Login with Facebook

Cashless Casinos – New Face of Gambling Industry

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.

2.  Security

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.

Synopsis

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.

Daily Offer

black diamond casino
25 free
spins and triple first deposit as a new player at Black diamond casino

25 Free Spins will be issued upon sign-up. The welcome bonus (opening offer) is for new players and applies once only. In order to redeem the welcome package bonuses a minimum deposit is required.

Time Left To Buy

Daily Offer

Thermal Thursdays
Take part
in Thermal Thursday to win $1000 at Winward Casino

Player access is granted with a minimum deposit of $50 made during the promotion timeframe.

Time Left To Buy

Daily Offer

Welcome offer
$800 Welcome
Bonus Offer at Miami Club Casino

Any bonuses you receive at Miami Club will be added to a bonus balance ('Bonus Account') that is maintained separately from any cash or real funds ('Real Account') that you may have. • You can see both accounts listed in the bottom left-hand corner of the casino at all times • Any bets you place will be taken from your bonus balance, if there are sufficient funds. If you win the bet, your stake will be returned to your bonus balance and winnings over and above the bet amount will be paid into your real chip balance as cash. • As a result, the Bonus Account is for wagering only. Bonus funds cannot be withdrawn from the casino. Restrictions • All bonuses at Miami Club have a minimum play-through requirement associated with them. Referred to as the 'Wagering Requirement' this is the minimum that you will need to wager after receiving a bonus before you will be permitted to withdraw any winnings from the casino. • You can review the Wagering Requirement associated with any bonus in the cashier before you accept it. The Wagering Requirement is a multiple of the Bonus amount plus any associated deposit.

Time Left To Buy

Daily Offer