Singapore lawmakers recently made changes to the country’s Casino Control Act to allow for cashless gaming at the two casinos in the city. This decision, announced by the Minister of State for Home Affairs and Social and Family Development, aims to eliminate the need for gamblers to exchange physical cash for playing chips.
The new regulations permit the use of virtual credit cards and e-wallets for cashless transactions at the casinos. However, cryptocurrencies are not allowed due to concerns about potential money laundering risks. Lawmakers believe that this shift towards cashless gaming will enhance security, increase efficiency by reducing the amount of physical cash handled by casinos, and appeal to younger individuals who are more accustomed to digital payment methods.
While the amendments to the Casino Control Act have been approved, they will not be implemented immediately. Resorts World Sentosa and Marina Bay Sands must first upgrade their systems to accommodate cashless gaming. In addition to the changes related to cashless transactions, other amendments were also introduced. The two casino properties are now permitted to share patrons’ data without their consent for the purpose of combating terrorism financing or money laundering. Furthermore, operators can offer mobile gaming on their premises if they obtain approval from the Gambling Regulatory Authority.
Overall, the decision to allow cashless gaming in Singapore’s casinos reflects a broader trend towards digitalization and modernization in the gambling industry. By embracing virtual payment methods and enhancing security measures, lawmakers hope to create a more efficient and appealing gaming environment for both local residents and international visitors. As the casinos prepare to implement these changes, it will be interesting to see how the shift towards cashless transactions impacts the overall gaming experience in Singapore.