INSIGHT
GAMING TECHNOLOGY ACRES MANUFACTURING
To highlight the significant benefits Acres' Cashless Casino technology solution brings to casino operators, the provider issued a position paper to highlight the key benefits of their approach to cashless gaming. G3 took the opportunity to sit down with Noah Acres to discuss the paper in greater depth.
Noah, how significant is the recent approval for Acres' rollout of Foundation in Louisiana, Mississippi, and Missouri?
First, it's great to have these approvals. Te cashless gaming functionality is now approved across nine states and ten jurisdictions - with Ohio having two separate jurisdictions. It's been a journey. Regulators have a process they put you through.
Our product works as we say it does and every time regulators put it to the test it passes because it's a really good solution. If you look at all the states were now live in, it covers a large percentage of the gaming revenue that's produced in the United States, making cashless accessible to a lot of casinos.
Foundation is now a proven success and that makes it a lot harder for an IGT or whomever to negatively influence regulators or operators. Once something is approved in 10 jurisdictions, it's a lot more difficult for 11th or 12th or beyond to turn it away.
Noah Acres Acres Manufacturing
players for slot machines. It's troubling and we want to do something about it. When the iPhone was released in 2007, it truly changed the tastes of younger consumers. Tey want things mobile, real-time, and personalised in a way that YouTube, Netflix, and Amazon provide.
We have ancient systems in the gaming industry because legacy system providers frankly haven't updated their systems in 20 years. Tere is no such thing as real-time on the casino floor or personalisation. We're not meeting the expectations of the modern consumer and are left serving the people we had in 2007.
Tat's no good for growth and its why slot revenue isn't growing above the rate of inflation. What Foundation can do is deliver this real-time data, interface anything and build a whole new suite of bonuses and personalised content that
There are a million slot machines in the United States, give or take. In three to five years, you'll see a huge percentage if not entirely all have cashless capability. As far as me and my company, we're going to try and get as big a share of this as possible. Through bypassing the cashless wagering account and building in the security features, we clearly have the best product and the best price.
Te solution is currently deployed in 21 casinos across nearly 31,000 slot machines. What numbers are you targeting in the long-term?
Tere are a million slot machines in the United States, give or take. In three to five years, you'll see a huge percentage if not entirely all have cashless capability. As far as me and my company, we're going to try and get as big a share of this as possible. Trough bypassing the cashless wagering account and building in the security features, we clearly have the best product and the best price.
Acres' Cashless whitepaper begins by stating that the last impactful introduction of a new, modern technology for the casino industry was the advent of TITO (ticket-in-ticket-out) in the early 2000s. Does Foundation have the capability to surpass the revenue growth, lower costs and enhanced player experience TITO brought to the industry?
100 per cent. Over the past 15 or 20 years the slot machine player base has dramatically aged. As an industry we're not creating any new
P36 WIRE / PULSE / INSIGHT / REPORTS
makes slot machines fun to play for younger audiences.
Is the stance of casino operators towards cashless gaming solutions a source of frustration? After all, cashless isn't the wave of the future because it is already here.
In 2021, at least 80 per cent of all non-casino gaming consumer financial transactions were accomplished without cash. When casinos say they're cash only, they're turning away a lot of business. Cashless makes operators conducive to what the modern consumer wants. Casino operators are pretty risk averse, and many don't want to be first.
Tere are regulatory questions that we're clearly up rapidly - the white paper is just one way we're looking to address this. Now operators in the States can go cashless without having to think about regulation. It's something casinos are going to need to do so I don't really get frustrated with the rate at which they're doing it. I know that over time they will need to make the choice to go cashless and real-time.
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