Everi Cashless Wallet
Cashless Evolution
Consolidations , partnerships , and speed to market mark the evolution of cashless gaming
BY JOHN BRENNAN
The revolution sparked by the U . S . Supreme Court ’ s May 2018 ruling that voided a 26-year-old federal law that had effectively given Nevada a monopoly on sports betting has led to more than three dozen states legalizing such gambling .
And with that , there has been a stampede of sportsbook operators all trying to gain market share in multiple states . Consolidations have been many , such as British bookmaking giant William Hill ’ s U . S . subsidiary being bought up by Caesars Entertainment in 2020 for $ 3.7 billion or the recent shareholder approval of a sale of Australia-based PointsBet ’ s U . S . operations to Fanatics for $ 225 million .
Other headlines noticed by many even casual observers of the gambling sector have included MaximBet , TheScore and FuboTV sportsbooks ceasing operations in 2022 .
But there is another , equally intense competition under way in the U . S . gaming industry — and it , too , is likely to wind up in a series of consolidations in the coming years . That would be cashless gaming , the technological advance that increasingly is allowing gamblers to replace traditional cash with digital alternatives .
“ For the past few years , the gaming industry has experienced meteoric growth , and the demand for payments solutions has grown along with it ,” says Christopher Justice , CEO of Pavilion Payments .
“ For now , several payments providers have emerged to serve the gaming industry and have been fairly successful in doing so . However , it seems likely that a few current leaders in the space will continue to grow and out-compete the rest , cementing themselves as the leaders in gaming payments .”
— Christopher Justice , CEO , Pavilion Payments
14 Global Gaming Business SEPTEMBER 2023