Players Could Use Bitcoin In Slots With New Patent

International Game Technology Plc, the world’s largest slot machine maker, may be considering offering cryptocurrency as a payout option on casino games like Megabucks and Wheel of Fortune.

On Tuesday, the company received a patent for a way to transfer cryptocurrency between a player’s gaming establishment account and an external cryptocurrency account. This means that players can move Bitcoin into their virtual wallets on a slot machine using their phones.

IGT was granted this patent to bolster its leading patent portfolio in anticipation of any possible future direction in regulated gambling involving cryptocurrency, said company spokesperson Phil O’Shaughnessy.

Such a move would help casinos meet the needs of young players. The Covid-19 pandemic has increased interest in Bitcoin, particularly among millennials, with around 44% planning to purchase the currency over the next five years, according to the Tokenist October survey. At Caesars Palace in Las Vegas, a third of guests are between the ages of 21 and 40, according to IGT.

The growing popularity of cryptocurrencies is the recent rise in prices. The price of Bitcoin more than quadrupled last year and recently hit a new high. Although Bitcoin is not widely used in transactions, some users are known to buy expensive cars, houses, and boats with cryptocurrency. It is also used at online poker sites and in many gambling applications.

Until now, cryptocurrency enthusiasts had to convert their holdings to cash at special crypto ATMs in casinos before betting. But last year, the Nevada Gaming Commission facilitated the introduction of cashless systems for casinos, allowing players to transfer funds directly from smartphones to gaming machines. On Tuesday, IGT announced that it had obtained regulatory approval for the use of cashless wallets on slots. It allows players to use a Resort Wallet loyalty card to deposit funds into slot machines.

By Olga Kharif and Luke McGrath