Poker players in Nevada could soon be funding their gambling activities by using a single payment method known as a wagering account.
This Follows a workshop by Nevada Gaming Control Board on November 8, the members of the state’s gaming bodies have discussed the idea of giving gambling players a single method to fund all of their betting activities.
Currently these so-called wagering accounts are available in a limited capacity (currently only for sports betting and to fund some online games), the state’s regulator is wanting to extend these provisions.
The idea and purpose of the wagering accounts is to simplify the funding process for players and, to make regulation and protection much easier for operators.
Creating a single wallet, players can store their funds before making use of them at an affiliated casino. The Gaming Control Board believes that it can improve the player’s overall gaming experience.
Same System, Different Name
It was pointed out During the meeting that such systems are already in place. According to the president of Sightline Payments, Mr Harry Hagerty, patrons at MGM and William Hill already have the advantage of what the board is calling wagering accounts.
Mr Hagerty said that much of what they’re trying to achieve already exists. He continued that a prepaid access instrument, much like a credit or a debit card, means that players must open an actual account at a bank which already has all of the FDIC protection and all of the other protections that the state and federal banking laws provide with the use of debit and credit cards,
Mr. Hagerty pointed out, players might have issues with credit and debit cards, and the US banks are notoriously fickle with regards to the processing of deposits and withdrawals from gambling sites.
The Banks Could Pose a Problem
Mr. Hagerty noted, that making use of credit and debit cards together with a wagering account, could result in about 60% of players obtaining immediate access to their funds.
Evidence of these issues have been seen already in New Jersey.
When online gambling was first introduced and regulated, in the Garden State, hundreds of players reported their issues with Visa and MasterCard deposits.
Because iGaming regulation has only taken place on a state-by-state basis, many of the banks have often taken the side UIGEA (a federal law), that prohibits processing of funds to online betting sites.
Although most of these issues have slowly been resolved, there are still dangers that the introduction of a new wallet system, in Nevada could result in similar problems.
Although it would be useful for a player to use a single account to play online games and live poker, in Las Vegas, the logistics of this might take some sorting if it’s to become a reality.