Overview of Cashless Gambling Technologies. By Erik Gibbs
On Tuesday, February 7th, 2023 Rachelle Rabago – the IGT Director of Casino Systems Product Management – will demonstrate innovative cashless gaming technology during Global Gaming Expo in Venetian Expo. With this technology, you can use your smartphone to put money into a video slot machine!
Advantages and Disadvantages of Going Cashless in the Casino
At the Venetian Expo, businesses are proudly showcasing their inventive payment technologies. Recently, International Game Technology won an award for their new cashless casino management system. This means that their technology casino game online is better than other systems that already exist.
Even though they won this award, it is still common to see people using paper money when playing slot machines or exchanging chips at blackjack tables.
Even though there are a lot of new ways to gamble, some people still like the old ways better. Rich Schneider from Scientific Games in Las Vegas says that there are lots of benefits for the company if we use cashless gaming. But we need to think about what will make the players want to use this new system.
Gambling isn’t just about logic and reason – it’s based on emotions!” It’s clear that for cashless technology to be embraced by gamblers, both sides need to benefit.
How Casinos Are Preparing for the Shift to a Cashless System
According to Schneider, cashless solutions have seen varying levels of success when introduced in casinos. However, more and more people are beginning to favor technology over traditional methods.
What Players Need to Know About Using Cashless Gambling Technologies
Players want an easy and efficient experience, says Schneider. The pandemic has not only moved us closer to our goal, it has helped us make progress! More and more people who use Scientific Games products are asking for the option to pay without using cash.
This is especially true for people who use Las Vegas casinos. This means that it is very likely that we will see an increase in the use of contactless payment technology in the near future.
Is Your Local Casino Making the Move Toward a Cashless System ?
There are a lot of companies who want to make money by helping casinos not use cash. This week’s convention floor has seen companies like Sightline Payments and Global Payments Inc. On Tuesday, IGT’s new system – IGT Advantage – won the Product Innovation of the Year award at the Global Gaming Awards ceremony.
IGT Advantage is a way for players to gamble with money using their smartphone or a card. It is being tested in some casinos in Nevada and has also been implemented at other gaming establishments in states like New York and Michigan. This cashless technology allows for safer transactions and more holistic customer experiences!
Will Cashless Gambling Revolutionize the Industry?
This week at the G2E conference, MasterCard announced a new partnership with AptPay and NRT Technology. Together, they created smartSEND, a new cashless system designed specifically for the gaming industry. This feature will allow casinos to instantly pay out winnings directly into people’s bank accounts or other mobile wallets.
Schneider observed, “Recent consumer and operator demand have propelled the march towards a smooth cashless experience. It’s been rapidly evolving lately.”
It is strange that gamers cannot use the same payment options as Apple Pay and online shoppers. It is not good that the gaming industry does not have simple and easy payment options like other sectors.
Final Thoughts on the Future of Cashless Gambling
Phil O’Shaughnessy, from IGT in Las Vegas, saw that ideas from stores and banks were now being used in the gaming world. He thinks that people who use cashless payments will be willing to use them for gaming too.
Will cash someday vanish from the gaming floor entirely? O’Shaughnessy believes that people will get used to not using cash, but that both ways of paying can exist at the same time. Cash and cashless will continue to grow together in harmony without one replacing the other.
