Gaming

Sydney Casinos To Ban Cash To Prevent Money Laundering Scandals

The casino industry has been changing, and the Sydney casinos are now set to remove cash as a mode of payment to improve security. This change is being made in an attempt to reduce crime at these sites. Also, it aims at discouraging criminals and drug dealers from using casinos to launder money. As a result, the two biggest Aussie casinos, Crown Resorts and The Star, will be phasing out cash.

The Cash Ban

The cash ban at the casinos is associated with historical events of money laundering scandals. In the past, the Treasury Corporation reported suspicious activity surrounding Crown Casino Melbourne’s poker machine tradeoffs exceeding AU$19 million over three years. It remains unclear why both companies’ managements made this sudden change, but some experts speculate it may be due to increased government regulation.

Crown Resort To Go Cashless 

For many years, the Crown is under serious allegations of illegal activities, junkets, and money laundering. But the cashless approach might bring benefits.

  • The cashless move has paved the way for Crown to open Barangaroo casino in Sydney.
  • According to NSW Independent Liquor & Gaming Authority (ILGA), this move will also help James Packer-backed group get back its Sydney license.
  • The plan of introducing digital technology will be implemented in Melbourne and Perth after Sydney.
  • In a press conference, ILGA chairman Philip Crawford said that Crown Sydney’s gaming rooms would open in October.
  • Also, there is an appointment of an “independent monitor” to analyze the changes made by Crown during this time phase. It will include corporate governance, culture, and anti-money laundering controls.
  • Also, smoking will be phase out by 2022. But some high-roller gambling rooms won’t include in it.

Cash Ban By Star Casino

The duplicate confirmations like Crown are done by The Star, that cashless solutions will be implemented gradually, with time in casinos. The timeline for implementation is not determined yet. The authorities will consider the customers to present the best solution.

Is Going Cashless A Good Idea?

Cashless casinos are becoming more and more popular as the world becomes increasingly digital. The benefits of these types of casinos go beyond just convenience – they’re also safer than traditional models and can make gambling a lot easier for those who have trouble managing their money.

Imagine a casino where playing slots or table games is just like shopping online. You buy your chips in advance, insert them into the machine to play and then cash out when you’re done—no more carrying around hundreds of dollars for those marathon gambling sessions.

Beginning Of Trend

The trend toward cashless casinos began with Monte Carlo Resort & Casino (MCR) launching an EMV-enabled card reader system that allowed customers to purchase game credits from kiosks at various locations throughout the property. 

  • This helped MCR reduce losses due to theft and fraud related to people taking money off slot machines while they were still operating and credit card transactions not going through. 
  • It soon became apparent that this was just the beginning. 
  • Today, cashless casinos are popping up all over the world, and for a good reason. 
  • These new systems not only make it safer to gamble but also provide a more convenient experience that’s easier on your body as well as your bank account! 
  • The same is the case with Crown resort and star casino!

Perks Of Going Cashless

For some people, one of the most significant benefits of cashless casinos is how convenient they make things. Not having to carry physical money around means you can gamble anywhere and anytime! In addition, you’ll never have to worry about managing your wallet or counting out bills again – all that’s needed is a few taps on your phone. Other includes: 

  1. There is no need to carry around large amounts of cash – put in your chip card or swipe a charge card when you want to buy credits. Also, there will be less risk of theft.
  2. Gambling limits can be set according to how much money is available in an individual’s preloaded credit card account (in other words, there are no worries about going broke!) 
  3. There is no waiting for change at slot machines or tipping casino staff members because everything runs digitally – this means faster gameplay with less time standing in line.
  4. You can quickly put a stop to your gambling session with one touch of the button when you’ve had enough.
  5. Lower transaction fees and greater control over who uses the casino’s services (no more accepting other forms of payment).

Wrapping Up

In the world of online casino gambling, it’s not hard to see how cash is becoming a thing of the past. Sydney Casinos have announced plans to gradually shift all cash transactions and move entirely to digital payments. This is because it’s more convenient to pay digitally like online best Aussie pokies to deposit and make payments with a phone click.

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