Featured in this article:
- Cash-free gaming options on the rise
- IGT cashless payment system approved by Nevada
- IGT bitcoin patent details
Bitcoin is booming (just ask Russel Okung), and cryptocurrency payment could soon be coming to a slot machine near you, thanks to a recent IGT Bitcoin patent.
International Game Technology (IGT) has won a patent that will let gamblers use Bitcoin (and other digital or cryptocurrency) to play their next game of slots, make their next bet, or roll the next dice at their favorite online casino.
IGT builds slot machines for casinos and other related technology, and although they haven’t announced any new technology that uses the patent, but players could eventually be able to pay with bitcoin, bitcoin cash or ether.
What is the new Bitcoin patent?
“IGT secured this patent to bolster its industry-leading patent portfolio in anticipation of any possible future direction in regulated gaming involving cryptocurrency.”
According to the U.S. Patent and Trademark Office filings, the method they’ve patented will be able to move bitcoin to their gaming accounts for payment – when there, the currency will let a “system that enables cryptocurrency funds to be transferred between a gaming establishment account associated with a player and an external cryptocurrency account.” When money is in the users account, they will switch to fiat currency when a fee is paid.
Phil O’Shaughnessy, a spokesperson for IGT says, “IGT secured this patent to bolster its industry-leading patent portfolio in anticipation of any possible future direction in regulated gaming involving cryptocurrency.”
In related news, IGT has also said the Nevada Gaming Control Board (NGCB) has approved plans for cash-free betting, where gamblers can make wagers at land-based casinos straight from their mobile phones, however, it’s unclear whether the patent will be used in the NGCB’s particular system.
So, what has IGT confirmed? They might be keeping mum about bitcoin integration with that system, however, IGT has received regulatory approval from Nevada for their Resort Wallet payment system. This payment system gives users a loyalty card, which allows them to transfer cash to a digital wallet, and aims to make going to the casino as convenient as possible.
Cashless Gaming on the Rise
Cashless gaming opportunities are a great way for casinos to encourage social distancing & adapt during a pandemic when many are weary of cash, plus, it helps reach millennial and gen x casino– goers who tend to forgo cash. Casinos like the Palms Casino Resort have already started implementing cash-free payment systems like PlayOn, a table-based ATM — if you’re a crypto fan, you’re in luck, as cashless payment systems and technology are sure to only get bigger.
Want to learn more about gambling with bitcoin? Our guide to bitcoin deposits has you covered.