Unlike the traditional merchant transaction processing atmosphere, the delivery of cash entry services, and the products through which they may be delivered, need to meet extremely higher standards of reliability and performance in order to handle the high transaction amount of the casino gaming industry.
The overall US gaming business operates in over 40 Says and generates an estimated $90 billion in revenue (Data: American Video gaming Association). Cash access services are present in numerous venues, which include the traditional casinos of Las Vegas and Atlantic Town, Native American Casinos, Riverboat Casinos, Pari-mutuel Race Tracks, and Credit card Rooms.
Cash access products perform a mission critical role to get gaming operators with an estimated 70% of gaming revenue being based on such services. Most gaming workers rely on outsourced third party companies like Sightline Payments LLC to provide these types of services to their patrons. We calculate the North American (on an annual basis) Gaming Cash Access market to become $25 billion dispensed to customers and over 100 million transaction approvals, generating an estimated $950 million in revenue for the industry.
The biggest provider of these cash access providers includes Sightline Payments (PRIVATE: Sightline), Global Cash Access, Inc.
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(NYSE: GCA), Global Payments Inc. (NYSE: GPN) with an approximate combined 90% market share. The remaining 10% is divided amongst other providers including Cash Centers of America (MCAM. PK), DiTronics Financial Services, and ASAI.
This is a description of the common types of Money Access Services found in an internet casino:
᾿ Credit Card Cash Advances (Smart Station Advances): Credit card cash advances enable a gaming patron to access funds up to a specified limit set by the card-issuing bank. The consumer fees average about 6% of the amount requested.
᾿ Debit Card Cash Advances: POS charge card transactions are processed similar to a regular merchant transaction, whereby a patron is able to access funds to the cardholder’s purchase debit limit, that is usually higher than the daily CREDIT limit. The consumer fees average regarding 3. 5% of the amount required.
᾿ ATM and ATM3X: A patron can withdraw funds straight from his or her checking or savings account susceptible to a daily limit average of $300. The consumer fees average about $4. 00 per transaction requested. A recent phenomenon throughout the industry is the immigration of ATM services onto Fame, NRT, and Western Money Solution Redemption and Bill Breaking Devices.
᾿ Check Cashing (Certegy and Global Payments): Check verification, processing and guarantee services, enables the cashing of patron checks on the casino cashier. Generally there are no fees to the consumer, but , in some geographic regions the fees could be upwards of 6% of the amount requested.
᾿ Markers and Gaming Credit: Casino establishments subscribe to credit agency services to obtain detailed credit details for the purpose extending markers or credit score to patrons. Generally these solutions are reserved for a casino’s “high end” players and there are simply no fees to the consumer.
The principal expenses and expenses of Cash Gain access to Services include:
᾿ Casino Commission rates: For cash advance, ATM and verify cashing transactions, service providers pay the commission to the gaming establishment at which the transaction occurred.
᾿ Interchange and Processing: Service providers pay charge card associations like Visa and MasterCard interchange fees for services they offer in settling transactions routed through their networks. In addition , fees are paid to participate in various ATM and credit card networks. The levels of these interchange fees are fixed by the card associations and systems and vary base on the network and the amount requested. Connectivity and processing fees are paid to people companies that provide the service providers with network services.
᾿ Check Cashing Warranty: Check cashing warranties connect with the costs incurred in connection with dishonored inspections that are warranted.
᾿ Operating Expenses: Operating expenses consist primarily associated with salaries and benefits, armored company expenses, the cost of repair and maintenance on the money access devices.
᾿ Interest Expenditure: Interest expenses in connection with the procurement of currency to fund the working requirements of the ATMs.