The financial world is always changing, we have seen cash turn to cards, and cards turn to phones, and soon we could be a fully cashless society.
The payments industry has seen some exceptional growth in the last few years, notably because of the pandemic, which has accelerated the cashless technology, and allowed more people to play the casino on your phone.
Many land-based casinos took a big hit during the pandemic, with casino floors left empty.
A cashless casino would see many benefits, but some drawbacks too — Let’s take a look at what a cashless casino would look like and if it’s something we could see in the future.
What are Cashless Casinos?
Although going up to a casino table and tapping your card on a reader in exchange for chips sounds like the mechanics of a cashless land-based or online casino, it’s not.
This would not pass the regulation because it encourages irresponsible gambling and does not bode well for bankroll management.
However, that doesn’t mean cashless casino gambling is not on the cards. There are other alternatives to playing casino games without the exchange of cash.
Many gaming equipment providers are in the process of creating mobile wallets, in the form of an app that would store a payment card.
The backend technology will allow players to securely fund from a bank account and then receive winnings back to the payment method too.
How do you Pay at Cashless Casinos?
Going cashless at the casino is simple with mobile gaming, although some players may be accustomed to going up to a cash cage and exchanging cash for a stack of chips.
A cashless system would allow direct access to money from a slot machine or table. Instead of inserting cash, you would simply insert your casino loyalty card to transfer cash into a secure digital wallet.
Another form of cashless payment could be casino-branded RFID wristbands or cards that are loaded with credit.
All that would be required is a simple tap and it would be capable across all areas of entertainment within the casino resort.
This offers complete convenience and outstanding security.
What are RFID Tables?
RFID technology is software that has been developed to reduce operator activity. This includes an automatic card reading all the way to stack management.
It’s all in place to run efficiently. The powerful multimedia technology provides end-to-end automatic tracking of each casino chip and is fully undetectable to the human eye.
The technology is even capable of picking up statistics from each individual at the table.
The technology provides general data, rankings, prize money, blinds, and everything needs to keep the game running smoothly.
These tables may see the end of the croupier, but would that compromise the entertainment levels of the classic casino table? Who knows.
How far are we from cashless casino gaming?
Mobile casinos are largely cashless due to the nature of the platform, and land-based casinos need to keep up — Casinos will be gunning to have the technology implemented into their establishments.
The perks it would offer the operator are next-level. It would likely see an increase in revenue, reduce staffing costs, provide security, and much more.
It would be a long and expensive process of decking out the casino floor to operate on a cashless basis.
The change in customer management systems, payment networks, and hardware would need some serious logistical planning to ensure a smooth transition.
However, technology updates quickly and people demand more efficient services, which means operators need to keep up with the demands.
It looks like the future of casino entertainment will be cashless, but how long in the future, we’re yet to find out.
The industry is already making cashless moves
The pandemic has created new opportunities for technology to steam ahead. The industry knows that casino floors are not the most hygienic of places, and the cashless mechanic, could make things a little safe.
Many industry powerhouses are already working on developing the cashless technology, which has made its way into trade shows and has even been picked up by a few casinos across the US.
The early adoption of the cashless gaming and digital payment product is going to be a trial and an opportunity to learn.
However, early signs show that the customer is interested in the change and would be all for it.
Cashless gaming has become somewhat of a priority within the industry, for many reasons, but ultimately because of the growth opportunity it offers. It is likely that cash will always have a place at casinos, I mean, casinos like taking money after all.
The cashless system will also allow casino operators to adhere to anti-money laundering and the “know your customer” background checks.
Technically, cashless gaming has been around in Nevada since the launch of mobile sports betting back in 2010. This means customers are well prepared for the wide chance and would surely embrace it.
The development in technology will reduce the costs of casino security and provide peace of mind to many high rollers who travel with cases of cash for casino gambling.
The gambling industry likes to move fast when it comes to an opportunity to attract players or increase gaming activity. We are almost certain to see cashless casinos within the next five years and Las Vegas is likely to lead the way in the change.
Related CTN News: