Any industry that moves a lot of money is bound to chase the holy grail of payment systems that are safe, secure and simple to use. Gambling fits the bill. It’s continuously evolving and, increasingly, looking for ways to transfer funds securely between casinos and their patrons very quickly and very easily.
And while the primary goal is to ensure that transactions are safe and efficient, there’s an emerging opportunity to leverage these payment systems to identify and support problem gamblers.
The Evolution of Casino Payment Systems
In years gone by, casinos would have operated almost entirely on cash or letters of credit. Then came cheques and eventually electronic transfers. Now, for managing funds to and from their patrons, some casinos are adopting modern money transfer apps.
These smartphone apps allow transactions using simple identifiers like mobile phone numbers or email addresses, thus bypassing the time-consuming “conventional” bank to bank methods. An example is the Canadian Interac e-transfer system*, which is gradually gaining traction. It shows how casinos can embrace user-friendly technology for greater all round convenience.
Secure payment systems serve a dual purpose: they assure casinos of their guests’ solvency while also providing gamblers with a hassle-free method to top-up funds and receive winnings. This ease of transaction enhances the gambling experience, and builds trust and loyalty between the casino and its customers.
Identifying Problem Gambling: The Role of Behavior Checking
Modern casinos are increasingly aware of their responsibility to identify and support gambling addicts. Providing assistance or connecting them with trained counselors is not just an isolated social good. It reflects a commitment to the wellbeing of customers and aligns with broader societal values. And while it is a valid an act of corporate social responsibility, it can also save the casino money and inconvenience in the long run.
To track gambler behaviors sufficiently accurately to make a difference, another level of understanding is required. Payment systems can help. By analyzing transaction patterns on their own end of these payment apps, casinos can detect signs of gambling addiction, such as a single patron providing funds from multiple bank accounts. This approach allows for the identification of problem gamblers and enables timely intervention – crucial for both player welfare and the casino’s reputation.
A Beacon of Safety for the Gambling Industry
Thus, the next step for casinos is the integration of sophisticated behavior analysis tools like that described above. Like Compli from Essiell Compli.
This technology can track events and behaviors across multiple accounts. I can paint a clear picture of a gambler’s habits and potential risks. The service is infinitely scalable and customizable for specific client needs. It stands out as an innovative solution for a sector still learning how to balance a valid profit motive with customer welfare. Compli’s automated systems can monitor and flag concerning behaviors, ensuring that any potential issues are addressed proactively. This doesn’t just protect the individual gambler. It also safeguards the casino from the risks associated with problem gambling.
The integration of widespread secure payment systems and behavioral analytics would represent a significant advance in the gambling industry. It would signal a shift towards a more responsible, humane approach to gambling, helping effectively to balance profitability with social responsibility. Compli can help.
*Interac e-Transfers: Exploring Safety Features & Their Role in Online Casinos, Southwest Journal, December 13, 2023