IGT’s New Patent: Crypto Payments for Slot Machines

Estimated read time 3 min read

Game Changer in the Casino Industry

In a striking twist for both tech enthusiasts and gamblers alike, International Game Technology (IGT) has been granted a patent that paves the way for crypto payments in casinos. Yup, you heard that right! Soon you might not need to cash out your Bitcoin at an ATM just to spin the slots—talk about leveling up your gambling experience!

The Patent Details

According to a recent filing with the United States Patent and Trademark Office, IGT’s new system will allow patrons to transfer cryptocurrencies like Bitcoin (BTC), Bitcoin Cash (BCH), and Ether (ETH) directly into a “gaming establishment account.” Just imagine the delightful convenience of shuffling your crypto from digital wallets into the casino’s coffers without breaking a sweat; seamlessly swooshing from wallet to wallet while your lucky streak begins!

A Safer, Cashless Experience

Amidst the ongoing pandemic, the casino landscape has seen significant shifts, and IGT has jumped on this opportunity with its newly approved Resort Wallet in Nevada. As Phil O’Shaughnessy, IGT’s spokesperson, noted, this is all about minimizing contact and maximizing enjoyment—a reduced-contact, safer gaming experience! Nothing says ‘I love reduced contact’ like playing a machine without touching anything nasty (we’re looking at you sticky cash). So, get ready to feel like a futuristic high roller without the germs!

History of Crypto in Casinos

It’s worth noting that Las Vegas casinos have been flirting with cryptocurrencies since way back in 2014, when The D Las Vegas and Golden Gate Hotel threw their hats in the ring by accepting Bitcoin—though only in their shops initially (c’mon, baby steps)! Fast forward to today, and the demand for Bitcoin payouts is surging. The Winning Poker Network proudly boasted crypto distributions exceeding $160 million monthly last year. Crypto casinos are becoming more mainstream, and IGT’s patent is just another sign of the times.

The Future Is Bright for Slot Machines

Once a powerhouse with a market share over 70%, IGT’s grip on the slot market has slipped to around 33.2% as of 2019. But don’t count them out just yet! The Global Slot Machines Market Report estimates a compound annual growth rate of approximately 5.5% over the next four years, forecasting revenues to soar over $4 billion by 2024. Crypto could be their golden ticket back to the podium!

If you’re curious about how this all pans out, stay tuned—Cointelegraph has reached out to IGT for more insight and will keep you posted on any updates. So don your best poker face and get ready for the future of gambling—where crypto meets casino floor!

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