundering criminals are more likely to benefit from Bitcoin ATMs.
Apple Pay could be another answer…
Earlier it was discussed how Apple Pay is one of the newest and most innovative ways to deposit money from your smartphone to the casino site of your choice. But it could also be leveraged to deposit money in slot games or at any of the tables (if made available).
Apple Pay works by scanning your smartphone, which has been previously linked to your debit card and then authenticating that payment with fingerprint, pin code, or facial recognition. Although the first two options would not be a safe option in light of the ongoing health situation, the face-scanning method may be possible once face masks are not compulsory in casinos.