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New Payment Tech Could Boost Online Gambling

Added: Jan. 16, 2017

For now, as of this writing, this innovative new payment method is showing up in the state of Nevada. Here’s what you will want to note: a recent closed door meeting in the state of Nevada brought together no less than eight of the state’s gaming bodies. The topic of discussion was the feasibility of what is being referred to rather generically as a Single Payment System. Such a system would provide casino players an option to fund any and all of their gambling activities with a single payment method.

For the record, the fact of the matter is that such a system is already set up in the state of Nevada. This single payment system is referred to as a wagering account. More to the point, although these so-called wagering accounts are already authorized in Nevada, as of now, these wagering accounts are only available in a rather limited capacity. That means that in the current form, the wagering accounts are only authorized for sports betting activities and a very few online casino games.

Back to the ground breaking meeting mentioned up above. It turns out the Nevada Gaming Control Board sees quite an upside potential in expanding the use of the wagering accounts. You can readily understand the working premise behind these wagering accounts. If nothing else, the presence and availability of a single account to take of all of their gambling and casino action, online or offline radically simplifies the process for the casino player. At the same time, a single wagering account also means that regulation as well as casino player protections are significantly easier to implement.

At this point, it may prove helpful to take a look at the position of the Nevada Gaming Control Board. The Board maintains that by taking the step of

creating a single wallet, as it were for gambling activities of all types that are legal in the state of Nevada, the casino player can store funds long before they engage in casino game play. Furthermore, this so-called wallet could be used at any of the legal gambling establishments in Nevada, either brick and mortar based or online gambling sites. According to the Board, this can only help to improve the casino player’s gaming experience.

However this action plays out in Nevada, it is important to take a step back and see the broader picture. The fact that the Nevada Gaming Control Board is even considering such a single payment system is a giant step forward for the online gambling industry. After all, if this sort of thing proves viable in Nevada, the single wallet system could be rolled out to other locations. Bottom line: even the talk of a single payment system is a good sign for the online casino industry.