TableID does all of this automatically, just like the one described in the article, and is already in use by some casinos. It's not very widely used, though. It's probably too expensive for most casinos to justify, among other reasons.
The only difference I see is that overhead cameras are used to read the cards, and not the reader built into the shoe. The tracking of bets is not mentioned, and I doubt they can do this optically in any practical sense. TableID uses RFID.
But remember, this is just some college kid's project that got a mention in the news. These articles are hardly indicators that it works all that well (if at all). There a huge difference between a cute college demo and something that a casino might actually use.