Cashless Can Mean More Safety & More Security
When Silicon Valley Bank (SVB) failed on March 10th, the FDIC (Federal Deposit Insurance Corporation) took control and ensured depositors would be able to access their money by the following Monday—even going so far as to guarantee deposits over the $250,000 maximum coverage.
Albeit rare, SVB highlighted the importance of FDIC insurance. The FDIC was created to protect consumers against bank failure, and the agency proudly states on its website that no depositor has lost a penny of insured deposits since its creation in 1933.
What does the failure of SVB mean for gaming customers? To enjoy the maximum protection of federal and state banking laws, players should make sure that their payments are covered by the FDIC by using a product like Play+. Every single Play+ account is covered by FDIC insurance through our partner banks.
Cashless Eliminates the Risk of Carrying Cash
As more and more Americans carry less cash—with 41% saying they don’t use cash in a given week—providing more digital payment options to casino visitors is paramount.
Cashless Keeps Gaming Funds Separate from Other Funds
When it comes to gambling responsibly, a budget is key. One of the simplest ways to segregate gambling funds is to keep them in a separate account, allowing patrons to easily track their play and remain within their set limits.
One of the many benefits of offering cashless payments is providing customers with enhanced security—when they don’t need to carry cash to a casino, or when they want quick access to their money, providing a better and safer overall customer experience.