Cashless gaming and digital payments are moving into the casino world
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At the 2018 Global Gaming Expo, Everi Holdings had a secret room with displays of prototype products for cashless gaming and digital payment systems. American Gaming Association CEO Bill Miller has emphasized casheless gaming innovation as a priority technology endeavor for the casino industry. Everis and other manufacturers are developing a wider suite of products. Most gaming equipment providers have developed or are in the process of creating mobile wallets. Intentional Game Technology Senior Vice President Ryan Reddy says early adoption of cashlessness gaming is going to be a learning curve. The week-long G2E opens on Oct. 4 at the Sands Expo and Convention Center.
Miller challenged the gaming industry to expand the use of digital technology to replace cash. Five months later, casinos across the country began closing due to COVID-19. AGA released research in June 2020 showing 57 percent of casino visitors said digital or contactless payments on the casino floor are important to them because of the pandemic. 59 percent said they were less likely to use cash in their everyday lives out of coronavirus concerns.
Nevada legalized mobile sports betting in 2010. The Supreme Court ruling on legalizing sports gambling opened the rest of the U.S. to the activity. Last year, gaming equipment providers and payment processing companies met with Nevada gaming regulators to discuss the use of cashless wagering technology. In June, the control board and Nevada Gaming Commission approved the using of digital payments. Resorts World Las Vegas opened with a multi-tiered digital technology system to provide a casheless payment program for both gaming and non-gaming activities. Sightline Payments is the financial conduit at Res resorts.
Everi provides cashless gaming capabilities at 11 casinos in four states. Everi also develops slot machines and offers casinos the technology for customer loyalty programs. The company has a partnership with Penn National Gaming. Sightline completed $240 million in funding in August. The investment arm of Vegas Golden Knights owner Bill Foley is also an Everist investor. It invested $100 million earlier this year. In August, Truist Securities gaming analyst Barry Jonas told investors that Ever could become a consistent growth story. At Penn's new casino in York, the company saw increased use of mobile wallets.
