Today there is a great trend of money-laundering that has engulfed several casinos all over the world. There have many gamblers tried to cheat casinos out of their perceived winnings, which mostly results in arrests.
Apart from crimes, there are also technical issues that make cashing out at a casino tough. Often ATM or computer system goes down. Computer systems that regulate transactions go down as well.
To resolve all these issues within casinos, the idea of the cashless casino could be the best fit. You do not have to worry about cash, you simply have to use a small card or even a fingerprint to access their money and receive payment into their accounts electronically. This cashless casino technology is called blockchain, and there are several benefits to it.
All about Blockchain
It is a computerized ledger system. All entries are entered onto the ledger for everyone to see. Blockchain was introduced for two reasons. First, it was designed to remove accounting errors and make transactions smooth and transparent. Second, it was to disrupt the banking system, to have access to money without having to involve bank by many people.
Benefits of Blockchain in Gambling
There are several ways blockchain can add value to the gambling industry and could work to make gambling a cashless system.
1. Wards off Cheating
In casinos, it is easy to cheat the players and it is equally easy for players to cheat the casino. Implementing blockchain can help prevent this double cheating as it makes the transactions seamless and traceable. As all the transactions are viewable by everyone, blockchain technology adds a layer of security—not only for the gamblers but for the casinos also.
Blockchain technology is good for transparency purposes making it more secure. Digitization of money makes it tough to rob someone of their winnings, which is otherwise easy.
3. Seamless Bets
Using blockchain the payouts for bets also becomes seamless. Casinos can double-check their transactions any time as it can be done instantly and reviewed anytime. Taxes can also be automatically taken care of through the system, and put into a different ledger by the casino.
Blockchain/Cashless Already Have Success with Casinos
In fact, blockchain/cashless systems were used for the first time in gambling. Gaming industry quickly accepted the blockchain system for a couple of reasons. It is user-friendly, legal and transparent. Moreover, people on the blockchain could remain anonymous because their only identification number is an email address provided to them by the system.
The New Era of Gambling Online
Cashless systems are expected to grow this year and future also. People are not willing to carry cash now hence this system is a good option. As everyone has a phone, cashless systems have been incorporated into phone technology.
Customers could opt to gamble online or via mobile gambling sites or apps. Many customers want to be move from the casino to casino as per their needs. Like, some customers gamble on vacation and want to carry their wallets with them electronically as they gamble. Other might like to gamble in one casino all over the country and want to transfer their money from casino to casino. Having this cashless system can accommodate both customers.
Using the cashless payment system means that customers can see where their money went in the casino, accept payouts, and pay taxes before they leave the casino. In addition, you can receive bonuses or extra cash loaded onto their casino account immediately without having to wait.