As technology and coronavirus make people more comfortable with cashless payments, Anthony Rabito Jr. offers simple advice for casino operators considering e-wallets: Put yourself in the players’ shoes.
President and CEO of FABICash Anthony Rabito, Jr.
“You have to think … what’s going to make (them) come back to that one property as opposed to another,” suggests the founder and CEO of FABICash, a casino cash access company based in suburban New Orleans. A big factor, he says, will be the ease of making bets with the casino’s e-wallet and having as many options as possible when cashing out – with or without actual cash involved.
While major slot manufacturers and other casino-related companies offer versions of e-wallets, Rabito says FABI’s is the “only true omnichannel solution,” giving players the ability to use the same e-wallet to fund slot, table game, and sportsbook wagers in a casino’s brick-and-mortar and online operation. The FABI e-wallet interfaces with most gaming and sports betting platforms.
Using the FABI system, players will have numerous options to load and unload their FABI e-wallet. “Casino operators should contact FABI to find out about these options and why we are truly the leader in this industry,” Rabito says.
For operators with casinos in multiple states, players could use the same FABI e-wallet at each property. FABI’s Title 31 compliance software also tracks digital transactions to help casinos comply with anti-money laundering laws.
Americans have reduced their use of cash in the past few years while increasing the use of credit and debit cards, according to the Federal Reserve Board’s annual Diary of Consumer Payment Choice, released in July. In 2016, cash combined for 31 percent of payments, the report says; in 2019, the figure was 25 percent. Consumers between 25 and 44 years old – a key target demographic for casinos – were least likely to use cash, the report says.
Watch a video of FABICash’s offerings.
Information for the study was compiled In October 2019, before the coronavirus pandemic hit. A Fed Diary supplemental study done in May noted the use of cash has decreased during the pandemic, but researchers could not determine whether the change will last.
In June, the American Gaming Association encouraged state and tribal regulators to allow digital payments in casinos.
Rabito says FABI started work on its e-wallet about two years ago.
Rabito calls cashless transactions “the future of gaming” and expects a high percentage of customers will embrace it over the next five years.
“Gaming is pretty much the last market that has been all cash,” he explains. “You go into restaurants, you go anywhere else, and you rarely are paying with cash.”
Casino will enjoy fringe benefits as cashless gaming becomes more common. For example, Rabito predicts casinos will be able to reduce their cash on hand by millions of dollars, what he calls “a dream come true.”
“You have to see things that you think that the industry (will be) yelling for years from now,” Rabito says.
“In a nutshell, FABICash has the only true omnichannel solution in the gaming industry today.”
