The Nevada Gaming Commission (NGC) conducted a public hearing last week to debate on cashless gaming.
The Silver State is now nearing the implementation of digital payment technology for its casinos.
At a public hearing, the NGC unanimously approved updated regulations, terms, and definitions for cashless gaming.
Nevada gaming will be impacted in two ways by the changes.
Firstly, this will bring about modernization in gaming. Secondly, it will provide benefits to casino operators working in compliance with Nevada’s COVID-19 health and safety standards.
Updating cashless gaming terms
The updated definition of cashless gaming permits transfers to digital wallets, apps, and other comparable technology.
A licensee must not permit a customer to use a debit tool for making electronic money transfers from a bank to a game or gaming device, unless the transfer is conducted through a cashless betting system that the chair has approved for this purpose.
The issue of problem gaming remains a concern, hence the gaming commission ensured the ongoing addressal of this issue in its language. The updated wording still forbids the direct transfer of funds from a bank account to a gaming device. A step will still exist between withdrawing money from a bank and directly depositing it into a gaming account.
Nonetheless, using a debit or prepaid debit card will simplify the process for casino customers to transfer funds from their bank accounts to their gaming accounts.
The technology must be tested by the Nevada Gaming Control Board before it receives approval.
The regulation was altered in other language areas, but this addition represents the most significant change.
Gaming industry supports the changes
Before the NGC meeting, the American Gaming Association (AGA) unveiled a new model for modernizing digital payments in casinos.
AGA President Bill Miller expressed his support for the NGC’s changes on Twitter shortly after the new terms were approved.
I commend the NV Gaming Commission’s decision today to implement greater regulatory flexibility for digital payment methods in casinos. This significant move not only encourages innovation but also strengthens existing measures for responsible gambling, financial monitoring, and public health.
This phrase cannot be rewritten as it is a citation line from a tweet by Bill Miller, posted on June 25, 2020.
Miller made a statement regarding the modernization of digital payments, saying:
From my first day at the AGA, one of our top priorities has been to enhance opportunities for digital payments. This not only aligns with the role of the gaming industry as a modern entity of the 21st century, but also strengthens our existing strict regulatory and responsible gaming measures.
He continued, “The COVID-19 pandemic emphasized the need to progress our attempts in providing customers with the payment options they prefer and increasingly anticipate in their everyday lives.”
Besides supporting AGA, the Association of Gaming Equipment Manufacturers (AGEM) also endorses the changes.
“AGEM’s representative attorney, Dan Reaser, stated:
“Driving the gaming environment towards a cashless system, as we collectively experienced with ticket in-ticket out technologies over a decade ago, will have significantly positive effects.”
Mobile sports betting could also improve
The language of cashless gaming primarily centers around slot machines and table games. Nevertheless, this could establish the foundation for enhancing mobile sports betting.
Mobile sports betting was first offered by Nevada.
Since the 2018 repeal of PASPA, an increasing number of states are legalizing both retail and online sports betting. While Nevada still delivers an excellent retail sportsbook experience, its mobile sports betting does not quite match up in quality.
While some states allow straightforward remote account sign-up via various payment platforms, Nevada still requires sports bettors to physically visit a casino to open an account. Although current customers can add funds to their account using a mobile device, this comes with associated fees.
In 2019, the NGC rejected the registration of mobile sports betting accounts. However, the current revised language could potentially permit it and enhance the options for depositing and withdrawing money.
