IGT expresses interest in cryptocurrency transfers

IGT expresses interest in cryptocurrency transfers

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Posted by: AffPapa
IGT

The world’s largest slot machine manufacturer International Game Technology Plc is looking into offering cryptocurrency as a payment method on casino games.

On Tuesday, the company received a U.S. Patent and Trademark Office filings for a way to pass on cryptocurrency (such as Bitcoin) between a player’s gaming-establishment account and an external cryptocurrency account. In the gaming account, the crypto will convert to fiat currency after the payment of a small fee is completed.

IGT spokesman Phil O’Shaughnessy stated: “IGT secured this patent to bolster its industry-leading patent portfolio in anticipation of any possible future direction in regulated gaming involving cryptocurrency.”

IGT’s patent filings include plans for a mobile app that will permit users to deposit and various slot machines that will simplify actual bets. Moreover, the proposed drawing incorporated a live bitcoin wallet address and showcases how punters can move their crypto into their accounts.

If cryptocurrency is included as a payment option, it will also help casinos appeal more to younger gamblers. The COVID-19 pandemic has seen people’s interest in Bitcoin rise, mostly among millennials, since about 44% of them are already planning to buy the cryptocurrency within the next five years, according to the Tokenist’s October survey.