Will Casinos Ever Pay Winnings Electronically?

Do you think there will ever be a day a casino will send you winnings electronically? Could they send them to me via Paypal or Venmo or directly to my checking or savings account? I know this will prevent some people from gambling away their winnings, but I’d feel a lot safer walking around without a few hundred dollars in cash on me.

Mandi Hart, head of product for Sightline Payments, took a few minutes out of a busy schedule to answer your questions. Her responses are as follows.

“We’re already there. At Sightline Payments, we’ve developed and implemented solutions that enable digital payments in casinos. This shift aligns with patrons’ growing expectation for fast, secure, and convenient transactions, similar to the digital experiences they’re used to in other areas of life.

“Digital payments are happening now. However, the broader adoption across the entire gaming industry has been gradual, due to the complex regulatory landscape and the need for legacy-system upgrades. Casinos that embrace digital payments are better positioned to meet modern patron expectations.

“Regulatory bodies must continue to adapt to ensure a safe, responsible, and compliant environment. This involves updates to state gaming laws and regulations to reflect the new landscape of digital transactions, as well as strict adherence to anti-money-laundering protocols and responsible-gaming standards. Each jurisdiction is different and harmonizing these standards across states is a key factor for scaling digital solutions like ours industry-wide.

“In our case, [disbursement] is done through Sightline’s payment solutions, which allows funds to be securely loaded via a variety of methods, including debit card, credit card, bank account, PayPal, etc. While general-purpose digital wallets like Venmo or PayPal are popular, Sightline’s are tailored to meet the specific needs and regulatory requirements of the gaming environment.”

We hope that addresses your concerns.

No part of this answer may be reproduced or utilized in any form or by any means, electronic or mechanical, without the written permission of the publisher.

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Comments

Tim Soldan Nov-19-2024

Moola Cash

Is this anything like the Moola Cash that Ellis Island has been advertising? I haven't really looked into it but surely someone has, as much as they have been pushing it.

Adumb Nov-19-2024

Imagine the fees!

ATM fees will seem like chump change…

Mark Smith Nov-19-2024

Casino Checks

If you get a taxable win (over $1,200) you can always ask them to write you a check if you don't want to carry around the cash!

asaidi Nov-19-2024

Doesn't sound secure.

Doesn't sound secure to me if there's a separate company involved.  The casino "securely loads" the money to "Sightline Payments" and then - for a fee (I'm guessing) - they "securely load" the money to the person.

Randall Ward Nov-19-2024

e cash

was that question from the IRS?

Fumb Duck Nov-19-2024

Wire Transfer

Could the casino just wire transfer the funds to your saving or checking account? I don't understand the need for companies like Sightline.

STEVEN CHOLITY Nov-19-2024

Casino Checks - Limits

Mark S - actually, that is not an accurate statement.  Casinos each have their own minimum jackpot payout for giving the player the option for a check.  For example, at Red Rock the minimum is $5K.  Anything under that is cash only.

Huge problem for me this year as most of my jackpots are $4K and under.  My recent deposit activity has actually raised alarm bells at my bank to the point where I’ve triggered some compliance rule (they won’t disclose what, just that it stems from Patriot Act).  They’re closing all of my accounts as a result.  Incredibly harsh action for something that can be easily documented via W2Gs.

I’m looking forward to the day (hopefully soon) that winnings can be electronically deposited since this will provide the required paper trail for compliance and audit purposes.

Gambler_7 Nov-19-2024

Sim name

Funny I dated a MandY Hart 20 years ago

Question of the Day - 19 November 2024

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