US gaming device manufacturer plans to make payments with cryptocurrencies

The US slot machine manufacturer International Game Technology (IGT) could soon enable payment with crypto currencies such as Bitcoin on its devices. The company received a corresponding patent from the US authorities yesterday.

Is paying with cryptocurrencies coming to casinos? (Source: Pixabay)

How should paying with cryptocurrencies work?

In the patent application, IGT outlines how the new payment option works. Accordingly, it is a system that:

(…) it enables cryptocurrencies to be transferred between the player account at a gambling establishment and an external cryptocurrency account.

As described in the patent, players should be able to choose the desired deposit amount for gambling via a crypto wallet app. The app then generates a QR code that encrypts the payment details and transfers them to the gaming facility's crypto account, which then credits the desired amount for playing. In this way, players could deposit and withdraw cryptocurrencies at slot machines directly with their smartphones.

Cryptocurrencies are currently increasing in favor of investors. Just yesterday, Bitcoin had risen to a record price of more than $ 34,000.

According to IGT, the new deposit method is not only intended to make gaming more convenient for users of cryptocurrencies. The system encourages visitors to smartphone payments because they are more secure. In addition, the new system saves labor costs that were incurred in connection with the use of cash and casino vouchers. The paper requirement for printing vouchers can also be reduced. This means that there is less waste in play facilities.

An idea at the right time?

The IGT patent comes at a time when cashless payments are becoming increasingly relevant in casinos. The company announced on its website yesterday that the Nevada Gaming Control Board had approved the IGT-designed resort wallet, which should enable digital payment in gaming facilities.

In the wake of the corona pandemic, the Nevada Gaming Commission only allowed digital transactions via smartphone apps last June. The contactless payments were previously requested by the American Gaming Association (AGA). He carried out a study in which 59% of the casino visitors surveyed stated that they used less cash in everyday life due to the corona crisis.

In addition, the popularity of cryptocurrencies is currently increasing among young investors. According to a study by financial website The Tokenist, 45% of millennials prefer investing in Bitcoin over traditional assets such as stocks, real estate and gold.

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