..

Casinos Push for Cashless Gambling Payments, Citing Virus, A Boost for Bitcoin?

Written by:
Aaron Goldstein
Published on:
Jun/16/2020

ATLANTIC CITY, N.J. (AP) — The American casino industry wants gambling regulators to make it easier to adopt cashless payment transactions on the casino floor, citing a desire to help customers avoid handling money during the coronavirus outbreak. 

In a report released Tuesday, the American Gaming Association, the gambling industry's national trade group, called on regulators in states where gambling is allowed to update their rules or laws to integrate cashless options for gamblers. 

The push follows an 18-month study of the issue by both commercial and tribal casinos, and equipment suppliers to try to pave the way for cashless transactions on a wider basis. 

Presently, a small number of casinos use such payments, which include debit or credit cards, as well as apps like Apple Pay, Google Pay, and PayPal. Wider acceptance of these options has long been a goal of the gambling industry. 

Bitcoin Missed its Golden Opportunity, Says Bloomberg

The price of BTC turned out to be much more correlated to the tradictional stock markets than many experts predicted, writes Liam Frost of Decrypt. 

Fears over the handling of paper money should have had a more dramatic impact on the cryptocurrency, as noted in the story above from the AP.

Frost writes:

When the coronavirus pandemic began to engulf the whole world, many experts, such as Galaxy Digital CEO Mike Novogratz, argued that “Bitcoin’s moment” could be just around the corner. For a start, the US Federal Reserve was printing billions of new US dollars and inflating its supply while the new supply of Bitcoin was instead being reduced during its halving. Bitcoin was presented as a hedge against economic uncertainty, a digital version of gold and the one thing to remain resilient in a world of chaos. But per Bloomberg, Bitcoin failed at exactly that.

“Despite the extraordinary market volatility, it hasn't surged to new heights. In fact, it continues to make a general trend of lower highs. This takes away the argument that an economic crisis creates a boom for Bitcoin,” Bloomberg editor Joe Weisenthal wrote, in a market briefing. 

- Aaron Goldstein, Gambling911.com

Gambling News

Best Bets for This Weekend - Feb. 27-28, 2021

Best Bets for This Weekend - Feb. 27-28, 2021

The weekend betting slate typically includes the biggest games of the week. Weekend contests give bettors tons of opportunities to win big on multiple sports. 

Six Developers Offer Proposals for Richmond, VA Casino

Six Developers Offer Proposals for Richmond, VA Casino

Six casino developers have submitted proposals to the city of Richmond to be the preferred candidate for a casino resort.

Cal Ripken Jr Joins the Draftkings Advisory Board

Today, DraftKings (Nasdaq: DKNG) announced the appointment of baseball legend and entrepreneur Cal Ripken Jr. as a special advisor to the board of directors. Ripken will lend strategic insights to the board of directors and Chief Executive Officer on key company initiatives and will become a DraftKings equity holder.

Sports Betting Measure Sees Some Movement in Arizona

A sports betting bill in Arizona is limping along after an initial burst of excitement.

A Message From Calvin Ayre

In 2009, despite having relinquished any active role in the online gambling industry years earlier, I launched CalvinAyre.com due to my dissatisfaction with the news sites that then dominated discussion of the gaming sector. I found their coverage too deferential to the established giants of the day and too oblivious of the changes I saw looming on the horizon.

Syndicate