For the gaming industry to continue to prosper, it must continually reinvent itself to keep pace with consumer demands and technological advancements. One advancement that has expanded throughout entertainment industries is the use of digital payments. The gaming industry has begun to embrace digital payments, as consumers expect to pay in the same fashion as they pay for other entertainment options, such as shows and restaurant meals.
Consumers want flexibility to use cash or safe and secure digital payment technology. American Gaming Association (AGA) research supports this—57% of past-year casino-goers say having the option to use a digital or contactless payments option on the casino floor is important to them because of the COVID-19 pandemic.
Enabling payment choice on the casino floor not only provides consumer flexibility, it bolsters responsible gaming efforts and provides increased financial transaction transparency that aids in the prevention of money laundering. These benefits improve the gaming industry’s ability to work with regulators and law enforcement.
Through an industrywide collaborative process, the AGA developed the Payments Modernization Policy Principles. These principles, developed in coordination with regulators, card networks, responsible gaming and problem gaming advocates, financial institutions, and other key players in the payments ecosystem, serve as a tool to educate state and tribal gaming regulators who are considering expanding payment choice. The principles have also served to educate our partners in financial regulation, financial services, and law enforcement on the value of payments modernization in gaming.
The gaming industry provides world-class entertainment, making it the embodiment of the 21st century hospitality industry. Embracing payments modernization will be key to gaming’s continued growth and success.