The American Gaming Association has issued a seven-point statement of principles on digital payment options designed to develop regulatory flexibility for cashless casino transactions.
The AGA’s “Payments Modernization Policy Principles” were issued early Tuesday following an 18-month collaborative industry effort involving commercial and tribal casinos. The collaboration was in part spurred by the COVID-19 outbreak as the gaming industry has learned that 57 percent of past-year casino visitors want better digital and contactless payments on the casino floor.
AGA researchers found that 59 percent of past casino patrons are less likely to use cash in their everyday lives because of the coronavirus pandemic, and 54 percent would be very likely to use a digital or contactless payment option when they gamble.
The principles come at an ideal time for Nevada gaming regulators who will on June 25 consider amendments to regulations that would enable more
“Advancing opportunities for digital payments has been one of our top priorities since my first day at the AGA. It aligns with gaming’s role as a modern, 21st century industry and bolsters our already rigorous regulatory and responsible gaming measures,” AGA President and CEO Bill Miller said in a release that was issued early Tuesday. “The COVID-19 pandemic made it all the more important to advance our efforts to provide customers with the payment choice they are more comfortable with and have increasingly come to expect in their daily lives.”
Miller said the initiative improves responsible gaming efforts by equipping customers with digital tools to help them monitor their gaming and set limits and provides operators, regulators, and law enforcement increased transparency into matters of anti-money laundering and monitoring of financial transactions.
When the Nevada Gaming Commission meets June 25, it will consider amendments to two regulations addressing intercasino-linked systems, gaming devices, new games, online slot metering systems, cashless wagering systems, mobile gaming systems and interactive gaming systems.
At least three companies are developing “digital wallet” systems that will enable customers to transfer funds from a bank account to a smartphone and the smartphone to a slot machine or table game.
New systems would eliminate an intermediary step of transferring funds from a digital wallet to a kiosk that could print out a ticket that would be accepted by a slot machine or table game.
If the Gaming Commission approves the amendments that have been recommended by the state Gaming Control Board, new cashless systems could be used in casinos immediately.
Contact Richard N. Velotta at [email protected] or 702-477-3893. Follow @RickVelotta on Twitter.
Payments Modernization Policy Principles
The seven policy principles outlined by the American Gaming Association:
-Equip customers with more tools to wager responsibly.
-Give customers payment choice and convenience.
-Ensure state laws enable a flexible regulatory approach, capable of keeping pace with evolving forms of digital payments.
-Address heightened customer public health concerns.
-Provide customers confidence in digital payment security.
-Create a uniform regulatory environment for casino operators, suppliers, and regulators.
-Empower law enforcement to better identify offenders through digital payment analysis.