Today the American Gaming Association has released a new set of principles that provide the framework for ‘regulatory flexibility’ to allow for digital payments on casino floors.
The new policy document, named ‘Payments Modernization Policy Principles’ outline a majority (57%) demand from visitors, compiled from a past-year casino visitors report, that introduces the option for digital or contactless payments on the casino floor due to the Covid-19 pandemic, which visitors stated as an important aspect to them personally in light of the virus.
According to reports, by introducing such measures, casinos can improve their responsible gaming efforts along with providing operators, regulators and authorities greater transparency for combating money-laundering and monitor financial transactions more closely.
In addition, by enabling greater payment choice in contactless and touch-free methods, players can supplement cash with secure digital payment options directly on the casino floors.
Chief executive officer of the American Gaming Association Bill Miller commented on the new principles:
“Advancing opportunities for digital payments has been one of our top priorities since my first day at the AGA. It aligns with gaming’s role as a modern, 21st century industry and bolsters our already rigorous regulatory and responsible gaming measures.”
“The COVID-19 pandemic made it all the more important to advance our efforts to provide customers with the payment choice they are more comfortable with and have increasingly come to expect in their daily lives.”
Reportedly, long before the Covid-19 pandemic, the American Gaming Association assembled a group of members whose task was to evaluate the consumer landscape along with compiled processing and regulatory feedback relating to expanding payment options on the casino floor.
With the findings, the Payments Modernization Policy Principles was compiled with point to point data for those who are considering the expansion of payment choices on the casino floor. Points include:
- Equip customers with more tools to wager responsibly.
- Give customers payment choice and convenience.
- Ensure state laws enable a flexible regulatory approach, capable of keeping pace with evolving forms of digital payments.
- Address heightened customer public health concerns.
- Provide customers confidence in digital payment security.
- Create a uniform regulatory environment for casino operators, suppliers, and regulators.
- Empower law enforcement to better identify offenders through digital payment analysis.
The principles reflect the American Gaming Association’s ongoing ‘coordination with regulators, card networks, responsible gaming and problem gambling advocates, financial institutions, and other key players in the payments ecosystem’.
Reportedly, research compiled by the American Gaming Association found that 59 percent of casino visitors over the past year are less likely to use cash because of the recent Coronavirus crisis and more than half of players on casino floors would prefer to use digital or contactless payments when playing.