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US Gambling Industry Calls for Cashless Payments on Casino Floor

A Picture of US Gambling Dice

US Gambling industry

The American Gaming Association that advocate for the gambling industry, national trade group reflect on an 18-month collaborative US gambling industry effort. This is a way to put in place a framework for governing elasticity to allow digital payments on the casino floor.

According to The American Gaming Association, allowing payment choice permits casino customers the ability to supplement cash with secure digital options on various casino floors in the United States.

Moreover, this does not only have something to do with the security of real money, rather this move will map a way for responsible gambling. Responsible gambling will only take place to improve and equip gamblers with digital tools to assist them to monitor their gambling habits.

Players will be able to set limits and provide gaming operators and law enforcement the much-needed transparency. This is a good way to combat money laundering activities and other tracing other financial transactions.

The US Gambling Industry Payments Modernization Policy Principles

This initiative is only available to educate state and tribal regulators who are lining to consider increasing payment choice. The Gaming Association has highlighted some points to take note. These include:

  1. Equip players with various tools to bet responsibly.
  2. Offer gamblers payment options and convenience.
  3. Provision of customers’ confidence in digital payment security.
  4. Empower regulation enforcement to better identify offenders through payment analysis.
  5. Create a uniform regulatory environment for casino gaming operators, suppliers and gaming regulators.

However, over 59% of the previous year casino visitors less likely made use of cash due to COVID-19 pandemic. This then propelled 54% of customers to opt for contactless payment options when gambling for real money.

Final Thoughts

The continued rampant spread of the coronavirus in various parts of the USA as many casinos reopen after many months of closing their doors. Therefore, to combat the continued spread of COVID-19 the gambling industry has managed to introduce cashless payments whenever real money players are placing their real money bets.

FAQs

The AGM is an industry trade group that highlighted that gaming in the USA is $240 billion industry.
The legal casinos such as Atlantic City, New Jersey became legal in 1978 paving way for other casinos in the states to operate.
According to researches, the global gambling market is expected to reach around $565.4 billion. This means they will be growing at an annual rate of 5.9% through 2022.
Excessive gambling leads to intense modification in a manner that the brain will send chemical messages. This means gamblers will often have psychological dispositions. This will then make them prone to much gambling as well.
As long as the gambler is playing for real money surely the only one who can stop a gambler to gamble is a gambler. Nobody else can shift the mind-set of a gambler who is enjoying real money betting and winning.



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