A new patent could bring Bitcoin (BTC) to slot machines
- International Game Technology recently secured a patent for the use of crypto in gambling.
- More specifically, the patent would allow users to move funds to and from slots.
- The move will help casinos attract younger gamblers, take the next step in becoming cashless.
The world’s largest slot machine maker, International Game Technology Plc., might start using crypto as a payment option for a number of casino games. The company just received a patent yesterday, January 5th, for a way to transfer crypto between the players’ accounts with the gaming establishment, and their external crypto account.
Crypto and gambling relationship continues to develop
These days, the cryptocurrency industry has spread out to touch almost every industry out there, in one way or another. But, it is worth remembering that one of the first industries with which it managed to merge was the gambling industry.
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After all, money attracts money, regardless of its form, and as soon as Bitcoin (BTC) started to expand from trading and investing, it did not take long for it to enter gambling, gaming, and betting.
With the new patent obtained by International Game Technology, this relationship continued to grow, and very soon — players will be capable of moving Bitcoin won on slot machines to their own crypto wallets by using nothing but their phones.
The move could attract younger gamblers
According to the company’s spokesperson, Phil O’Shaughnessy, the firm wanted to secure a patent that would bolster its industry-leading patent portfolio “in anticipation of any possible future direction in regulated gaming involving cryptocurrency.”
The move could certainly be beneficial, especially when it comes to attracting younger, tech-savvy gamblers. Interest in Bitcoin is already massive, in part due to COVID-19, partially due to its easy use, quick international transfers, great availability and mobility, and more.
Tokenist recently held a survey that revealed that around 44% of millennials plan to buy digital currency in the next five years or so. The new crypto price rally is also driving the coins’ popularity and adoption, especially when it comes to Bitcoin.
The coin is already accepted in many casinos in Nevada, and last year, the Nevada Gaming Commission even made it easy for casinos to go cashless by allowing traders to transfer money from their smartphones to gaming machines. This is only the next step.