IGT Obtains Patent for Bitcoin Slot Machines

International Game Technology Plc, famously known as IGT, is currently the world’s largest casino slot machine maker. It appears they may be looking at providing cryptocurrency as an option of payment on their most loved casino games such as Megabucks and Wheel of Fortune.

On Tuesday, the firm got a patent for a medium through which cryptocurrency can be transferred between the gaming-establishment account of a player and an external cryptocurrency account. Therefore, players could transfer Bitcoin into their virtual bitcoin wallets on a slot machine while using their smartphones.

The company’s spokesperson, Phil O’Shaughnessy, stated the reason for this move in an interview. Phile said IGT had secured this patent in an attempt to bolster its already rich industry-leading patent portfolio in case of any possible direction in regulated gaming that involves cryptocurrency in the future.

Such a move would also help casinos handle younger gamblers. It is no shocker that the Covid-19 pandemic has caused a spike in Bitcoin interest mostly among millennials. According to an October survey by Tokenist, an estimated 44% of them are currently planning to purchase the virtual currency in the next half-decade. For instance, at Caesars Palace in Las Vegas, a third of the guests have been noticed to be between the age range of 21 and 40, per information made available by IGT.

Driving cryptocurrencies’ popularity at present is the recent shocking rally in prices. In the last year, bitcoin more than quadrupled in its price and has recently hit a new high which has more people looking to invest in it for future gains. While it is a fact that Bitcoin isn’t widely used in business transactions at present, some users have been known to purchase expensive cars, boats, and houses with the cryptocurrency.

It’s also used as a medium of deposit on some online poker sites and in a good number of gambling apps. Some online casino games in Australia are playable with a Bitcoin deposit, and this is likely to increase in other places where gambling is legal around the globe.

The world of crypto may be relatively new, but fast advancing. Up until now, cryptocurrency enthusiasts and connoisseurs have had to convert most of their holdings into cash at some special crypto ATMs on their selected casino floors before wagering.

In 2010, the Nevada Gaming Commission eased things up by letting casinos introduce cashless systems. This lets casino players transfer funds from their smartphones directly to gaming machines. On Tuesday, IGT made the announcement that it’s obtained regulatory approval for making use of cashless wallets on virtual slot machines. It allows players to make use of a Resort Wallet loyalty card for depositing funds into slot machines.

By BitcoinsInIreland Editorial Team

A staff writer at BitcoinsInIreland.com who covers a range of topics on the site.