International game technology patented Bitcoin slot machine transaction

Shares of gaming device maker International Game Technology (NYSE: IGT) soared on Wednesday.It was after the company obtained a patent that allowed gamblers to use digital currencies such as Bitcoin on slot machines.

The US Patent and Trademark Office (USPTO) has given IGT a patent that allows gamblers to move cryptocurrencies from their smartphones to slot machines and return to slot machines if they choose to claim their prizes in crypto form. Was granted.

The IGT documentation most often uses "cryptocurrency," which has about 4,200 terms, according to CoinMarketCap.com.However, only two are specifically mentioned in the submissions: Bitcoin and Ethereum, also known as ether.By market capitalization, they are the two largest digital assets.

The momentum of cashless games

The introduction of Bitcoin payment options to casino live slots marks a milestone for the industry's cashless efforts, and there is already plenty of momentum.

Last year, the Nevada Gaming Commission (NGC) took the first step towards reducing the cash used in casinos, with rules that make it easier for gamblers to transfer funds electronically from banks to casino accounts. approved.

Although the US currency structure is known not to be a sufficient conduit for the spread of the coronavirus, the pandemic nevertheless has significantly adopted contactless payments in various industries, including games. I'm accelerating what I do.The US currency is made up of 75% cotton and 25% hemp.Market observers believe that the trend will continue persistently even after COVID-19 is a thing of the past.

IGT announced on Tuesday that it has completed the final stages of regulatory approval of its cashless payment system, Resort Wallet, in Nevada.IGT, a manufacturer of popular slots such as "Mega Bucks" and "Wheel of Fortune," said about this product, "Players can use point cards to secure digital wallets from casino cash desks and slot machines that support resort wallets. You can send cash to your wallet. "

Appeal to young players

Making cryptocurrency a valid payment option for slot play allows manufacturers like IGT and integrated resort operators to appeal to a potentially younger customer base.

In recent years, there have been concerns about whether retail casino companies can build relationships with technology-savvy millennials and Generation Z, and cryptocurrencies could be one way to do that.Studies have confirmed that young investors are more likely to favor digital currencies.

The news of IGT's patent win is all the time, with Bitcoin wandering around at the $ 35,000 level.The largest cryptocurrencies have more than quadrupled in value last year, up 4% in the last seven days.