A few years ago, it would have been inconceivable that a digital “currency” could change how we view digital payment security and transactions. Cryptocurrency has revolutionized online payments.
As of the beginning of 2021, International Game Technology (IGT) received a patent for a new technology that allows players to transfer funds from their crypto wallet into a gaming establishment account. It will enable cryptocurrency enthusiasts to use their funds functionally and practically. Continue reading below for more information on how you might be able to take full advantage of this recent news.
News Highlights
- IGT referenced the pandemic when applying for the patent, citing “safer contactless payments.”
- Cashless gaming in land-based casinos will become the new standard soon.
- Casinos, both offline and online, are adopting cryptocurrencies at an exhilarating rate.
IGT Receives Patent for Crypto-Based Gambling
International Gaming Technology is the largest slot machine manufacturer globally and has been at the forefront of the industry for a long time. The new patent allows the company to introduce a reduced-contact and safer way of gambling – something needed in the wake of the COVID-19 pandemic.
How Will It Work?
Those who have crypto wallets will be able to transfer funds into a “gaming establishment account,” which will be called Resort Wallet. If you have holdings in Bitcoin (BTC), Bitcoin Cash (BCH), or Ether (ETH), then you’ll be able to use this new technology. It is unclear if IGT plans to expand the number of cryptocurrencies allowed on the wallet.
This move practically secures IGT as the leader of cashless gaming in a contactless gambling future. According to Phil O’Shaughnessy, spokesman of International Gaming Technology:
IGT secured this patent to bolster its industry-leading patent portfolio in anticipation of any possible future direction in regulated gaming involving cryptocurrency.Phil O'Shaughnessy
A Closer Look at the Cashless Gaming Shift
The feeling of reaching into a coin bucket to play at the slot machine is all but over now. The gambling industry was slowly moving away from a traditional playing style to a more hi-tech atmosphere with touch screens and fancy HUDs. With this new patent for crypto-based gambling, players will be able to perform all tasks without having to grab cash.
The pandemic opened people’s eyes to how dirty their day-to-day lives have been and how many surfaces they touch. Casinos can be a hub for sharing bacteria due to the foot traffic and the sheer number of people who touch the playing chips or touch screens. Thus, a radical change in the way players behave at casinos was needed, and IGT hopes to solve that with the new Resort Wallet.
The Advantages of Using Bitcoin at Online Casinos
While the world waits for this new cashless payment technology to launch, gamblers can use their crypto at real money online casinos. Discover some of the reasons why more and more casino players are choosing this payment method.
Security
Every transaction is encrypted with a long key that is practically inaccessible, making crypto and Bitcoin transactions very safe.
Low Fees
Since you’re cutting out middlemen like banks, making an online casino deposit with cryptocurrency is exceptionally cheap.
Speed
Although modern banks are increasingly fast in their transaction speeds, nothing can beat cryptocurrencies. You can send and receive money at a lightning-fast pace.
Anonymity
In the event of a data leak, your credit card details may be in danger. However, with crypto transactions, your information will be kept safe due to the anonymity attached to cryptos.
The Future of Cryptocurrency in Casino Gaming
With this new contactless gambling patent by IGT, we expect casinos of the future to change drastically. COVID-19 has shown the population that the past ways were unsustainable and needed some changes. The gambling industry has been scrambling to adapt to new standards to reopen entirely as soon as possible.
If you don’t hold any cryptocurrency, you will still be able to play the games you love at casinos – it’s certainly not a requirement. This new development serves as an option for those who already have crypto or are willing to invest.
What do you think of this new patent for cryptocurrency contactless gaming? Would you download and use the Resort Wallet? Let us know your thoughts!
