Las Vegas-based Everi Holdings announced last week that its mobile wallet, a cashless gaming product, will be introduced before the end of 2020. It will be called CashClub Wallet.
It will allow casino patrons to load funds into the “wallet” from bank accounts, debit or credit cards. The app will enable them to place bets directly on slot machines or table games. This will require an integration system. At properties that enable this system, patrons would also be able to pay for meals, make sports bets or buy items at the gift shop.
The product had been under development for many months. With the advent of the Covid-19 pandemic it has become especially timely because it enables touchless transfer of funds.
During a private investors conference call hosted by Truist Securities the same day that Everi made the announcement, Truist gaming analyst Barry Jonas commented, “Covid-19 is currently serving as a catalyst to accelerate adoption of this likely transformative and potentially disruptive innovation,” and added, “We see Everi as well-positioned with a meaningful incumbency and first-mover advantage.”
Earlier in 2020 Everi CEO Mike Rumbolz explained that mobile wallets require companies that offer them to have licenses insured by the FDIC (Federal Deposit Insurance Corporation.)
At that time Rumbolz said, “In 2019, we facilitated more than 115 million transactions that delivered $30 billions of cash to casino floors and generated $165 million in revenue for Everi.” He continued, “We have a large base of casinos and other facilities using our fully integrated FinTech network today, as well as our portfolio of compliance services and loyalty products.”
Last year the American Gaming Association called for casinos to move toward cashless gaming technology as a way to fight money laundering. AGA CEO Bill Miller says he is “excited” about Everi’s announcement.
Rumbolz has cautioned that the transition toward cashless gaming won’t be rapid. “In the near-term, we expect players’ choice for funding on the casino floor will continue to favor existing cash access solutions, such as ATM withdrawals or cash advances.” He added, “Going forward, over time, adoption of cashless and contactless funding solutions will grow.”