The unprecedented events of the past year or so have accelerated the shift towards online transactions, a trend that had already been well underway for the past decade or so. One of the most noticeable characteristics of web-based transactions is their speed. Whether you are downloading a game, taking out insurance cover or making an international bank transfer, the funds shift within seconds. The notion of waiting for several days, or even for a few hours, belongs to a bygone age.
At the speed of light
Of course, these days, when we discuss online transactions, we are usually talking about those performed from our smartphones. Banking, shopping, leisure activities like streaming movies and playing games – the list goes on and mobile is the platform of choice. The move to mobile has been particularly evident in the burgeoning iGaming sector. Let’s face it, we’ve all had extra time on our hands these past few months, and with traditional casinos either closed or operating under strict restrictions, it is no surprise their online cousins have seen something of a surge in popularity and member numbers. Yet this is one area in which that concept of instant transactions has been lacking.
Speedy disbursements long overdue
It’s long been a bugbear among casino gamers that it can take a day or more to get their hands on their hard-earned winnings. We all understand that casinos and sports betting platforms have anti money laundering controls to which they must adhere, but in the brave new world of the 2020s, there must surely be a more efficient way of doing so.
These are changing times and a number of US states are considering the possibility of legalized online gambling, which would allow the players to collect their winnings safely and quickly. It’s a rapidly growing industry and the rewards will be significant for payment providers who can deliver payments in super quick time while ensuring all regulatory control requirements are met.
Michigan leading the way
As one of the most recent states to legalize online gambling and sports betting, two years after land-based betting was introduced, Michigan is well placed to make use of the latest technical innovations. Two payment providers have stepped up to the plate with software solutions that could be replicated in a dozen or more other states if they live up to their promise.
PayNearMe has worked with some of the biggest names in the retail space, including 7Eleven, CVS and Walmart over the past decade to create what are seen as benchmarks in digital payments. The Santa Clara based business has now teamed up with sports betting giant William Hill to create an interface for Michigan bettors to make instant deposits and withdrawals from their mobile betting accounts. Meanwhile, Paysafe is a UK-based pioneer of digital payments that has entered into a partnership with Golden Nugget to speed up direct payments from the consumer’s gambling account straight into his or her bank.
The size and profile of the businesses involved suggests that Michigan is very much a proving ground for mobile disbursements technology that could be game changing in every sense of the word.
Bringing land based casinos into the digital age
It’s not just in the online casinos that gamblers can benefit from speedy mobile disbursements. When traditional casinos reopened, it was brought into painful focus that their own payment methods are stuck firmly in the 20th century. For sure, as you move between the slot machines and the gaming tables, you might hold your bankroll on a card or a voucher. But what happens when you go to cash out?
Whether you’re on the Las Vegas strip or living it up in Monte Carlo, cashing out means exactly that. You stand in line at the cashier desk and receive your winnings in dollar bills (or Euros as the case may be). Getting lucky can be a risky business if it means standing in full view of everyone as you stuff your pockets with bank notes and head for the main exit at 2AM.
Resorts World is the latest casino to open on The Strip and is at the forefront of reforming disbursements to make them fast, convenient and safe. Rick Hutchins is the Senior VP of Casino Operations and says that Resorts World’s cashless offering is nothing more than what 2021 consumers want and expect from any service provider. He also notes that by acknowledging this reality, the facility places itself at a distinct advantage over the local competition.
Clearly, it is only a matter of time before the other major casino chains follow suit. Today, we live in a largely cashless world, and bringing casino payments into line with other industries is an area of reform that is long overdue and cannot come soon enough.
