In the digital world, many prefer cashless transactions. Considering that nowadays cards can be used for payments almost everywhere, from a coffee shop to the subway and even the bus, more people would rather swipe a card than use cash.

Such is the case for the gambling sector too, where cashless technology is making its way but it is yet to overtake the share of transactions. Primarily, regulators and operators fear potential breaches of anti-money laundering regulations. Still, this doesn’t mean that cashless transactions are not the future of the sector.

Nevada Considers Broadening the Use of Betting Accounts

During a recent meeting of the gambling regulator in Nevada, the Nevada Gaming Control Board (NGCB), the board members discussed the possibility of expanding the use of wagering accounts within the state’s non-restricted gaming venues such as casinos. A potential change to the current rules proposes to widen the range a wagering account can be used at a casino resort to include payments for foods and beverages, as well as shopping at retail outlets.

Ultimately, such a change would provide a more streamlined experience for hotel and casino guests who will be able to seamlessly complete gaming and non-gaming transactions while on-site. However, the change doesn’t come without challenges, as board members discussed during their recent meeting.

While considering expanding the use of wagering accounts, the proposed change is expected to apply in Nevada. As explained by the NGCB’s technology division chief, Jim Barbee, who was recently quoted by CDC Gaming, the funding and withdrawal of a wagering account won’t be limited geographically. This means that a person who visited Nevada and used a wagering account can then withdraw their funds in another state. Still, Barbee said that a restriction would remain in place, effectively prohibiting the patrons from using their Nevada wagering account in other states.

Gambling Regulators Shouldn’t Stay on the Path of Progress

Kirk Hendrick, NGCB’s chair, spoke about the importance of implementing changes to the sector and advancing cashless solutions. However, he pointed to challenges that raise concerns such as money laundering. Moreover, Hendrick said that it is imperative that the changes to the regulations are effective and implemented without mistakes.

The Board’s chair added: “The world is going cashless and Nevada gaming regulators shouldn’t be standing in the way of that.” Still, Hendrick reiterated the importance of polishing the rules, adding that the NGCB doesn’t intend to be “creating ambiguity or unintended consequences.”

The proposal to expand the use of wagering accounts was recommended for approval by the NGCB. The next step in the process will be a review of the Nevada Gaming Commission. Such a review and potentially an approval is expected at the Commission’s meeting next month.