IAGA SUMMIT FOCUS: PAYMENTS TECHNOLOGY
A shift in technological capabilities, along with a favorable shift in regulatory and network environments, is revolutionising the “money” side of the business with game-changing efficiencies, tighter controls and higher player visibility. A diverse panel at the IAGA Summit in Belfast will discuss the ups and downs of these advancements, considering potential innovations like mobile wallet and cashless solutions that could be applied seamlessly across jurisdictions if regulatory alignment and approval were achieved.
Patrick Bland, CTO at Acres Manufacturing, a speaker at the Summit in June, outlines his views on the the intersection between gaming, technology and regulation, especially as it relates to cashless payment solutions.
Patrick, what strides have been made in how players are allowed to pay for gaming, entertainment and resort services?
Te expansion of “digital wallet” financial services offerings for casino operators and the adoption of modern cashless regulatory frameworks allowing for digital wallets as funding sources for cashless gaming.
As you’re probably well aware, the term “wallet” is such a loaded term in this industry and means different things to different people. It’s awfully confusing.
In our modern cashless framework, an operator’s financial service provider establishes a banking relationship through the use of a digital wallet with a patron for gaming purposes. Te beauty of this arrangement is that this one bucket of funds can be used elsewhere on the property - food and beverage, retail, entertainment, etc. Tis is contrary to the limited use of a wagering account with a limited use for wagering purposes.
Further distinguishing the digital wallet from a traditional wagering account, the digital wallet provider owes the fiduciary responsibility to the patron, not the operator, for patron funds. Te digital wallet provider is in privity of contract with the patron, not the operator. Te digital wallet provider carries the patron’s funds as a liability on its balance sheet, not the operator.
Operators love this model because they’re no longer taking on the overhead and liability of acting as a bank with respect to Patron funds. Patrons love this because they no longer have to deal with traditional wagering account two- stage wallet loads and withdrawals which are confusing and error prone.
What’s caught your eye as new and innovative?
Te explosion of generative AI and its potential uses. More to come on this!
What have these steps forward meant for how global gaming operators can approach financial transactions?
It’s a proven model that works and provides
l 18 per cent increase in number of trips; and l 22 per cent increase in time on device
Te other benefit to modern cashless is that in order to deliver this capability, our Foundation “digital plumbing” must be installed on the slot floor that unlocks a real time data feed of every meter, every wager, every activity on a slot
WIRE / PULSE / INSIGHT / REPORTS P47
Patrick Bland Chief Technology Officer, Acres Manufacturing
Patrick Bland, Chief Technology Officer at Acres Technology, is a seasoned executive and leader with over 20 years of progressive technology experience across big data and analytics, legal, regulatory, business development, customer success, solutions engineering, and operations roles in multiple verticals.
“As you’re probably well aware, the term “wallet” is such a loaded term in this industry and means different things to different people. It’s awfully confusing. In our modern cashless framework, an operator’s financial service
provider establishes a banking relationship through the use of a digital wallet with a patron for gaming purposes.”
benefits to both operators and patrons alike. Global gaming regulators pay attention! Operators don’t want to be banks and patrons don’t want a 1990s style cashless funding experience that works part of the time. Look at my commentary on how Missouri was able to add modern cashless in three steps.
What are the tangible benefits for operators from adopting a modern cashless approach?
Our operator partners are now showing tangible benefits on the use of a modern cashless. According to Penn Entertainment’s public quarterly earnings calls over the past two years, they’ve been able to capture some quantifiable metrics:
l
195k total wallet customers with $104m USD Penn deposits at the 21 properties that have gone live with modern cashless;
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124
