Are you concerned that casino cashless gaming will increase problem gambling? Panelists discussing “The Cashless Revolution: The Value of Going Digital” at the Indian Gaming Tradeshow & Convention argued the exact opposite, claiming that digital payments can help operators spot problems sooner and players might avoid troubles in the first place.
Jonathan Michaels, a senior vice president at Sightline Payments, said, “With cashless, customers can put restrictions in place themselves. A recent survey showed 90% of customers set their own limits. Global Payments and Sightline are working with the University of Nevada Las Vegas to give them access to our data in order to spot trends that can help revolutionize responsible gaming.”
Christopher Justice, a president at Global Payments, added, “By giving customers the ability to set their own controls, they can better manage their money. As an industry, we can understand when a customer is getting out of control or having a problem. We can then try and help.”
Certainly, cashless or digital wallets have been booming outside of casinos. One statistic cited during the panel was that by 2026, only six percent of all transactions will be in “old-fashioned” currency. When that happens on the casino floor, there could be major savings.
Earle Hall, CEO of AXES said, “The American casino market is getting ready for cashless and we can avoid mistakes that other markets have made around the world.”
He also emphasized the benefit of having more data. “Today we want real time all the time. We demand it now. The most important thing to know about slot players is why they’re leaving a game. That data is invaluable. The only way to get it is with a real-time interaction.”
Craig Lisbon, CEO at Flexia, said, “With cashless, you know more about your customers – where the money was spent, what the customer likes. Did they buy a soda at a restaurant? Cashless is not just about money in and out, it’s about gathering data and how operators can put more money in their pocket.”
Michaels cited a study that revealed that handling a $100 currency transaction can cost a casino between $8 and $15. That’s compared to just three percent or $3 using cashless, not to mention the value of the data obtained.
Panel moderator Tamara Hansen, director of sales at NRT Technology, queried the panel about security concerns of digital data. All the panelists agreed that it was paramount to have good controls in place. However, they also noted that most cashless applications are tied closely to banking partners with strict data-security regulations and proven controls.
Justice said, “It’s important to have your IT team understand all the connection points.” He noted that his company’s approach “is to leverage the TITO (ticket in/ticket out) system, which is already tried and true.” Likewise, Hall mentioned blockchain verification, which has been used successfully in the challenging Eastern European markets with great success.
Many operators, particularly tribal entities, have been hesitant to utilize cloud-based data, but Hall said, “Most banks are on the cloud, as they update their security monthly.” He noted that those operations using local servers are at some risk. “If it’s not cloud, it’s scary.”
However, the advantages of better data, lower costs, and improved guest satisfaction all combine to make cashless something that all operators will soon adopt, just like the rest of the world. Consider that during last year’s Christmas holidays, over 50% of all gift purchases were made using a mobile device.
Not surprisingly, when the panel asked who in the audience didn’t have a smart phone, not a single hand went up.
