Cashless computerized video game system and method

A coinless video game system includes a plurality of electronic video game terminals, a game server corresponding to each player terminal, and a central control network for administering and controlling games and player accounts. A player initially establishes a player account in the central control network and receives a player I.D. card bearing the player's account number and other relevant information. Players use these I.D. cards to establish sessions at a player terminal. The server provides a random number to each player terminal at predefined intervals to determine wins and loses for each game selected by a player. Waged amounts are then debited or credited to a player's account in the central control network. Players may redeem any account balance from a cashier associated with the central control network.