Gambling & Crypto Writer
Traditionally, land-based casinos allow gamblers to use various payment methods to play their games and buy chips. These include using credit cards and cash to get the necessary funds to place bets. On the other hand, Bitcoin or BTC, the world’s first cryptocurrency, hasn’t been adopted by brick-and-mortar casinos yet. Land-based establishments differ from online casinos as they cannot take such digital payments.
However, all of this is set to change, as the International Game Technology (ICT) filed a revolutionary patent back in February of this year.
Casinos have been looking for ways to bring younger gamblers closer into the casino business but face an uphill battle when they try to attract millennials. The patent will grant IGT the legal right to develop machines where players can send BTC from an online wallet to the casino. This will allow users to take out the equivalent amount in cash. Cryptocurrency transactions can take hours or even days to complete, which poses a problem for BTC usage in casinos. To remedy this situation, IGT has proposed that players will be gambling using borrowed funds until the funds from their BTC arrive. Integrating Bitcoin for land-based casinos will also help them attract a different type of crowd and diversify their clientele.
The patent can open up newer markets for cryptocurrencies. The majority of casinos that have several Bitcoin ATMs like those in Las Vegas do not allow them to be used in the games. It was only last year that the Nevada Gaming Commission decided to allow transfers from digital wallets to gaming accounts. IGT has also done its part by launching its own digital wallet: The Resort wallet. This will allow IGT users to transfer money to and from slot machines.
International Game Technology is the name of a multinational gambling company that has produced a range of gambling technologies. Headquartered in London, it is under the control of De Agostini, who has a 51% stake. It got its current name after acquiring the United States-based gaming company of the same name, before which it was known as Gtech. IGT provides a range of different slots and games such as Wheel of Fortune, The Price Is Right, Jeopardy!, Family Feud, Let’s Make a Deal, Sale of the Century, The Dating Game, The Newlywed Game, The Joker’s Wild, The $25,000 Pyramid, The $100,000 Pyramid, The $1,000,000 Pyramid, Megabucks, The Amazing Race, Star Wars, Elvis, Top Dollar, Double Diamond, Red, White & Blue, Super Times Pay Wolf Run and video poker, just to name a few.
The news confirms that a top gambling tech company can change the entire landscape if they decide to integrate BTC with their games. With this patent, experts believe that it will open the path for even more land-based casinos to come out and announce Bitcoin integration.