As payment technology continues to advance at breakneck speed, the days of cash are numbered.
Particularly in recent months, following the pandemic, the impetus for a shift away from physical cash to digital money has only gathered more steam.
Cashless casinos use technology as a form of player engagement, while also delivering enhanced protection for players—be it on slot machines or on the tables.
Physical chips won’t be replaced anytime soon, although cashless payments are proving to be advantageous especially with the current global pandemic situation.
He signs up to the casino’s payment platform, opens a casino Bitcoin wallet, loads up with money and then proceeds to play as normal.
Players can bet on the online platform—like for example the Caesars online casino—while still earning loyalty player points, which can then be redeemed into gifts, meals, and other casino benefits in the usual way.
Once the casino sees the transaction on the blockchain it then routes credits to the slot the customer is playing.
The advantage of Bridge is that it allows 100% verified proof of ownership of funds via the blockchain, without the need for expensive third party custodians.
The ease of use for casino staff in processing transfers is matched by the convenience for players in connecting their wallet straight to their bank account, with stringent AML/KYC procedures built in to the app as standard.
A key benefit of cashless casinos, at least in the U.S., comes from the regulatory benefits of playing through tokens in wallets, rather than cash transfers.
But in the case of cashless casinos, there’s no trading of coins taking place per se—rather, the transaction is in casino tokens that are part of a casino loyalty program, and have no physical utility beyond that function.
This no doubt makes cashless a more attractive option for operators, while also providing a host of convenience and other utility benefits for players.
In a world where the need for efficiency is driving technological change at an ever increasing rate, blockchain is unsurprisingly high on the agenda.