VGCCC advises operators to implement electronic payouts

VGCCC advises operators to implement electronic payouts

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VGCCC advises operators to implement electronic payouts

The VGCCC has recently advised operators in the state to implement electronic payout options for their retail gambling terminals.

The regulatory authority posted its latest announcement to encourage licensed operators of land-based gambling terminals to implement electronic payout methods, as cheques will be phased out in a bit over half a decade in 2030. Cheques being phased out will only affect transfers of 2 thousand dollars or more paid to winning gamblers, while withdrawals of under 2 thousand dollars will allow users to choose between electronic transfers and cash.

The VGCCC also mentioned that some local financial institutions have stopped providing new winning gamblers with cheques, advising gambling firms to contact their partner banks to ensure the compliance of their businesses.

Furthermore, shortly after publishing this announcement, the regulator issued a set of new resources for its licensed operators in the form of posters that aim to dissuade money launderers at gambling establishments throughout the region. The VGCCC recommended operators display the posters throughout their establishments in both physical and electronic form to remind potential criminals that their gambling behaviors are being monitored and to encourage other patrons to report suspicious people to the regulator.

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