IGT Secures Patent for Bitcoin Slot Machines
International Game Technology Plc, commonly referred to as IGT, is currently the leading manufacturer of casino slot machines worldwide. It seems they are considering the integration of cryptocurrency as a payment option for their popular casino games, including Megabucks and Wheel of Fortune.
On Tuesday, the company received a patent for a mechanism that facilitates the transfer of cryptocurrency between a player’s gaming establishment account and an external cryptocurrency wallet. This means players could deposit Bitcoin into their virtual wallets on a slot machine using their smartphones.
In an interview, the company’s representative, Phil O’Shaughnessy, explained the rationale behind this initiative. He mentioned that IGT obtained this patent to enhance its already impressive industry-leading patent portfolio in anticipation of potential developments in regulated gaming that incorporate cryptocurrency in the future.
This initiative will also assist casinos in appealing to younger players. The Covid-19 pandemic has notably increased Bitcoin interest, particularly among millennials. According to an October survey by Tokenist, roughly 44% of millennials plan to invest in the virtual currency over the next five years. For example, at Caesars Palace in Las Vegas, approximately one-third of patrons fall within the age range of 21 to 40, according to information provided by IGT.
The recent dramatic rise in cryptocurrency prices is fueling its current popularity. Over the past year, Bitcoin’s price has more than quadrupled, reaching new heights and attracting more investors looking for future profits. While it’s true that Bitcoin isn’t widely accepted for everyday business transactions, some individuals have been known to buy luxury vehicles, boats, and real estate using the cryptocurrency.
Additionally, it serves as a deposit method on various online poker platforms and numerous gambling applications. Some online casino games in Australia facilitate Bitcoin deposits, and this is expected to expand to other regions where gambling is permitted globally.
The realm of cryptocurrency may be young but is rapidly evolving. Until recently, cryptocurrency enthusiasts had to convert much of their assets into cash at designated crypto ATMs on casino floors before they could wager.
In 2010, the Nevada Gaming Commission made strides by allowing casinos to adopt cashless systems, enabling players to transfer funds from their smartphones directly to gaming devices. On Tuesday, IGT announced that it has received regulatory approval to utilize cashless wallets on virtual slot machines, allowing players to use a Resort Wallet loyalty card to fund their slot machine play.
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