IGT receives cryptocurrency patent for land-based gaming machines

Home » IGT receives cryptocurrency patent for land-based gaming machines

In the United States and lottery and gaming machines innovator International Game Technology (IGT) has reportedly just been granted a patent that could soon allow punters to play a range of land-based slots utilizing cryptocurrencies including Bitcoin.

According to a Tuesday report from the Bloomberg news service, the New York-listed developer has received authorization for technology that permits players to transfer cryptocurrency between their casino and external accounts so as to be able to use the digital assets as a payment option on land-based games such as Megabucks and Wheel of Fortune.

Demographic dimension:

Phil O’Shaughnessy from IGT reportedly told the news service that the move will almost certainly allow his firm to cater to younger gamblers already familiar with cryptocurrencies, which have recently increased in popularity owing to the social distancing protocols introduced in the wake of the coronavirus pandemic. Bloomberg moreover explained that about 44% of millennials are planning to purchase some form of digital currency over the next five years while a recent survey showed that approximately one-third of guests at the prestigious Caesars Palace Las Vegas fit into this group by being aged between 21 and 40.

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O’Shaughnessy reportedly declared…

“We have secured this patent to bolster our industry-leading patent portfolio in anticipation of any possible future direction in regulated gaming involving cryptocurrency.”

Recent revolution:

Bloomberg also reported that gamblers wanting to use their cryptocurrency assets are usually required to use special automatic teller machines that convert digital holdings into physical cash, which can subsequently be swapped for tokens and chips. However, the Nevada Gaming Commission purportedly approved measures last year that now allow players in Las Vegas to directly transfer funds from their smartphones to gaming machines with IGT furthermore holding regulatory approval for a system that permits holders of its Resort Wallet loyalty card to speedily deposit cash into a range of land-based slots.

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