Eilers & Krejcik provided insights on AGA's principles for casino payments modernization

New payment options bring new fraud opportunities on the casino floor, experts say

"Responsible gaming limits in the online world for deposits, session times and betting are well developed, but their effectiveness will be limited due to the continued presence of the anonymity of cash," Eilers & Krejcik Gaming says.
2020-06-24
Reading time 1:21 min
The consulting firm released a document Monday analyzing each of the American Gaming Association's principles to allow digital payments at land-based casinos. The analysts say the innovation of cashless options far outweighs the issues, but mitigating controls are needed to offset the risk. "Adding convenience adds opportunity for problem gambling," the firm notes.

The American Gaming Association (AGA) released last week, on June 16, a report titled Principles for Casino Gaming Payments Modernization, reflective of an 18-month, collaborative industry effort, that provides a framework for regulatory flexibility allowing digital payments on the casino floor. On Monday, boutique research and consulting firm Eilers & Krejcik Gaming released a document providing further insights and comments of each one of the AGA’s principles.

Authored by Managing Director of Electronic Money Movement Jerry Rau, the report says that responsible gaming limits in the online world for deposits, session times and betting are well developed, but their effectiveness will be limited due to the continued presence of the anonymity of cash. “We believe that the empowerment of self-monitoring could be valuable for the willing customers. In addition to customer imposed alerts, we suggest that anomalous betting or payment patterns alert the player so they can be aware that they may want to consider adjusting their behavior,” Eilers & Krejcik says.

Furthermore, the consulting firm warns that adding convenience adds opportunity for problem gambling. “Funds that are not available because of daily limits for cards associated with a bank account could be made available with the addition of a higher limit bank transfer option on the casino floor,” they point out.

Eilers & Krejcik also says new payment options bring fraud opportunities that do not currently exist on the casino floor: “Converting stolen cards to cash is one of several vulnerabilities that will present themselves. The innovation of cashless options far outweighs the issues, but we need to have mitigating controls to offset the risk.”

Read the full Eilers & Krejcik report on AGA's principles here.

 

Leave your comment
Subscribe to our newsletter
Enter your email to receive the latest news
By entering your email address, you agree to Yogonet's Condiciones de uso and Privacy Policies. You understand Yogonet may use your address to send updates and marketing emails. Use the Unsubscribe link in those emails to opt out at any time.
Unsubscribe
EVENTS CALENDAR