IGT Approved for Bitcoin Transactions Via Slot Machines
This week, International Game Technology (IGT), was approved for a patent to offer cryptocurrency payments via its retail slot machines.
Yesterday, shares of International Game Technology (IGT) were soaring. The gaming device manufacturer announced that a patent has been approved for the company to begin offering digital currency payments via land-based slot machines. Users will be able to use such options as Bitcoin to place bets, a big deal among the millennial crowd of gamblers.
This week, IGT announced that the US Patent and Trademark Office (USPTO) approved a patent that will allow players to use cryptocurrency to pay for gameplay. Smartphones can be utilized at the slot machine to play and winnings can also be claimed in the form of crypto. This is a unique concept and one that should be appealing to the younger generation of gamblers.
In the approval, IGT uses the word cryptocurrency freely. It is unclear as to how many options the brand will provide, but only two are listed specifically. IGT does have plans to allow Bitcoin and Ethereum. Both are commonly used cryptocurrency options and are often a top choice among players who take part in online gambling sites. These two providers are also ones that have the largest digital assets in this sector.
Cashless Gaming Gaining Ground
If IGT is able to bring bitcoin payments to live slot games located in casinos around the United States, it would be a huge win for cashless gaming proponents. For quite some time, momentum has been growing regarding an effort to bring cashless gaming to casinos. For decades, casinos have generally offered cash only gaming. Many operators want to jump into the latest century by allowing cashless payments, something consumers are used to due to mobile technology.
In 2020, the Nevada Gaming Commission decided to take a step in the right direction towards cashless gaming and approved rules that made it easier for players to transfers funds electronically from a bank to a casino account. With IGT, this new option would make it even easier for players as they could transfer crypto to the game itself.
Another reason that the cashless option is important is due to the COVID-19 pandemic. When the pandemic first began, little was known about the virus. However, as it became known that it was highly contagious, people were less open to using cash for transactions. No one wanted to be given contaminated cash.
It got so bad that a coin shortage rose quickly in the US and many casinos, along with other businesses, had to ask patrons not to use cash. With a cashless option, you don’t run into any of these issues. There is no physical transaction taking place, which makes things easier for the operator as well as the player.
IGT has finished the final step in Nevada for regulatory approval needed for its Resort Wallet. This is the cashless payment system the supplier plans to use. The new product will allow players to use a loyalty card and transfer cash to a secure digital wallet. This can be done at the cash desk of a casino or with a slot machine that is enabled to use the Resort Wallet.
It is important to note that this new option will appeal to younger visitors. Over the past few years, operators began to see that younger players were not taking to traditional games like slots or even table games. They were leaning more towards newer options like skill games. This demographic is used to smartphone devices and are more prone to use cryptocurrency for transactions. Adding this option should appeal to the more tech-savvy generations and will hopefully push them to play the traditional games due to the unique payment option.