September 28, 2022

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Mississippi’s Scarlet Pearl Casino Plans To Launch A Crypto ATM

Legal sports betting is still young in Mississippi. However, its introduction into the state’s casino...

Legal sports betting is still young in Mississippi. However, its introduction into the state’s casino scene has helped to attract younger crowds to the state’s casino. One of the casinos that have managed to attract the younger crowds is Scarlet Pearl Casino in D’Iberville. 

Plans To Introduce Crypto ATM

According to its CEO, LuAnn Pappas, the casino plans to cater to the younger crowds by introducing a crypto ATM at the casino. Pappas believes that it will be the first time a casino in South Mississippi has facilitated such a move. She made the remarks during a meeting of the Gulf Coast Business Council at Gulfport in October. However, it will not be the first casino in the US to use crypto casinos. These ATMs are already present in Las Vegas, and they allow customers to convert their crypto into cash at the casino.

Crypto Regulation In Mississippi

In Mississippi, there is no regulation regarding the use of a crypto ATM at a casino, according to one media report. According to the report, Jay McDaniel, an executive director of the Mississippi Gaming Commission, the state does ban the use of crypto or credit cards directly in slot machines.

The director added that going cashless was something the state’s Gaming Commission would consider if casino operators asked them to. He noted that COVID19 had opened up the discussion. In Las Vegas, the Resort World Las Vegas casino has already opened up a cashless casino floor and cashless payment for shops, restaurants, and entertainment.

Attracting Millennials With Crypto ATMs

Many casinos in the US have been working to upgrade their technology to accommodate younger customers. Most young people are accustomed to using mobile wallets, crypto, and credit cards. As a result, they are more likely to use casinos that give them the convenience to do so.

How The Crypto ATM System Will Work

Once launched, players will need to visit the ATM, withdraw their crypto in fiat cash, and then go to the table where it is counted and verified. Players will then receive the casino’s chips to use at various games. Once players are done playing, they receive a different color chip which they take to the cage and cash out.

Summary

Sports betting is quite popular in Mississippi. With the introduction of a crypto ATM option, it will no doubt attract some of the younger crowds seeking to wager their winnings. It also helps to grow utility for crypto, albeit indirectly. Thus far, there are no plans to push the state to allow bettors to place bets in crypto.

Scarlet Pearl Casino has not revealed many details about its upcoming crypto ATM plans. There is no timeline for when it will happen. Additionally, it has not revealed how many crypto coins it plans to support. However, it is still noteworthy that it is the first casino in Mississippi to consider such a move.

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Source: visionary-finance.com