Slot machine manufacturer gets patent for crypto payment options

Slot machine producer will get patent for crypto fee choices

The biggest producer of slot machines on the earth has simply obtained a patent that may permit prospects to entry crypto funds for playing.

In accordance with data from america Patent and Trademark Workplace, Worldwide Sport Know-how, or IGT, obtained a patent at this time for a system that may allow gamblers to switch crypto from their accounts right into a “gaming institution account.” The patent submitting exhibits funds in Bitcoin (BTC), Bitcoin Money (BCH) and Ether (ETH) as examples for customers transferring crypto from their non-public wallets to wallets related to on line casino accounts.

“IGT secured this patent to bolster its industry-leading patent portfolio in anticipation of any doable future path in regulated gaming involving cryptocurrency,” mentioned spokesperson Phil O’Shaughnessy.

The patent information comes the identical day that IGT introduced that it had gained regulatory approval in Nevada for gamers to make use of its Resort Pockets to make cashless deposits for taking part in the slots. The corporate referenced the present pandemic when explaining the system, claiming it supplied a “reduced-contact, safer” gaming expertise. This transfer would seemingly eradicate the necessity for a lot of to make use of Bitcoin ATMs in casinos, as gamers wouldn’t need to money out their crypto to play the gaming machines.

Las Vegas casinos had been a number of the earliest adopters of crypto. In 2014, The D Las Vegas On line casino Lodge and the Golden Gate Lodge and On line casino introduced they might settle for BTC of their retailers, however not on the gaming ground. Final yr, nevertheless, demand surged amongst Profitable Poker Community gamers searching for Bitcoin payouts, with the community reporting that it was distributing greater than $160 million month-to-month.

Based mostly in the UK, IGT as soon as managed greater than 70% of the U.S. slot machine market, however as of 2019 that lead had shrunk to 33.2%, which continues to be forward of runners-up Scientific Video games and Aristocrat. In accordance with a World Slot Machines Market Report filed in 2019, the slot machine market is anticipated to develop at a compound annual development price of roughly 5.5% over the following 4 years, reaching greater than $four billion by 2024.

Cointelegraph reached out to IGT, however had not obtained a response on the time of publication. This text shall be up to date ought to the corporate reply.