Casinos’ move towards cashless
03 Dec 2021
Two years ago, the CEO of the American Gaming Association, used his keynote speech at the 2019 Global Gaming Expo (G2E) to tell the industry it must speed-up efforts to bring cashless technologies to casinos. Bill Miller was highlighting that we all continue to move towards digital transactions and away from cash. The world has changed considerably since then and at this year’s G2E last month, cashless gaming was the number one focus of the event.
Nevada leads cashless revolution
The home of the mega casino – the state of Nevada – is, perhaps unsurprisingly, leading the way on cashless casinos. “In June 2020 the state Gaming Commission approved alterations to a pair of regulations pertaining to digital payments in games and gaming devices. Just a few months ago, Resorts World Las Vegas opened its doors with full cashless capabilities in all casinos and gaming, as well as throughout the resort,” reports the World Financial Review. Mr Miller, the industry chief, has extolled the virtues of Resorts World’s incorporation of cashless technology throughout their new site, including the first place where clients can pay for chips digitally at the casino tables. Despite all the hype, there is still “an obvious gulf between the industry and the millions of gamblers used to doing things the old-fashioned way,” says a commentator in the Las Vegas Sun. “There’s no doubt that cashless is, from the operator’s perspective, hugely beneficial,” said Rich Schneider, chief product officer at Scientific Games, which is headquartered in Las Vegas. “The key question is what’s in it for the player and what will the player adoption rate be? This isn’t a logical business that we’re in — it’s an emotional business,” Schneider said. “Efforts to introduce cashless solutions at casinos have had mixed results,” Schneider added. That said, there is a “tipping point” in favour of cashless gaming looming, he confirmed. “This is largely attributed to the pandemic, which has advanced the trend by making people more conscious about handling common items like money and coins,” he said. “Players will demand a more frictionless experience. Sports betting and online gaming will move it along as well. Prior to Covid, I would have said that point was seven or eight years off. Post-Covid, given the general adversity to money and tickets, that’s different now.” Indeed, gambling experts forecast that it won’t be long before the majority of casinos around the world have some form of cashless system.
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