Casinos have always conjured up images of wads of cash, or gold coins coming out of a slot machine after a huge win. However, as the world heads toward cashless transactions in every area, it’s safe to assume that casinos will head in the same direction. Moreover, it’s almost guaranteed that it will happen a lot faster than you ever thought it would.
In fact, slot games haven’t used coins or real cash for many years now. And it’s only a matter of time before all other games start functioning similarly as well. Online casinos obviously do not operate with cash money, since all transactions are done with e-wallets, credit cards, and even bitcoin. For instance, M88 is among many leading casinos that accept cryptocurrency as payments.
How the Pandemic Speeds Things Up
Land-based casinos still accept cash transactions. However, with growing concerns about spreading bacteria and social distancing, is increasing the need for transactions done via other methods.
Already, we are seeing coffee shops and restaurants provide takeaway only, as long as customers order and pay via designated apps. Therefore, it’s highly likely that casinos will start implementing these same tools.
This benefit both the players and the casino. Making things seamless and much more convenient. After all, who even carries cash around anymore?
Possible Concerns About Cashless Gambling
Of course, as with all things, there will be a transition period and concerns about its implementation. Let’s take a look at some of the drawbacks of completely cashless gambling.
Can it add to the problem of gambling addiction? Many people believe that making casinos more accessible to users by the addition to more payment will only add to this already growing problem. Being able to quickly and easily add funds from credit can make it too easy for users who struggle with addiction or self-control.
However, while casinos have always accepted cash, there was always the presence of ATM machines. Often with unreasonable fees on top of that. Therefore, cashless transactions are not really adding more payment methods. Rather it’s taking away the element of cash money being in use.
Moreover, most reputable online casinos provide easy to manage account features that allow users to set limits, block themselves from websites and more. In an ongoing effort to encourage safe and responsible gambling.
Added Risk of Fraud
Cashless casinos have the possibility of increase the risk of fraud. For instance, hackers and other fraudsters will target cashless casinos for access to user data. Such as credit card and bank account details.
However, online casinos have counteracted these threats with the use of high-end cyber security. With most casinos providing end to end SSL encryption to keep your personal and financial information secure.
Land-based casinos will no doubt take extra precautions as well to protect themselves and their users. Much like banks and other financial institutions do.
In short, the future of casino entertainment is bound to see many changes in the coming years. With cashless transactions being among them. Which has its pros and cons, but altogether should make for a more convenient and possibly more secure experience.