Vegas slots soon will accept pre-paid debit cards [LVRJ]

I thought this was interesting but dangerous for some people - especially those who don't have a lot of money.

http://www.reviewjournal.com/business/vegas-slots-soon-will-accept-pre-paid-debit-cards

 

You have to have the cash first and load them. It's a convenience for those not wanting to carry cash. But many/most prepaid cards have a fee associated with them. When you buy them and/or when you reload them.

 

This was only a matter of time...and it will open the way to acceptance of regular debit cards directly at the machine.

 

Not sure about that.

 

Yeah thats what I am thinking too, why its not regular debit or credit cards: you have to have the money in the first place and have allocated it to a prepaid debit.

 

Credit churning is the first thing that pops into my mind.

 

I agree with dankyone. In fact, it is a debit card you can use anywhere but they're just playing with semantics. You can google some other articles that explain it better. Its a debit card issued by a bank, the only difference being its tied to a new account and not to a checking or savings account. But it can be funded by any of those accounts so its really just a pass-through mechanism.

How hard it is to move money from your checking/savings to another account nowadays? A few clicks on your phone. They will have some restrictions on how much you can load onto it - 2k per day, 4.5k per week, 10k per month, and 25k max on the card at any one time. They also say players won't be able to use the card for at least 15 minutes after transferring funds. So they are putting in some safety measures, though the 15 minute breather is nothing really. The OP is right, the biggest risk is to gamblers with the least since 2k per day might be more than they can afford to lose.

This is most of the way there in terms of allowing normal debit cards to be used, they're at 4th and inches.

 

Took the words right out of my mouth.

This does shake me up a bit. When you are getting accustomed to something, sometimes you make mistakes. You may for example forget your card in the machine. Hopefully there is a process to prevent that from being a problem.

 

I can't see anyway these wouldn't have some sort of pin number associated with them, making it difficult for someone to use the funds linked to the card without that number on another machine.

This is already in used with the slot cards. I could find Diamond card on the floor at Caesars with $1000 in freeplay on it, but I can't use it unless I know the pin. Same difference.

 

Agreed that this is a way for the casinos to head to regular debit cards too.

I'd really be concerned about the security of someone seeing your passcode if they use the keypads they have now.

 

Sure that's the way that folks who have banking accounts and regular credit cards use them. But there are many people who don't and for whom their debit cards are they way they pay bill and receive their paychecks. It's scary to think that there would be nothing keeping them from blowing their paycheck. Having to stop and hit an ATM can be a trigger for some to pull back and rethink if they should be in the casino or go home.

 

Sure, there will be horror stories of people losing all the money they can get their hands on. But that possibility already exists. Allowing them to do it directly from the machine doesn't really make much difference IMO.

 

Agree with you there, I use a pre paid $ card when I visit Vegas and that's my spends for the trip although I have back up funds for an emergency on another card, but as you say getting up to go and get more cash out of the ATM might make people think what their doing , as oppose to sitting at a slot machine and emptying your card. It could be the beginning of a slippery slope and that debit cards could be the next target for the casino's.

 

I agree. You can't really protect stupid. If someone really wants to lose their money there are already plenty of ATM machines located around the casino.

 

But it does imho....spending with a debit/credit card feels a lot different than paying with cash. Besides instant gratification from credit cards, a card psychologically feels like "this is a whole lot of money" while cash feels like here is a limited amount of money. If you have ever lived your life on cash alone (without cards), every payment feels like a deduction whereas from a card, you just feel like you made a purchase and there is still a ton of money! You will spend more this way. This is the psychology of the card in general. Throw in rewards for just using the card and it gets worse.

Even the process of inserting paper money instead of coin made a psychological difference. You are more inclined to play through the whole $20/$100 as opposed to putting in only a few coins and stopping when you are not feeling it. Also, the TITO has made people spend more than usual because you can hold onto a whole huge sum of money on one piece of paper.

When you have paper money, most people put in one $20 or one $100 at a time. But with a card, you are more inclined to make the fewest trips to reload and therefore make your "limit" for a session higher. It doesn't take losing all of your money at once for the casino to win. All they have to do is find more and better ways for you to part with your money...and fast. It's all in the psychology, which the casino is very good at.

 

True, and I hope you can program it to time-out after like 5 seconds of not being used. Or some type of safety/insurance if your information gets compromised.

 

Casinos always try to blind you when it come to cash.

We play with casino Chips at the tables. The only time it hits home is when you lay out the Cash on the table to get chips. Now it is just these chip things I am playing with.

Place money into a slot or VP and you see it. Now it just these credit thingy's on the machines display.

And with the card, now its just numbers on a display screen. But, take the money out of your wallet, and you know exactly how much your pulling (and how much of it is going back in).

But it is just a matter of time when TITO is a thing of the past. It will all be done on cards eventually.

From Coins to TITO to Cards. Just a matter of time IMOP.

Cruise ships already do this. For Slots or VP, you can insert money or use your Sail Account Card. However, no machine issues TITO to cash out. It goes directly on your Sail Account Card, under a Casino sub section of the card.

 

I agree with your assessment. While the technology could allow for bank debit and credit-cards, I think the Gaming regulators, at least in Nevada, are MILES away from considering such an expansion.

 

If they want the machines to be cashless they should just do deposit cards like some Indian casinos do.

At those casinos you have to deposit the money on your card at the casino. It is like buying a gift card.

This Vegas system is a bank debit card you transfer money to from your other accounts.

It will make it that much easier for some people to gamble away their savings.

 

As I have said, the Cruise Industry has already made this expansion.

Because all Vegas Friends, and I know it is blasphemy here, do not want to accept the simple fact, Cruise industry is years ahead on Vegas.

Yet, Vegas is going to follow....

What once was coins, became TITO, and will become like the Cruise Industry of today, GOING TO PASTIC.