Revolutionizing Gaming Payments: Insights from Gary Lin of Coin

The Journey of Gary Lin: From Sports Marketing to Gaming Payments

Gary Lin's career has been a fascinating journey through various industries, ultimately leading him to revolutionize payments in the gaming sector. Before venturing into the payments industry, Lin had a successful Global Sport Entertainment Marketing Group, where he managed marketing for boxing legend Evander Holyfield. This experience provided him with valuable insights into managing high-profile clients and projects.

Transition to the Payments Industry

Lin's entry into the payments world began in the late 1990s. By the mid-2000s, he was building credit platforms for companies like Cash America and MetaBank, as well as providing credit programs to the World Bank in Central America. This background in financial technology and payments would prove crucial in his future endeavors.

The Birth of Coin: Meeting a Market Need

After selling his previous business and completing his tenure as co-chairman of a small public company, Lin was approached by a systems manufacturer seeking a white-label wallet solution. Initially reluctant, Lin soon realized the potential of this opportunity and decided to explore it further.

Market Research and Development

Lin and his team embarked on a journey of extensive research and development, focusing on cashless and frictionless payment systems. Their approach was not to push a product to market immediately but to understand what would resonate with customers and identify points of friction in the existing systems.

Testing and Iteration

The team launched their product in Reno, finding that players liked the product and sought it out. This initial success signaled a desire for cashless wagering options. However, they didn't stop there. They analyzed adoption rates and abandonment causes, using this data to refine their approach.

Customer-Centric Approach

Lin emphasizes the importance of focusing on the player's experience rather than just serving the casino operator's needs. To achieve this, Coin partnered with Apply, a company experienced in creating solutions for major organizations like the NFL, NBA, Disney, and Kraft Foods.

Understanding the Broader Context

Working with Apply helped Coin understand the broader context of their industry. They explored questions such as:

• What industry are we really in?
• What are we solving for the customer?
• What verticals do we need to align with to provide the best value?

This collaboration led to the iteration of their current platform and the development of a Next Generation solution for Coin.

Overcoming Challenges in the Gaming Industry

Lin acknowledges that bringing new solutions to market is often a long and painful journey. He emphasizes the need for intellectual curiosity and the ability to learn and iterate quickly.

Regulatory Hurdles

One of the significant challenges in the gaming industry is navigating the regulatory landscape. The gaming industry, which has traditionally been heavily regulated, is now intersecting with the world of digital payments, which comes with its own set of regulations.

Lin notes that there has been progress in the past 12-18 months, with regulatory bodies showing more openness to new ideas and technologies. Similarly, casino operators are beginning to dig deeper into understanding payments and what solutions they should be seeking.

Education and Adoption

Contrary to what some might expect, Lin found that consumers are already fairly acclimated to digital payments. The challenge lies in making the gaming payment experience more like what consumers are used to in other aspects of their lives.

Lin uses the analogy of "Apple Pay for gaming," emphasizing that the payment process needs to be smooth, seamless, and elegant to gain widespread adoption.

The Future of Gaming Payments

Looking ahead, Lin sees enormous potential in the data opportunities created by digital payments. By tracking customer expenditures both inside and outside the casino property, Coin can help create more personalized experiences for players.

Personalization and AI

Lin envisions a future where AI is applied to this rich data set to develop solutions that are more attuned to individual preferences. Instead of broad segmentation, casinos could offer highly personalized rewards and experiences.

For example, if the system knows that a player typically dines out on Thursday nights and enjoys wagering, it could offer a combined dining and gaming package tailored specifically to that individual's habits.

Real-Time Solutions

The goal is to move beyond "dead data analytics" to real-time solutions that make a difference in players' lives while generating significant lift for the casino property. This approach creates a win-win situation for both players and operators.

Coin's Presence at G2E

At the upcoming G2E (Global Gaming Expo), Coin is taking a unique approach to showcase their technology. Instead of traditional demonstrations, they're creating an "immersive experience" that allows participants to walk through the customer journey.

Visitors to Coin's booth will be able to experience:

• Retail payments
• Game play at tables
• A preview of upcoming features

This hands-on approach allows potential clients to truly understand the user experience Coin is creating.

Key Takeaways from Gary Lin's Insights

1. Persistent Intellectual Curiosity: Lin emphasizes the importance of continually questioning and learning, rather than accepting initial answers at face value.

2. Customer-Centric Approach: Understanding and focusing on the end-user experience is crucial for success in the gaming payments industry.

3. Regulatory Navigation: As the gaming industry intersects with digital payments, understanding and working with regulatory bodies is essential.

4. Data-Driven Personalization: The future of gaming payments lies in leveraging data to create highly personalized experiences for players.

5. Seamless Integration: For widespread adoption, payment solutions in gaming need to be as smooth and intuitive as popular consumer payment methods like Apple Pay.

6. Continuous Iteration: Success in this field requires constant refinement and improvement based on real-world feedback and data.

7. Cross-Industry Expertise: Lin's diverse background, from sports marketing to financial technology, has informed his approach to innovating in the gaming payments sector.

Conclusion

Gary Lin's journey with Coin exemplifies the potential for innovation in the gaming payments industry. By focusing on customer needs, embracing technological advancements, and navigating regulatory challenges, Coin is paving the way for a more seamless and personalized gaming experience.

As the industry continues to evolve, the integration of AI, real-time data analytics, and personalized solutions promises to transform not just how players pay, but how they interact with and enjoy the entire gaming experience. For casino operators and technology providers alike, staying ahead of these trends and focusing on the end-user experience will be key to success in the coming years.

Article created from: https://www.youtube.com/watch?v=6n9VgslXsgw