Casino visitors in Oklahoma and Florida are the first to test drive a one-of-a-kind e-wallet capable of funding gaming and non-gaming purchases, handling online and in-person bets, and working at sister properties in different jurisdictions. It’s designed to allow a smartphone to take the place of a physical wallet; customers won’t have to carry actual cash.
“From a brick-and-mortar standpoint, when I access my funds (with a physical wallet), I’m using it for my experience across the enterprise,” says Darren Simmons, executive vice president and FinTech business leader for Everi, a Las Vegas-based provider of financial, gaming, and loyalty equipment for the casino industry. “That’s what we’ve emulated.”
Everi’s CashClub Wallet went live in December with soft openings at WinStar Casino in Oklahoma, operated by Chickasaw Nation, and at two casinos operated by the Seminole Tribe of Florida. The Seminole Tribe’s other four casinos will add it soon. It’s called WinStar Wallet at the Chickasaw facility and WildCard Wallet at the Seminole casinos.
Everi has deep roots in handling financial transactions for casinos. The company formed in 2015, the result of the merger of Global Cash Access, a top cash-access supplier for the industry, and Multimedia Games, which produced Class II gaming machines. In 2010, Global Cash Access introduced QuikTicket, an early form of cashless transaction that gave players a choice of receiving money or a TITO ticket from a casino ATM.
In 2019, Everi processed more than $30 billion worth of transactions at casinos.
Simmons said interest in mobile wallets is “super robust,” noting that operators have wanted to expand their cashless options for several years and that the pandemic accelerated public acceptance of cashless transactions.
From a player point of view, using the CashClub Wallet resembles a shopping transaction. Money can be moved into it from a credit or debit card, electronic funds transfer or e-check. The wallet lets a player buy or cash in slot credits and table-game chips seamlessly. It securely stores credit and debit cards. Users can set limits on their spending and be flagged for self-exclusion.
However, cashless gaming transactions are much more complex than buying sneakers online, Simmons says. “Gaming has these privileged licenses and a whole layer of protections … to protect the players and create transparency.”
The CashClub Wallet can track transactions for compliance with anti-money-laundering regulations, tax forms, and Know Your Customer requirements. It reduces the cost of keeping cash on hand, which Simmons says can run from 3 percent to 5 percent in even the best-managed companies.
Simmons said the wallet can also extend a casino’s engagement with customers and provide a “powerful tool” in tying together digital payments and loyalty initiatives. Everi bolstered its player loyalty platform and system by acquiring the assets of Atrient and Micro Gaming Technologies in 2019.
A player’s CashClub e-wallet can be used at casinos with operations in multiple states, thanks to Everi’s licenses to process and transmit payments, Simmons says. Gaming regulators in each affected state would have to allow cashless transactions. A CashClub e-wallet holds money for the benefit of the patron.
“It’s not gaming credit, it’s actual cash in a bank account,” Simmons explains. “We’ve got the ability to move that across the jurisdiction.” Everi, not the casino operator, bears liability for the transaction.
Simmons says CashClub is unique among e-wallet offerings.
“We’re addressing the simple payments aspect of it, the KYC and AML aspects of it, which are critical for the operator, and the loyalty and engagement aspects of it,” Simmons says.
“Not all e-wallets are created equal.”
