Slot machine manufacturer gets patent for crypto payment options

The most important producer of slot machines on the earth has simply acquired a patent that will permit clients to entry crypto funds for playing.

In line with data from america Patent and Trademark Workplace, Worldwide Sport Expertise, or IGT, acquired a patent right this moment for a system that will allow gamblers to switch crypto from their accounts right into a “gaming institution account.” The patent submitting reveals funds in Bitcoin (BTC), Bitcoin Money (BCH) and Ether (ETH) as examples for customers transferring crypto from their personal wallets to wallets linked to on line casino accounts.

“IGT secured this patent to bolster its industry-leading patent portfolio in anticipation of any attainable future course 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 get rid of 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 few 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’d settle for BTC of their retailers, however not on the gaming ground. Final 12 months, nonetheless, demand surged amongst Profitable Poker Community gamers in search of Bitcoin payouts, with the community reporting that it was distributing greater than $160 million month-to-month.

Primarily based 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 remains to be forward of runners-up Scientific Video games and Aristocrat. In line with a World Slot Machines Market Report filed in 2019, the slot machine market is predicted to develop at a compound annual progress charge of roughly 5.5% over the subsequent 4 years, reaching greater than $4 billion by 2024.

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

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