November 26th, 2007
Land-based casinos are changing their wagering methods to non-cash systems. This will ensure a safer environment, and faster paced wagers. This seems like a great idea, but is there a double standard here?
Cash Systems, Inc. now has a new payment method called Powercash. Casino clientele must register for the casino player’s club card with the Cash System cashclub feature. That player can then transfer funds from their credit cards, or their credit cards and checking accounts to their casino players club card. All this can be done without ever having to leave the gaming machine they are playing at. When the transaction is complete, the player can choose the amount they wish to wager. The selected funds are then deposited directly into the credit meter. The first casino to have the Powercash option was Fantasy Springs Casino and resort on November 9, 2007.
Other payment systems include Cashclub, eCash checking, and Tablecash. Cashclub allows players to draw funds from the ATM with their casino club cards. eCash checking allows players to cash checks in less than 8 seconds without having to deposit it first. Tablecash is a handheld device through which players can transfer funds from their credit or debit cards to purchase chips.
Our land casinos can use wireless wagering systems and other methods for gambling without the use of hard cash. However, if a U.S. citizen attempts to gamble online, credit card companies and other financial institutions must deny them by law. Why is it any different for a land-based casino to offer such methods?
We all have heard the arguments against online gambling time and again. It doesn’t matter how many excuses we hear, or how often we hear them…it never adds up. The U.S. allows one company’s service after making it illegal for a large number of other companies to offer virtually the same services.
Other than this legal contradiction, I think these payment methods are (for the most part) positive additions to a casino’s atmosphere. Carrying a large amount of cash can feel threatening, as there is always a chance of it being lost or stolen. You may lose your cash club card, but your funds cannot be accessed without a pin number.
Another positive element of these payment methods is the potential raise in a casino’s profits. The clientele will actually be carrying around more money than if they were carrying hard cash. On the negative side, this feature may be more dangerous for some of the players. Gamblers will have to be more careful with their funds. They will be in a fun and intense gambling atmosphere, and will probably be more inclined to be irresponsible with their accounts.
There are pros and cons to just about everything in life. No matter what these are, everyone should have the opportunity to participate.
By Victoria MaroPost at 12:25 pm UTC by Samantha