Cashless wagering systems have been a hot topic of debate in Las Vegas of late, but it appears that there is more support than opposition. The Nevada Gaming Commission approved many rule changes on Thursday, and several of them had to do with the use of cashless wagering systems.
The gaming commission did not explicitly vote in favor of the use of these systems, but they did remove a prohibition from the law. The Nevada Gaming Control Board will now be testing several different systems before they can officially be used by casinos in Vegas and beyond.
The four commissioners unanimously decided to approve eight different amendments that will allow the use of cashless wagering systems. The new laws go into effect immediately, and the new rules will allow players to transfer money electronically rather than pay with cash.
Even though it seems as if cashless wagering systems are on their way, the gaming commission did prohibit the electronic transfers directly from a bank account. Players would first have to put money in a digital wallet before that money can be used at the casinos.
Most casinos already allow the use of printed tickets, which means that players can carry a specific amount of money on these tickets to be used at the casino. That process has seen an upgrade over recent years as well, thanks to new technology.
Everi Holding CashClub Wallet is one of the companies that has started to make this process more digital. Players have been able to get winnings deposited directly onto their digital wallet, but never before have casinos accepted cashless wagering.
Plenty of Opposition Expressed
The Gaming Commission allowed for public comment before they took the vote on Thursday, and several groups opposed the changes to the law. Letters were sent to commissioners, and there were some valid complaints or worries expressed.
Some of the opponents were concerned about the possibility of hacking or players having some of their personal information stolen. Fraud and problem gambling were two of the other biggest concerns that were expressed.
Board commissioners noted that prepaid cards could already be used at the casino as patrons have already put a certain amount of money on these cards. The Gaming Commission also made it known to the public that they already regulate cashless wagering, and there are safeguards in place to protect from the concerns stated above.
The Nevada Gaming Control Board will likely set up workshops for all of the various stakeholders that the new laws will affect. Stakeholders will be explained these new laws more clearly, and they can be prepared when this becomes the norm.
One positive of using a cashless wagering system is that the use of a debit or credit card leaves a paper trail. This can be useful if an investigation is ever needed.
Providers Still Looking For Approval
If cashless wagering is coming to Las Vegas, there is still a major hurdle that needs overcome. Providers of these systems are still looking to gain approval from regulators before they can start marketing them to casinos.
The American Gaming Association favors these machines, but there are several key components that must be implemented. The American Gaming Association spent 18 months reviewing these machines, and have developed seven principles before approval is granted.
The American Gaming Association believes that using these machines adds extra security to customers and the house. Concerns about the spreading of the coronavirus is another reason why this type of wagering is preferred by the AGA.