Cashless Vegas?

The next logical step in the ticketless machine takeover, is to eliminate cash transactions at each table in favor of anonymous, "e-wallet" or RFID scanner accessed "gaming" accounts (that can be accessed at any establishment so equipped, even at joints with different corporate owners.)

Patrons would not need to carry cash, as their accounts could be drawn down at any table (converted to cheques), or slot/VP machine (as machine credits). Accounts could be created and replenished online at home, or at terminals near the cashier's cage, or at the cage itself (if "cashing" cheques). This system would be at least as secure as the current ticket in/out system, and perhaps even safer, since you would not have to cash your "ticket" between casinos,and perhaps could set up password protection for the account.

The technology already exists, and is in widespread use with credit card, and key fob ID readers installed at many gas stations, markets and fast food joints.

When your vacation is complete, you would simply cash out. This could be transacted at the former ticket mahines, at the cage, or even at home via an online transaction.

Thoughts?

It is more than technology. There will be a lot of resistance to the changed behavior. I bet in ten years, that the percentage of transactions without cash will still be a relatively small percentage.

Now, with sports betting permitted from anywhere in the state (tracked by GPS) using only a blackberry and a pre-loaded account there may be a surge in gambling using personal digital equipment. I have even gone so far as to say that the current stock of brick and mortar casinos may never expand (at least on the strip).

There may be a growth in bars and cafes where you can plug your blackberry into the screen to get enhanced video.

I've experienced "cashless Vegas" many times. Fortunately, I've always had a prepaid airline ticket to get home.

As far as casino-debit-card technology replacing cash goes, I think that the method would have limited appeal as at some point, people just want to feel the cash in their hands. It would certainly be safer and more convenient, though, as you could never lose a TITO ticket or have it stolen.

They actually have a primitive version of the technology you mention in Washington state Injun casinos. People seem to cope with it just fine; I hate it (of course, I also hate WA Injun casinos for several other reasons).

I can see setting up an account when you enter the casino and they give you a plastic card, much like stores do when you return something. I don't see it extending outside the casino, however. No internet access, it would be a huge crime problem.

Quote: mkl654321

I've experienced "cashless Vegas" many times. Fortunately, I've always had a prepaid airline ticket to get home.

I recall back in the early nineties on my plane ride back to Hawaii not being able to afford the headphones for the in-flight movie. That was a sad sad trip.

Personnally, I would not want anything but cash in a casino. If it was a card or some other peripheral that was used to "hold" my money, then who would issue them? Who would be responsible for the information/security? Why doesn't the casinos let patrons only use debit cards. For me, if you are responsible enough to gamble then you should be responsible enough to hold on to your own money. Well, now I am probably going to drop a wad of money in the Sam's Club parking lot.

I predict the entire legal U.S. economy will eventually be cashless. Is not the percentage of money flow or total transactions done electronically getting higher every year? I saw a vending machine earlier today that took credit cards for crying out loud.

Quote: Wizard

I predict the entire legal U.S. economy will eventually be cashless. Is not the percentage of money flow or total transactions done electronically getting higher every year? I saw a vending machine earlier today that took credit cards for crying out loud.

I can do you one better. The parking meters in my home town now take credit cards. Given that it took four quarters to park for an hour, I think I'll be glad that I have an alternative.

Quote: Wizard

I predict the entire legal U.S. economy will eventually be cashless. Is not the percentage of money flow or total transactions done electronically getting higher every year? I saw a vending machine earlier today that took credit cards for crying out loud.

my work has 3 vending machines in the break room w/ credit card. it's nothing new to me. the max item is about $3. i think ive seenem at six flags or disneyland many years back.1 but those were for sodas they were probably charging more than $3 for.

Vending machine? How about what I saw about 5 years ago.

I was in a liquor store. The guy before me used a debit card to purchase a small bottle of Thunderbird!

Quote: mkl654321

I can do you one better. The parking meters in my home town now take credit cards. Given that it took four quarters to park for an hour, I think I'll be glad that I have an alternative.

It doesn't use individual parking meters. There's a single unit for about every 6-8 carlengths on-street, for about every dozen cars in a lot. You pay and put the receipt in your dashboard.

This has been a boon for the cities that use them because it allows the city to over-sell the parking time. I.E. No more pulling into a spot with remaining time left over!

I could see a system similar to what is used in the dave and busters or jillians type joints. Little kiosks whrer you can load dollars onto a card. And play off the card. Would seem. The natural progression at least for slot machines. The casinos would allow you to use a debit/credit card but would have to charge the 3% interchange fee for credit. You could also feed in cash at the kiosks. Would seem that it would save a lot of labor dollars as each machine would not have to be emptied.

Quote: DJTeddyBear

It doesn't use individual parking meters. There's a single unit for about every 6-8 carlengths on-street, for about every dozen cars in a lot. You pay and put the receipt in your dashboard.

This has been a boon for the cities that use them because it allows the city to over-sell the parking time. I.E. No more pulling into a spot with remaining time left over!

No, there is a CREDIT CARD READER ON EACH METER. I'm aware of, and have seen in many cities, the system you are referring to. This is a different animal altogether--there is no central terminal.

Quote: mkl654321

No, there is a CREDIT CARD READER ON EACH METER. I'm aware of, and have seen in many cities, the system you are referring to. This is a different animal altogether--there is no central terminal.

Correct. My city is attempting to fund an upgrade to these meters as well, where each individual one takes cards. Will be handy, excpet I axpect rates to nearly double.

Wouldn't this cut down in impulse gamblers who never planned on betting but at the last minute decide, "What the hell!" and throw a few bucks down. Having to go set up an account, might destroy that urge to gamble. I could understand it if the casinos had both options available, but I have a hard time seeing it phase out cash completely.

There are also technical difficulties to consider. I'd be pretty upset if I flew all the way down to vegas and my card didn't work for half of the time. If a machine doesn't accept a bill, try another one or exchange for another one. I have yet to see a dealer refuse cash either. I just think it would cut down on the number of gamblers. My question is whether the increase in house take due to regular gamblers gambling faster will make up for the decrease in gamblers who dislike the idea. Of course I don't have enough information to have any idea.

Another thing that would happen is it tells a person exactly how much they are up or down for the trip. Suppose I bring $5000 for a trip and have $2300 after a day or two, I am more like to notice that loss than if I was randomly pulling a bunch of hundreds out of my pockets. For me, I find it much more satisfying feeling the thick stack of bills in my pocket leaving a casino rather than a piece of plastic knowing that my balance is larger.

If you look at the amount of cash (banknotes and coins) circulating per capita in the USA from 1910 to 2000 you can see that the myth of cash vanishing is mostly science fiction.

$ 34.07 year 1910
$ 53.18
$ 36.74
$  59.40
$ 179.03
$ 177.47
$ 265.39
$ 570.51
$1,062.86
$2,075.63 year 2000

Granted that the number is somewhat overstated because so many of our hundred dollar bills are circulating oversees.

However, people like cash for its privacy (against taxes, and your spouse), it's visceral feel (you wouldn't want to see a WSOP winnings as a credit card), and frankly because it feels like you have some control of how much you are losing.


Although it is true that someday we will have accounts, it will remain a small part of the business.