IGT Files Patent for Crypto Transfers to Gaming Accounts
Wednesday 20 de January 2021 / 12:14
2 minutos de lectura
(London).- International Game Technology PLC (IGT), the world's biggest maker of slot machines, has filed for a patent that enables gamblers to transfer Bitcoin (BTCUSD) from their online wallets to their account at a gambling establishment. "IGT secured this patent to bolster its industry-leading patent portfolio in anticipation of any possible future direction in regulated gaming involving cryptocurrency," a spokesperson from the company told Bloomberg.
According to the patent, "… the instructions cause the gaming establishment component processor to escrow the amount of cryptocurrency, establish a line of credit based on the escrowed amount of cryptocurrency, and modify a balance of a gaming establishment account based on the line of credit."
KEY TAKEAWAYS
- IGT has filed for a patent that enables slot machine players to transfer Bitcoin from their online wallet to their account at a gaming establishment.
- The move could open up new markets for Bitcoin.
In simple words, this means that, until the time that the actual cryptocurrency transfer takes place between the crypto wallet and the player's account, the gambler will be able to fund his gaming by using a line of credit at the establishment. While it details the operational aspects of the transaction, the patent does not provide detail on associated fees and transaction costs for the transfers.
Millennials and those between 18 and 29 years of age comprised a majority of visitors to slot machines in Las Vegas, according to 2018 statistics. That should be good news for casinos with this technology because the younger demographic is comfortable with Bitcoin as a concept and its use as a transaction medium. The proliferation of smartphones also means that it should be relatively easy to implement cashless systems for transfer between two accounts.
IGT's patent could open up new markets for cryptocurrencies. While there are several Bitcoin ATMs in Las Vegas, casinos have only allowed use of the cryptocurrency for the purchase of food and drink and shied away from allowing it on the casino floor. The Nevada Gaming Commission decided last year to allow transfers from digital wallets (and not bank accounts) to gaming accounts. IGT recently announced a digital wallet, called Resort Wallet, to enable transfer of money from and to slot machines.
Categoría:Slots
Tags: Sin tags
País: United Kingdom
Event
iGaming Club Conference Cancun
24 de November 2025
Levon Nikoghosyan Confirms iGaming Cancun’s Success and Future LATAM Expansion
(Cancun, SoloAzar Exclusive).- The vibrant energy of iGaming Cancun has set the tone for a new chapter in the Latin American iGaming industry. Levon Nikoghosyan, CEO and Co-Founder of AffPapa and iGaming Club, shared his enthusiasm for the event’s debut in Mexico, highlighting its impact on the regional market and the company’s ambitious plans for the future.
Thursday 04 Dec 2025 / 12:00
iGaming Club Cancún 2025 Concludes Successfully with Strong Connections in Its First LatAm Edition
(Cancun, SoloAzar Exclusive).- iGaming Club Cancún 2025 came to a close last night with a comprehensive experience of conferences, networking, and the AffPapa iGaming Awards LATAM gala, consolidating itself as a unique space for operators, affiliates, and providers in the region.
Thursday 27 Nov 2025 / 12:00
iGaming Club Cancún 2025: Affiliates, Operators, and Innovation Take Center Stage on Final Day
(Cancun, SoloAzar Exclusive).- The second and final day of iGaming Club Cancún 2025 unfolds today, bringing together operators, affiliates, and select B2B providers in a unique networking and conference environment that highlights the evolving dynamics of the Latin American iGaming market.
Wednesday 26 Nov 2025 / 12:00
SUSCRIBIRSE
Para suscribirse a nuestro newsletter, complete sus datos
Reciba todo el contenido más reciente en su correo electrónico varias veces al mes.