NewsIGT Wins Patent For Using Crypto at Casinos

IGT Wins Patent For Using Crypto at Casinos

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The popularity of Bitcoin in the gambling industry is increasing time by time. No one is surprised by the fact that the online casino supports crypto payments, as there is a constant increase in demand for crypto payments.

While the online casino that supports the crypto payments have been popular for quite a while, the Bitcoin casinos are not as popular and as widespread. 

With the global pandemic going on, and all of the brick and mortar casinos being shut down for an uncertain period of time, the online gambling industry is booming and flourishing.

The online casinos have attracted most of the players, as well as high-rollers, who tend to spend a lot of money for entertainment purposes. The online casinos are developing at a rapid speed, in order to deliver high-quality service to the players and grant a great gambling experience. 

There are a number of online casinos that are currently working on delivering new products and services to customers. Those casinos are mostly working on developing a crypto-friendly ecosystem for the customers.

The ones that did not have crypto support previously, are now one of the leading online casinos, which is very notorious towards the cryptocurrency owners. Moreover, some casinos try to switch to blockchain technology and become a totally Bitcoin casino, which guarantees additional safety and security of the funds as well as fair play for the customers. 

New Competition 

One of the recent news was spread regarding the patent of the International Game Technology, known as IGT. The shares of the company have aired, especially since the game device manufacturer announced that they finally got the patent that would allow gamblers to use any digital currency, on slot machines and slot games. The primary cryptocurrency is obviously Bitcoin, but the patent includes other cryptocurrency support as well. 

News of IGT’s patent win arrives with bitcoin flirting with the $35,000 level, an all-time high. The largest cryptocurrency more than quadrupled in value last year and is up 24.40% over the past seven days.

The introduction and active engagement of IGT in the crypto gambling share means that some of the new standards shall be set, and the competition in the market should increase even more.

This means that high-quality games should become the new trend in the crypto gambling industry and might be the primary choice for many players. If you want to know more about the benefits of crypto slots you can read some information here, or we could also briefly explain it to you. 

So, initially, the crypto slots are no different from the ordinary slot games. The crypto slot games have the same gameplay and offer the same features. Though, there is a fair play guarantee, with no additional fees and the transparency of transactions.

The major point is that everyone can play with the crypto slots. Those players who take care of their bank history and dot want to shine in the gambling industry, have the perfect opportunity to stay in the shadow, with the crypto payment and no spots in the bank. 

Crypto Slots 

Not every single slot can be a crypto slot. There is specific technology behind it, and many developers spend a lot of time and effort in order to create immense and exciting crypto slot games.

As the IGT got the patent, it is eligible to produce the crypto slots. Some of them have already been introduced to the mass public. Those are the Wheel of Fortune for example.

The slot machine is in Las Vegas. The IGT won its patents on bitcoin payments. The US Patent and Trademark Office (USPTO) is the one who granted the permit to move to the crypto slots. 

With the addition to the patent, the players will be able to enjoy crypto slots from any device, including smartphones, and claim their winnings in crypto assets. The IGT document most frequently uses the vernacular cryptocurrency, though, in the official reports, there are only two cryptos mentioned, which are Bitcoin and Ethereum. If we have a glance at the market, those are the two largest digital assets in the market. 

With the news made by IGT, we all get once again to realize that the gambling industry is slowly moving in the direction of cashless gambling. Some of the upcoming changes, such as bitcoin payments in the casinos, shall approve the concern regarding the cashless payment once again, which should be one of the biggest challenges to the gambling industry. 

It was not long after that the Nevada Gaming Commission (NGC) took the initial step to promote and encourage cashless payment. This was by approving rules that make it easier for gamblers to electronically transfer funds from their bank account to the casino account. 

The Coronavirus Contribution 

There are many factors that contribute to the popularization of Bitcoin. One of those was the pandemic. The pandemic took our ordinary lives, took away closure and coziness. Instead, it gave us the distance, Zoom meetings, and as least physical contact as possible.

This turned out to be one more reason for digital currency adoption. Moreover, the US currency has shown volatile and inadequate behavior, which once again encouraged companies to adopt the cryptos and digital payments instead. The contactless payments have already been spread to multiple countries and industries, including the gambling industry. 

While some industries such as gambling and online operations keep evolving and expanding, certain industries are affected. The US dollar makes up almost 75% of cotton and 25% linen. Though market observers believe that trend will remain sticky after COVID-19 is a thing from the past. 

New Crypto Ecosystem 

Once the IGT received the patent, he completed the final stage of the Nevada regulatory approval for the Resort Wallet cashless payment system. The maker of the popular Megabucks and Wheel of Fortune slots, among of course another number of the popular slots says that the new patent and the innovative product should enable players to use a loyalty card.

The usage of the loyalty card will be very simple and easy. The players have to transfer cash, from the casino account or any other Resort Wallet-enabled slot machine to the digital wallet, which will be secured and process every single benefit and advantage of the digital currency. 

One more reason for the advantage of the crypto payments in the casino is the appeal for the younger players. By making the cryptos valid payment methods for the slot gameplay, the manufacturers shall be able to integrate more resort and casino operations that can be appealing to the younger players. This does not necessarily mean that the underaged people will be attracted by online gambling, but rather means that the resort operation is eligible for different niche customers. 

The recent news is one more proof that the traditional brick and mortar casinos have the ability to connect with the new millennials and the Gen Z demographics. The serious question arose, with the concerns that Gen Z and their tech-savvy attitude were further than the traditional casinos.

The crypto patent seems like the best avenue for that. There are several research papers, which prove that younger investors and players are more likely to invest in digital currencies, rather than fiat money.

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