NSW’s Cashless Gaming Initiative to Enter 12 Week Trial Stage In August 2022
- The new cashless technology will be tested next month by the Newcastle Club
- It is aimed at minimizing gambling harm and preventing money laundering
- The new initiative should be properly regulated according to campaigners
New South Wales (NSW) has introduced a digital wallet for gaming, aimed at fighting money laundering and minimizing gambling-related harm. The cashless technology will be integrated into gaming machines to offer more protection for players.
The Newcastle Club will be the first to try the digital wallet starting in August. It will initially be implemented on 38 gaming machines in partnership with global gaming content and technology company Aristocrat Leisure. Around 300 players will participate in the trial.
Slots developers IGT and Utopia Gaming could also take part in the trial, with the NSW government considering two more applicants, according to Kevin Anderson, the state’s Hospitality and Racing Minister.
Digital Wallet Will be Linked with Player Identity, Bank Account
The trial will run for 12 weeks, during which all parties involved will try to explore different technologies and solutions, all aimed at creating a safer gambling environment for customers.
During the trial, players will be asked to connect their phones to the cashless machine through Bluetooth. They can then transfer funds without using cash.
The new cashless technology will provide ample benefits to the players by promoting responsible gambling. By using a digital wallet, patrons can avoid making spontaneous bets as they would be forced to halt their play and go out of the gaming area to replenish their accounts. The new technology will also come with time and spend limits, with the government also implementing stringent requirements for payment services.
The digital wallet will be linked to the customer’s identity and an Australian bank account which will make it easier for authorities to monitor suspicious activities, especially concerning money laundering.
Addressing Gambling Harm and Money Laundering
NSW has been looking at ways to address the ongoing problem gambling and money laundering issues in the state and cashless gaming was among the key measures proposed last year, with strong backing from Minister for Digital and Customer Service Victor Dominello.
Wesley Mission, a leading Christian non-profit organization in Australia providing services to the homeless, disadvantaged, and those suffering from gambling harm, has welcomed the new initiative, saying cashless gaming will kill two birds with one stone. The organization’s CEO Stu Cameron stressed that for the technology to be truly effective, it must be properly regulated.