IGT one of the largest slot machine manufacturers just received a patent for accepting crypto into a gaming account. The recent announcement from PayPal that it would enable customers to buy and hold crypto and will enable PayPal merchants to accept crypto has convinced more companies to investigate accepting crypto as a new payment type:
“According to records from the United States Patent and Trademark Office, International Game Technology, or IGT, received a patent today for a system that would enable gamblers to transfer crypto from their accounts into a “gaming establishment account.” The patent filing shows payments in Bitcoin (BTC), Bitcoin Cash (BCH) and Ether (ETH) as examples for users transferring crypto from their private wallets to wallets connected to casino accounts.
“IGT secured this patent to bolster its industry-leading patent portfolio in anticipation of any possible future direction in regulated gaming involving cryptocurrency,” said spokesperson Phil O’Shaughnessy.
The patent news comes the same day that IGT announced that it had gained regulatory approval in Nevada for players to use its Resort Wallet to make cashless deposits for playing the slots. The company referenced the current pandemic when explaining the system, claiming it offered a “reduced-contact, safer” gaming experience. This move would seemingly eliminate the need for many to use Bitcoin ATMs in casinos, as players wouldn’t have to cash out their crypto to play the gaming machines.
Las Vegas casinos were some of the earliest adopters of crypto. In 2014, The D Las Vegas Casino Hotel and the Golden Gate Hotel and Casino announced they would accept BTC in their shops, but not on the gaming floor. Last year, however, demand surged among Winning Poker Network players seeking Bitcoin payouts, with the network reporting that it was distributing more than $160 million monthly.”
Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group