Sydney: Has the casino without cash arrived?

In Sydney in Australia cash could soon disappear, at least from the land-based casinos. As it emerged from corresponding media reports, leading gambling companies have decided on this together with the responsible Gambling Authority. This means that in the casinos of the largest city in Australia there could soon be completely cashless transactions.

Cash transfers had long be a thorn in the side of the responsible Gambling Supervising Authority for Gambling in Sydney, the Independent Liquor and Gaming Authority (ILGA). For this reason, the ILGA has concluded a new agreement with the two gambling companies Crown Resorts and Star Entertainment. According to this agreement, the casinos in the city plan to have completely cashless payment transactions. 

Illegal activities should be more difficult

Illegal operations should be prevented with the introduction of cashless payment transactions. In the gambling-sector, money laundering is especially a problem and it is ever-present. In March of this year, we reported about the Reform of the money laundering law in Germany. Without cash it is hardly even possible for criminal organisations to launder their assets in the casino.

The Gambling Authority seems to be happy with the good cooperation with Crown Resorts and Star Entertainment. In an official statement it was stated:

“Crown has agreed with the authorities to operate out all the games in its casinos cashless, using card technologies of established financial institutions which are connected to the gamblers’ identities."

Casino without cash gains ground 

Many casinos around the world are insisting on mainly cashless payment transactions. This trend will be continued in the coming months and years and not only in Sydney in Australia. It is to be expected that cash not only loses its importance in land-based casinos, but also that cashless payment options will accordingly become more important.

Previously there were often announcements about money laundering in slot machines in Australia. In October of last year, the newspaper “The Sydney Morning Herald” reported about this. At that time, the president of the ILGA had already referred to the dangers of cash transactions in slot machines:

“Slot machines are used by criminals, because they are a simple and cost-efficient way of money laundering, in which cash is laundered in the slot machines.”

Conclusion

The removal of cash from casinos could actually contribute to at least make money laundering more difficult. In other countries, cashless transactions already have another significance than in Germany. Therefore we are curious to see, how the project “Casino without cash” in Sydney will work out and if such concept can maybe be replicated in the coming years.

Image Source: https://pixabay.com/de/photos/sydney-opera-house-sydney-354375/