Jul11
American Gaming Association Introduces New Payments Modernization Policy Principles
June 17, 2020 Aleksandra Zolotic
Working diligently to promote sound policies and smart regulations, the American Gaming Association (AGA) came up with new ways to bring more efficiency to transactions. Following the 18-month collaborative industry effort, the Association released new Payments Modernization Policy Principles, which aim to provide a framework for regulatory flexibility and allow digital means on the casino floor.
Among the major segments addressed in this analysis, special attention should be put on less payment, mainly due to the current situation. Offering a wider palette of banking choices in land-based facilities, operators will add more value to safety and security in transactions.
Reinforcing Already Stringent Measures
According to the past-year stats, the majority of visitors consider digital or less payments in brick and mortar facilities as a highly important and necessary option during these specific times.
By equipping customers with digital tools…
…to help them supervise their gaming activities and habits, and set limits, efforts to promote responsibility will be significantly improved. Moreover, AGA believes that this way operators, regulators, and law enforcement will have increased transparency into matters of anti-money laundering and monitoring of financial transactions.
Bill Miller, the Association’s CEO, and president commented:
“Advancing opportunities for digital payments has been one of our top priorities since my first day at the AGA. It aligns with gaming’s role as a modern, 21st-century industry and bolsters our already rigorous regulatory and responsible gaming measures.”
Aside from these necessary modifications on the casino floor…
…majority of people agree that, under these circumstances, people are less likely to use cash in their everyday lives. That’s why promoting digital and less means plays a key role on a general level.
Digital methods include both credit and debit cards, as well as various other platforms that can be utilized for gambling. Worth pointing out is that each specific state and tribal jurisdiction will determine a unique set of rules on which options are permitted or not.
Seven Crucial Principles
Early last year, the AGA gathered a working group of to evaluate the regulatory, processing, and consumer landscape related to expanding banking options in terrestrial venues.
The product of that collaborative effort…
…dubbed The Payments Modernization Policy Principles is done in continuous coordination with regulators, card networks, responsible gaming, and problem gambling advocates, financial institutions, and other key players in the payments ecosystem.
Seeking to educate state and tribal regulators who are considering expanding banking choice, here’s what the document stresses out as the most important:
- Equipping consumers with more tools to wager responsibly
- Giving customers a better selection of banking methods and more convenience
- Building confidence in digital payment security among consumers
- Ensuring state laws enable a flexible regulatory approach, capable of keeping pace with evolving forms of digital financial transactions
- Empowering law enforcement to better identify offenders through digital payment analysis
- Addressing heightened customer public health concerns
- Creating a uniform regulatory environment for casino operators, suppliers, and regulators
Source:
“American Gaming Association Policy Principles Offer Framework to Advance Casino Payments Modernization”, americangaming.org, June 16, 2020.
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I hope these ideas will become reality. It makes total sense to promote safer methods for payment, and as AGA indicated, there are ways to provide punters with them.