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The Development of Cashless Apps and Their Effect on the Gaming & Amusements Industry

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clay-banks The Development of Cashless Apps and Their Effect on the Gaming & Amusements IndustryReading Time: 3 minutes

 

As gaming continues to evolve and explore digital channels, new cashless apps are being developed to support the needs of the changing gaming industry landscape and provide a more seamless customer experience. But, what impact will this have on players and operators? We explore the growing demand, how it’s being met, and the potential outcomes.

The Growing Demand for Cashless Payment Options

Though cash is still very much prevalent in the gaming industry and society in general, it’s noticeably becoming less accessible. Across the UK, around 300 cash machines are closing down each month because they are no longer profitable.

Recent research from Paysafe highlights the changing nature of payment methods. Their data shows consumers are increasingly using digital payment methods over more traditional methods. For instance, 50% of their survey respondents used a digital wallet for online purchases, more than credit or debit cards. Paysafe also conclude that “the ease of mobile payments will no doubt continue to pave the way for new and exciting payment innovations to succeed.”

With fewer cash machines and the reduced need for cash, consumers have come to expect cashless payment options more and more. So, when a business does not accept cashless options, customers are likely to take their business elsewhere. BCG research reinforces this, and shows that cash intensive economies tend to grow slowly and miss out financially, whereas those that switch to digital are far more successful. By switching to digital, annual GDP can rise as much as 3%.

Therefore, when it comes to gaming and amusements monetisation, there is growing opportunity to meet the needs of consumers demanding cashless methods. Being able to accept payments seamlessly can be provide a number of benefits for both gamers and operators alike.

Meeting the Demand: Gaming & Amusements

To meet the growing demand for cashless payment options, Bacta’s National Council has recently endorsed a development budget to bring a cashless app to the gaming and amusements market before the end of 2019.

This system in particular is made up of an app which utilises Near Field Communication to transfer money from a player’s digital wallet to the gaming machine. Winnings will then be returned to the phone. The payment system architecture is said to be highly secure with end to end encryption, and the future in the industry is looking positive:

Bacta’s President, James Miller stated:

Thanks to Greg Wood and other members of his committee, we have negotiated a great deal on terms that are highly competitive and which secure the interests of the membership in both gaming and amusements for the long-term.”

How Might Cashless Apps Impact Gambling?

Today’s developments in cashless payment technology were not foreseen when the Gambling Act 2005 was put together. However, as a general rule the Gambling Commission state they “are supportive of innovation, provided the way in which it is done is consistent with the licensing objectives”. The legislation does permit operators to make cashless forms of payment available.

The Impact of Cashless Apps on Gamers and Operators

There are many benefits that come along with the development of cashless apps for gaming and amusements – none more so than it is creating a positive user experience for gamers. Though its name may be ‘cashless’, it doesn’t necessarily mean cash cannot be used. It simply opens up a variety of payment options for the user. This means they have a more flexible, seamless experience, whether they wish to use a digital wallet or not, the choice is theirs.

When customers have more choice, customer loyalty is likely to increase. An uninterrupted, secure experience is likely to encourage them to engage with a game and return to play in future. It also offers a competitive edge to the operators who are willing to adapt to change. It will therefore be interesting to see what is next for cashless app development in the gaming and amusements industry, as well as how it changes gamers’ overall experience.

The article was produced in collaboration with TVC Leisure, a leading supplier of gaming and amusement machines.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: The Development of Cashless Apps and Their Effect on the Gaming & Amusements Industry

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Finnplay Group Acquires DGA Online Casino Licence

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Finnplay, the Nordic-based iGaming platform provider and gaming group announced that Danish Gambling Authority, Spillemyndigheden awarded them with the DGA Online Casino licence. This latest development continues Finnplay’s string of recent successes in its licence portfolio having earned an MGA Type 2 licence in November and a successful extending its Swedish Casino Licence in October.

Martin Prantner, the Chief Executive Officer of The Finnplay Group, commented: “This new Danish licence presents a great opportunity for Finnplay and our operating partners. Our strong record of compliance in regulated markets and the Nordics will help ensure a smooth and successful entry to the Danish market.”


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Finnplay Group Acquires DGA Online Casino Licence

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IGT Extends Private Management Agreement with The Barbados Lottery License Holders for 10 Years

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barbados-igt IGT Extends Private Management Agreement with The Barbados Lottery License Holders for 10 YearsReading Time: 2 minutes

 

Amendment includes possibility of two additional five-year renewal terms

International Game Technology PLC announced that its subsidiary, IGT Global Services Limited (hereinafter “IGT”), has signed a 10-year extension to its existing agreement to provide its Private Management Lottery services to the four license holders and beneficiaries of The Barbados Lottery.

The extension enables IGT to continue to provide its current private management lottery services, including its industry-leading sales, marketing, advertising, and retail agent services. As part of IGT’s ongoing services under the original agreement, it will deploy new retail terminals and ticket checkers, and will introduce self-service vending machines to the market. IGT will also continue to provide peripheral equipment for social space games, which are numbers games displayed on a monitor and played in settings like bars and restaurants.

IGT has operated The Barbados Lottery since the Lottery’s inception in 2005. Through its partnership with Lottery beneficiaries the Barbados Olympic Association, the Barbados Cricket Association, the Barbados Turf Club, and the National Sports Council, IGT has helped these national organizations achieve essential revenues to support their individual missions.

In a joint statement, Lottery beneficiary officials Sandra Osborne, President of the Barbados Olympic Association; Conde Riley, President of the Barbados Cricket Association; Rosette Peirce, CEO of the Barbados Turf Club; and Neil Murrell, Acting Director of Sports, the National Sports Council said, “Our long-term partnership with IGT has proven to be the major driving force behind our ability to consistently contribute to the development of sports, youth, and cultural programs in Barbados. A significant portion of our organizations’ income is derived from IGT-generated revenues, and it is these funds that enable us to deliver vital programs for all Barbadians to enjoy. This extended partnership with IGT is the proven and optimal way in which we can boost our revenues and sustain programs well into the future. We are excited to continue our partnership with IGT for years to come as we continue to focus on our missions and foster the development of our Barbadian talent.”

“This amendment to extend our private management lottery services in Barbados demonstrates all four beneficiaries’ confidence in IGT’s expertise in responsibly growing the Lottery,” said Declan Harkin, IGT Chief Operating Officer, International Lottery. “We look forward to enhancing this robust program through new and existing solutions that engage players, drive growth, and generate funds for good causes that ultimately benefit all Barbadians.”

The amendment extends IGT’s current agreement from 2023 through to 2033 and includes a provision for two additional five-year renewal terms. As part of the agreement, IGT will continue to provide a full suite of its world-class technology to support transaction processing and retail requirements, supported by its industry-leading marketing, advertising, retail sales, and draw show solutions and content deployment.

 

© 2019 IGT.

SOURCE IGT


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: IGT Extends Private Management Agreement with The Barbados Lottery License Holders for 10 Years

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Codere Already Has 6,000 Zitro Cabinets In Mexico

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Zitro and Codere have reached a significant agreement through which 1,000 units of the new Zitro´s Video Slots cabinets, ILLUSION and ALLURE, will be installed in Codere casinos. This important figure is in addition to the 5,000 machines of Zitro that Codere already has in operation in Mexico which makes this agreement an exceptional fact. “We have made an important commitment to Zitro already, which is a company that meets all the conditions to guarantee a profitable operation and maximum entertainment with products that make the difference” says Juan José Rivas, Codere Product Manager for America.

As Johnny Viveiros Ortiz, founder of Zitro, states, “I want to thank Codere for the important commitment to our new ALLURE and ILLUSION cabinets that are sweeping all Mexican casinos, taking Video Slots to the highest level. We’re convinced that this important investment in new Zitro cabinets, added to the current cabinets, will bring important successes to both companies”.

The ILLUSION and ALLURE cabinets have been the stars since their first installation in the Mexican casinos, bringing fun and entertainment to each casino that has been installed. ALLURE is elegant and fun in equal parts with its 3x 27” Full HD screens of and a multimedia system integrated in the upper screens that acts as a sign of next generation. ILLUSION is a pure spectacle, with an impressive 43” full HD curved monitor, a 21.5” LCD topper and the ‘SmartDeck’ digital touch pad thus creating a spectacular immersive experience.

Like the renowned FUSION cabinet by Zitro, ILLUSION and ALLURE stand out for being the thinnest on the market, being the widest inside, with games of an extreme quality and spectacular themes that blow the players´ imaginations.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Codere Already Has 6,000 Zitro Cabinets In Mexico

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