According to CasinoBeats, the number of casinos operating a cashless policy has increased. This is particularly so across the United States. The COVID-19 pandemic is the reason most casinos are adopting this policy. The pandemic has become a major challenge for casinos and other industries in 2020.
Meanwhile, it appears that some casino players are not in total support of the casino digital payment policy. This year, the American Gaming Association (AGA) had called for a rapid drift to a cash-free policy for all casinos sites in the US.
AGA’s survey showed that about 57 percent of casino visitors accepted the proposal.
Let’s hope that more casino players will accept the cash-free method now. How will it be implemented?
Implementation of the No-Cash Policy at Casinos
It appears that some casinos are already taking the lead in implementing the no-cash policy. Nevada Gaming Commission has already shown the green-light for casinos to adopt the program. More so, the commission has already made a series of amendments designed to kick off the implementation of the casino automated payment program.
Other states in the US may also start implementing the new casino no-cash initiative. With the Nevada Gaming Commission taking the lead, other neighboring states will key into the idea too.
Furthermore, most casino manufacturers are already rolling out some versions of the cash-free casino systems. Although it may seem expensive for casinos to change all their systems to non-cash platforms, it has a tremendous advantage.
Advantage of Casino Digital Payment System
Switching to a cashless system at the casinos has numerous benefits. For instance, land-based casinos spend so much more to secure their funds. With the implementation of a cash-free program, all the funds will be deposited into the casino’s bank accounts. Casino’s expenses on security will likely reduce because the use of cash will decrease. Other advantages are:
The cashless method will make auditing faster
Money laundering can be traced
It will simplify the operations of land-based casinos
Improve player’s privacy
Notwithstanding the advantages listed above, some experts believe it has a significant disadvantage. According to Matthew Dickson, tracking destructive behaviors by addicted gamblers will become a challenge. Dickson is the BitBoss CEO.
However, most stakeholders in the casino industry believe that a cashless practice will improve land-based casino operations. With the support of AGA and other stakeholders, the cashless policy will fly.
Online Casino and Cashless Policy
Online casinos have taken the lead of cashless policies long ago. Players no longer have to go to the bank to deposit funds at an online casino’s bank account.
Initially, the practice was that players had to physically visit the bank to deposit funds at an online casino’s bank account. Then it will take between 24 to 48 hours for the deposited funds to appear at your online casino account.
Players would no longer experience delays. You can deposit funds through various online methods to your online casino account. The deposited funds appear to amount immediately in your preferred online casino account. Some of the notable fast banking online casino banking methods are:
However, a bank transfer may take a longer time compared to the banking methods listed above.
Cryptocurrency and the Land-based Casinos Cashless Program
The integration of a cashless program to land-based casinos will also boost the use of cryptocurrencies. Blockchain technology would eliminate money transmitters who act as the middleman.
According to Dickson, what makes blockchain more revolutionary is that there will not be any need to transfer money from your bank to the casino. With blockchain technology, transfers can be made immediately into the casino.
Also, blockchain technology is very safe and guarantees all the protection of your funds. It is nearly impossible to hack a blockchain account. Money transmitters may charge fees for each transaction. The use of cryptocurrency will eliminate all that.
In a nutshell, Dickson added that the use of cryptocurrencies by land-based casinos would give the customer a seamless experience.
Is COVID-19 the Reason behind the Introduction of a Cashless Policy by Land-based Casinos?
The pandemic is partly responsible for the introduction of the policy. Before now, the American Gaming Association (AGA) had been making efforts to actualize the goal at all land-based casinos in the US.
In an interview, Bill Miller recently stated that incorporating digital payments was one of their top priorities from day one. Miller is the AGA president and Chief Executive Officer.
To curb the spread of the pandemic, using digital payments at land-based casinos will help. Don’t forget, the pandemic spreads via contacts. If exchanging physical cash is eliminated at land-based casinos across the US, the number of infected people could reduce.