Last week, the Global Gaming Expo took place in Las Vegas, Nevada. During the event, three days were spent with manufacturers of casino equipment highlighting their latest inventions. One such addition that has many people talking is the possible introduction of a digital wallet app to be used for slot gaming credits. If the technology is adapted, players may soon find themselves purchasing gaming credits for slot machines via their mobile devices.
The gaming industry as a whole may be considered in the dark ages when it comes to payment options. Think about it. When you visit a casino, you need cash to play. Whether it’s the slots or table games, you must have money to buy chips or play the slots. With this new development in game technology, however, players would be able to use a debit or credit card to play.
Making the charge for virtual wallet integration is Everi Holdings. During the Expo, the company highlighted how mobile devices could be used to activate slot machines. The app displayed would allow a player to load debit card or credit card into the gaming platform to play. The app could also be tied to the player loyalty account for added incentives.
With the application, players have control as to how much money would go into the application. Withdrawals could also be made a kiosk or casino cage.
While the app seems like a great idea, there are obstacles in play. State and federal regulations may stop the app from entering the casino floor. Mike Rumbolz, the CEO of Everi, stated during the conference that e-wallets require the companies have federally regulated money transmitter licensing. This license is overseen by the Federal Deposit Insurance Corporation, what the public knows as FDIC.
The license ensures that the funds within an account are insured. Everi has obtained this approval, which puts them in the right position to offer the application for game funding. Mr. Rumbolz pointed out that Everi is trying to let casinos know that with this technology, this is the type of obstacle to overcome in order to offer the service.
The casino is not going to be holding the money when it comes to the application. The money transmitter, in this case Everi, would be holding the money. The casino is then relieved from having to obtain licensing and act as the bank in this scenario.
Everi has created the CashClub Wallet for the purpose of funding on-site with credit or debit cards. The new application has begun the testing phase at two American Indian casinos. Everi feels that the testing portion will allow for data to be collected about player usage and acceptance of this format for gameplay.
With the pilot testing phase, the adoption rate of players will be detected. The app is being used by several types of casino customers and in several areas of the casino.
Everi wants to see how the app is adopted among players. Apple Pay statistics for a digital wallet has the company expecting to see a 20% adoption rate for small purchases in amounts from $5 to $15. For larger purchases, like $50 to $100 to play table games or slots, the adoption rate percentage is unknown.
For now, the entire casino industry is watching to see how the app is adopted and if it will gain any traction among players. It could be in the coming years, this type of technology is commonplace on the casino gaming floors throughout the US.