Cashless Casinos Using Bitcoin - The Wave of the Future

Early on in the global pandemic there was some discussion regarding how digital currencies such as Bitcoin could capitalize on the concept of money "being dirty".  We are not talking about money laundering here, but rather the actual paper - and even coins - acting as an instrument for transmission of the virus.  As a result, the impetus for a shift away from physical cash to digital money has only gathered more steam.  Casinos, in particular, are better positioned to incorporate digital currency payments.

And indeed there is good reason to embrace a cashless casino through Bitcoin and blockchain technologies. 

Back in the fall, a study found that the novel coronavirus can remain infectious for four weeks on banknotes.

Researchers at the Australian Centre for Disease Preparedness, Australia’s top biosecurity laboratory, tested how long the coronavirus survived on both paper and polymer banknotes at various temperatures. They discovered that the virus could survive a minimum of 28 days on both types of banknotes.  Researchers had previously determined that the flu virus could survive for at least 17 days.

“The persistence of virus on both paper and polymer currency is of particular significance, considering the frequency of circulation and the potential for transfer of viable virus both between individuals and geographic locations,” wrote the researchers.

Last year, the American Gaming Association published a report calling for a faster move towards cashless systems in casinos, citing not just the pandemic but also government restrictions.

Nick Hill of Coingeek notes that casino chips will not be replaced any time soon (continue to carry your hand sanitizer).

So how would the cashless casino work?

Players would be assigned a Bitcoin wallet pegged to USD or other fiat currencies with an aim of reducing the need to carry and handle cash in and to the casino, writes Hill.

Consider this scenario: a high roller walking into a casino, ready to play. He transfers funds directly from his bank account to a Bitcoin wallet. He signs up to the casino’s payment platform, opens a casino Bitcoin wallet, loads up with money and then proceeds to play as normal. The player transfers funds from his casino wallet to the table’s wallet via a QR code and the chips are handed to him. Any winnings are returned back to the wallet, and all casino transactions run through the wallet, as with any other digital currency transaction. Players can redeem the tokens within the wallet like loyalty points, or get them converted back to fiat currency and into their bank accounts.

As an added bonus here, players are also automatically plugged in to the casino’s loyalty programme, allowing them to accrue and exchange loyalty points for meals, gifts and other perks—all part and parcel of the convenience that comes with playing through a Bitcoin wallet.

Cashless casinos are also possible with tokenization, providing a link between online and offline casinos that effectively bridges between the two gaming environments, Hill adds.

Theoretically, this payment solution provides some added protection from would be thieves when leaving a casino.  Winning gamblers are not walking off with a wad of cash in their pocket or purse. 

- Aaron Goldstein, Gambling911.com