Interview with Joe Pappano, CEO of Sightline Payments

Introduction

• Interviewer welcomes Joe Pappano, CEO of Sightline Payments.
• Discussion topics include payments, results in the gaming world, and growth of cashless payments.

Experiences as CEO of Sightline Payments

• Joe has 30 years of experience at Worldpay; found the transition to Sightline very exciting.
• Excited about the focus on people, innovation, platform building, and strategic partnerships.
• The organization has nearly doubled in size.
• Leading the digital transformation of the gaming industry.
• Acquisition of a mobile platform and development of strategic partnerships.

Growth of Cashless Payments

• COVID-19 accelerated the move to cashless payments, especially in the gaming industry.
• 29% growth in in-store mobile payment acceptance.
• Studies show 60% of casino visitors prefer less cash usage.
• Integration of payment and gaming industries.
• Introduction and education about different business models and flavors of cashless payments.

Industry Accelerant: COVID-19 Pandemic

• The industry had been collaborating on cashless payments but the pandemic accelerated efforts.
• Legislative movements, gaming regulator involvement, and collaboration among ecosystem stakeholders became more aligned during the pandemic.
• Example: Resorts World became the first casino to fully adopt cashless financial transactions.

Collaboration with Resorts World

• Planning started before the casino was built, with collaboration among several key industry providers.
• The aim was to create a smart casino with innovative technology and a seamless user experience.
• Partnerships included companies like Konami, NRT, JoinGo, and IGT.

Benefits of Cashless Payments and Mobile Integration

• Resorts World's new property allowed building a strategy from the ground up.
• Demonstrated the advantages of cashless technology and solidified its role as an industry leader.
• Emphasized the importance of mobile apps for continuous patron engagement.
• Provides an example of using mobile devices to connect online and brick-and-mortar experiences.

Making Cashless Reality: Process and Implementation

• Steps: Download app, enroll in the program, credentialize, and fund the Play+ account.
• Simplicity and seamless user experience were key goals.
• Enabled seamless fund transfers and use across slot machines, table games, retail, hospitality, and sportsbook.

Future of Cashless Payments in Gaming Industry

• Believes cashless payments will transform the industry but will take time and education.
• Comparisons to historical transitions (like from coins to TITO).
• Highlights new abilities for consumer engagement and tracking transaction behavior.

Responsible Gambling and Digital Payments

• Cashless payments can offer responsible gambling tools like self-monitoring, velocity controls, and spending limits.
• Financial institutions already set limits for gaming transactions, adding another layer of consumer protection.
• Ability to audit and monitor gambling activity can lead to more responsible gambling habits.

Closing

• Joe expresses optimism for the future and emphasizes Sightline's long-term commitment to the cashless transition and responsible gambling.