The American Gaming Association (AGA) has released its new Payments Modernization Policy Principles – a set of seven regulatory proposals aimed at providing a framework for regulatory change to allow digital payments on casino floors in the wake of COVID-19.
The principles, published overnight (Macau time), are primarily targeted at commercial and tribal casinos in the United States but could also provide a roadmap for change in casinos across the globe. The AGA revealed that 57% of customers to have visited casinos in the past 12 months have said digital or contactless payment options on gaming floors are now important to them as a result of the COVID-19 pandemic.
“These principles provide a framework for policymakers adopting payments modernization and advance several industry efforts,” said AGA President and CEO, Bill Miller. “For one, digital payment options equip customers with advanced responsible gaming tools like limit setting and spend monitoring while also paving the way for further innovation in the responsible gaming space.
“They also give consumers the convenience of paying the same way they are accustomed to across our integrated resorts and in their daily spending. Finally, digital payments provide law enforcement with added transparency in regard to anti-money laundering efforts and other matters of financial regulation.
“This comes at a pivotal moment as the COVID-19 pandemic has brought health and safety to the forefront of the payments modernization discussion. With the Centers for Disease Control and Prevention encouraging contactless payments, there is more urgency than ever to give customers the ability to choose the payment option that makes them most comfortable.”
The seven proposals put forward by the AGA call on lawmakers and regulators to:
- Equip customers with more tools to wager responsibly.
- Give customers payment choice and convenience.
- Ensure state laws enable a flexible regulatory approach, capable of keeping pace with evolving forms of digital payments.
- Address heightened customer public health concerns.
- Provide customers confidence in digital payment security.
- Create a uniform regulatory environment for casino operators, suppliers, and regulators.
- Empower law enforcement to better identify offenders through digital payment analysis.
The AGA has also published its rationale behind each principle and proposal.
According to the AGA’s research, 59% of past-year casino visitors are less likely to use cash in their everyday lives because of the COVID-19 pandemic, while 54% have indicated they would be very likely to utilize a digital or contactless payment option when they gamble.