Cashless Wagering Is Officially Here to Stay

Are you prepared?

Sponsored Content by Global Payments Gaming Solutions

The global pandemic has ignited the need for safer, mobile-driven wagering options to meet the new expectations of gaming guests. Since the COVID-19 pandemic, guests have grown accustomed to cashless, contactless methods, and the industry must prepare for this new way of gaming because of this. Operators are more open to providing contactless and cashless solutions to meet the evolving needs of guests. With VIP MobilityTM, operators can tap the tools needed to cater to consumer demand while ensuring that guests enjoy convenient and flexible gaming options to boost their experience.

Understanding the Accelerated Cashless Adoption

Today’s gaming guests live in a digitally-driven world. Guests are increasingly opting for digital-first channels, both in their business and entertainment affairs. As a result of the COVID-19 pandemic, the industry saw a steep decline in cash usage, exacerbating the need for cashless, contactless payment options to keep guests and casino operators safe while adhering to social distancing guidelines.

The continued adoption of mobile gaming technology and an ever-changing regulatory environment are key focuses that operators should keep top-of-mind, moving forward. Thanks to the impact of COVID-19, adopting and updating legacy technology with the industry’s latest gaming advancements is no longer a nice-to-have, but a must-to-survive.

Creating a Strategic Differentiator

Think of payment cards, mobile wallets, in-app purchasing and other forms of payment channels that enable a guest, or any consumer, to exchange money for goods or services without cash. Contactless payments take cashless payments a step further and mitigate the need for the payment method to contact a physical point-of-sale device. As an example, let us look at payment cards in particular. Most payment cards are cashless, but not contactless, as they require consumers to insert the card’s chip into the point-of-sale (POS) device. However, some cards are contactless since they only need to be held near the POS reader to transact instead of being inserted.

Another good example of a contactless and cashless payment channel is VIP MobilityTM. It enables a true cashless and contactless casino gaming and resort experience while providing an easier, more efficient way to fund play. VIP MobilityTM gives casino operators the flexibility and opportunity to reduce costs while facilitating a seamless player experience from funding all-the-way through cash-out. VIP MobilityTM surpasses traditional forms of wagering and betting by enabling casinos to connect to existing responsible gaming systems while equipping guests with the technology to better track, manage and control expenditures across both gaming and non-gaming outlets. It operates via VIP Preferred ® ,the only solution of its kind to provide the fastest and easiest way for guests to access cash at more than 500 gaming establishments.

Global Payments Gaming Solutions’ VIP MobilityTM utilizes this insight by creating seamless, digital experiences within every step of the funding process. It leverages existing casino systems and infrastructure to enable guests to easily fund casino play from their mobile devices, play slots and tables using digital vouchers and cash out in several self-service ways to create a contactless commerce environment that supports proper social distancing. Additionally, as a guest moves from casino to casino, there is no need for multiple sign-ups or enrollments with VIP MobilityTM as it is one balance of funds that seamlessly follows the guest, even for online gaming.

Improved Guest Experience and Responsible Gaming

As consumers shift to a cashless society, operators utilizing digital payment solutions can actually give guests better control over their play to bet more responsibly. Unlike traditional forms of wagering (like cash), digital payments technology empowers players to improve the tracking, management and budgeting of their money. Based on players’ actions, casinos can create alerts and notify guests when their behaviors are changing. This enables casino operators to then subtly intervene, providing tools to educate and equip players to game more responsibly.

The need for contactless payments in the gaming industry has become essential. COVID-19 has created a public health mandate to touch as little as possible, and these behaviors are sticking. Due to this, we are seeing roughly 60 percent of consumers shifting to self-service in order to social distance, and 30 percent leveraging contactless forms of payments. Guests want to play in a safe environment, and we will see higher play and frequency directed to properties that do the best job at making the guest feel comfortable.

Cashless solutions, including Global Payments Gaming Solutions’ VIP MobilityTM, enable all of the industry’s stakeholders to deliver workable solutions for responsible gaming while providing added support to players who need the education and intervention.

Article was written by Christopher Justice, President, Global Payments Gaming Solutions

Christopher Justice 3 Articles