The explosion of online sports betting and iGaming has opened the door for land-based facilities to scale their businesses through omnichannel and cashless experiences. But, like anything new, it can be tricky to know exactly how or where to start.
Sam Basile, VP of Business Development and Licensing, North America, at GeoComply shares his insights below on cashless wallets, what you need to consider, and how geolocation technology can help make your omnichannel strategy successful.
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How do cashless wallets impact business?
SB: Cashless systems modernize the traditionally cash-reliant casino industry through the integration of digital wallets. When these wallets are incorporated into a casino’s app, they can process payments from debit, credit, and various alternative methods. Typically, users of digital wallets tend to spend more and engage for longer durations.
What do cashless wallets enable operators to do?
SB:These wallets offer operators enhanced insights into customers’ spending habits, both in-person and online. Integrated Know Your Customer (KYC) features also provide a richer understanding of customer needs. Ultimately, customers benefit from a streamlined interaction with the gaming venue, equipped with tools to oversee their spending and ensure responsible play. With a cashless wallet, land-based operators can manage customer KYC, funding, cashless payments, and transfers all through a single mobile app. This allows users to conveniently place bets on sports, slots, and table games using their cashless wallet while at the gaming venue.
Why are cashless wallets becoming a player magnet?
SB: Operators are increasingly turning to cashless wallets due to their ability to not only eliminate waiting lines at kiosks but also facilitate seamless identity checks and transactions. Additionally, these digital wallets have proven to attract new technologically-inclined demographics. Pew Research Center found that 41% of U.S. adults favor non-cash transactions in 2022, up from 29% in 2018 and 24% in 2015.
How do cashless wallets elevate operator’s omnichannel experience?
SB: Cashless wallets can seamlessly integrate with the current gaming management, cash access, and point-of-sale systems within physical casinos. Subsequently, customers can use the same cashless wallet across various platforms, including online, gaming machines, dining, or retail outlets, culminating in a genuine omnichannel experience for the customer.
How does GeoComply fit into creating an omnichannel experience?
SB: We enable our clients — casinos, both commercial and tribal — to deliver a seamless, omnichannel experience, with our comprehensive fraud protection and cutting-edge geolocation solutions. This facilitates them to access beloved games on mobile platforms. Beyond the casino, they can keep the entertainment alive with social or free-to-play games, while still allowing players to accumulate loyalty points. Additionally, they can ensure both the convenience and security of digital payments for all transactions.
How do you spot digital wallet users on-site?
SB: Digital wallets, coupled with GeoComply’s advanced geolocation, notify operators when their customers arrive at their properties and can also track their spending locations.
Can digital wallets limit where players are able to spend?
SB: Certainly. By utilizing GeoComply’s advanced geolocation to create virtual boundaries, operators can enforce jurisdictional restrictions such as barring digital wallet transactions or funding activities within specified areas. Our solutions not only enforce limitations but also improve the player journey, letting users enjoy their top games on mobile devices throughout the establishment or reservation, effectively expanding your slot floor.
How are cashless wallet users shielded from fraud?
SB: In the face of digital threats, where hackers use tactics like account takeovers, VPNs, and remote desktop programs, GeoComply’s approach has always been about being one step ahead. We’ve implemented an intricate matrix of geolocation technology and advanced anti-fraud measures, applying hundreds of checks on each transaction. The objective here is dual-faceted: first, to fortify every digital transaction, and second, to enable every digital channel while safeguarding legitimate players as they engage and enjoy their activities. Throughout the player’s journey, we validate players’ identities and combat various types of fraud such as chargebacks.
What sets GeoComply apart when it comes to cashless wallet needs?
SB: With GeoComply, operators gain unparalleled precision in geolocation compliance and meticulous on-property geolocation, along with vigilant fraud detection and prevention, adeptly managing challenges such as chargebacks and promotion abuse. We go beyond mere support; we elevate your operations by ensuring meticulous anti-money laundering (AML) and KYC procedures, providing insightful commercial analytics, and deploying advanced device fingerprinting to seamlessly bolster your financial transactions with first-class security.
Contact solutions@geocomply.com or book a demo to learn how you can attract more clients to your gaming venue and enhance their experience through a solid omnichannel and cashless wallets.
