Bitcoin Forum

Possibly another boost to the crypto market. The largest manufacturer of slot machines International Game Technology, or IGT, received a patent on 5 Jan, 2021 for a system that would enable gamblers to transfer crypto from their accounts into a “gaming establishment account". So once this system is implemented, the physical casino players wouldn't have to use bitcoin ATM to play slot games!


News ref: https://cointelegraph.com/news/slot-machine-manufacturer-gets-patent-for-crypto-payment-options

Physical casino gambling market is a few billion dollars industry! Another step towards adoption, I believe! 

I'm actually more glad that the prospect of a somehow "wallet for all" type is being brought as a possibility now. I've always wanted and waited for one, since lets be real, having multiple sources of money for different places is a pain. Either they make a wallet where all casino specific wallets are able to take their money there, or a wallet that can be used across all crypto establishments, either of the two were one of the things that I'd always expected to be made.

This may not even be limited to gambling no? This could be a chance for crypto to become useable across different games that users can use to pay with. An example would be being able to load steam wallets, or other in game currencies from different games.

I hope that news can spread to many places on the internet, so many people can read about that, especially for the gamblers. They can directly use their crypto to the other gambling account, and I am sure that will get more attention from the gamblers, especially for crypto gamblers. It can boost the crypto market, and people who are often playing gambling can know more about crypto, and they can start to convert their fiat to the crypto.

I think it is a good move toward Bitcoin acceptance and knowledge to a wider public which are physical casino players.People who know and use Bitcoin I think are relatively young in age and they have big exposure to technology while physical players I think are a bit older in age and it is good that they can use and know Bitcoin too to play their slot machines.The more exposure the better for Bitcoin and cryptocurrencies in general.

They starting to adopt the big change because they see that crypto gambling online are growing, this is a great move by the casinos. Though this will take more time, more documents needed for them to be approved, I hope many Casinos will start to consider on accepting cryptocurrency on their platform. I do love playing slot machines on casinos, and I can't wait to use my Bitcoin on those machines, will wait for more updates regarding this one.

Thats a big step forward for gamblers who want to use Bitcoin and another nail in the coffin for Cash,
and eliminates the need to use ATM's with associated fees if you want to make a lodgement.

I assume winnings would be paid in BTC, ETH and whatever other accepted Crypto back into a "Casino Account"

And Im hoping there wont be excessive fees to withdraw from the Casino Account to Private Wallets.

physical casino owners that supports this are going to announce it on their place and on their groups for their regular costumers to know the good news .
for crypto users the cointelegraph website is already a popular source for crypto news and also on here we already read and now aware of this upcoming transition .
converting fiat to digital forms for use is best to do nowadays because money is verry dirty . gaming machines are dirty but they can be cleaned easily

I don't go to physical casinos, but I think it's great if people can use BTC there. I'm also intrigued about the patent because Bitcoin ATMs have crazy fees which renders the whole 'you can use Bitcoin' thing useless. Furthermore, I wonder if the fees to transfer money via the patented technology would be better, and how the times it takes for a transaction to be confirmed will be handled. And will the system convert BTC into fiat, or will the money remain in BTC and the payout (in case a gambler wins) be in BTC? For now, it's exciting news, but there just isn't enough data about this new patent.

This is pretty big news actually because up til now there hasn't been a way for crypto gamblers to go to casinos and actually wager their coins. Not sure how the reception would be but I guess eventually, crypto gamblers will be accepted everywhere. Then gambling and crypto will become synonymous not just on the internet. Brilliant!

Hoping that they adopt this kind of changes because for sure there is a lot of cryptocurrency gambler right now will try this because of curiosity and how does it feel and works for sure there are a lot of reviews after they play this slot machines just wondering how they will pay it is direct to their wallet or just sending a QR code for payment and get their winnings. Right now my country for sure does not need this kind of slot machine but hoping when I travel after this covid sooner or later will try to play this kind of game.

Imagine going into a casino and playing with your cryptocurrency it's like wow there is a player using their crypto.

Interesting development, the future holds the best for cryptocurreny.
The gambling industry is a big one and this adoption along can bring great push to the digital industry.
We just hope the government won't use this news as another way of giving Bitcoin a bad name as been used by only gamblers and money mongers.

This is fun but at the same time I think that it is also unnecessary right now , during the pandemic we should avoid any contact with physical casinos and such even though they are following the rules it's not safe with the new Variant coming forth.

But then again I am really happy with this news this way soon enough in the biggest casinos all around the world you would see crypto powered machines! I hope the company is able to deliver a slot machine as engaging and as good as the ones we see in the online casinos , I really have a lot of hope for the same.

The moment it is going to come forward it's gonna be all over the news. Another milestone achieved but let us wait for few years for this to become a reality but I am not sure why they were allowed to patent on it.

They can go as far as to patent the software but for sure what's the idea behind them asking for a patent based on cryptocurrencies and Gambling because for sure in the future there will be a lot of people getting engaged in the same.

But at the same time if I remember some of the bitcoin ATM's do have few slot machines ofc not entirely but small small games. So this is not new .

It's good and all, though I think the first batch of machines capable of this particular feature wouldn't be around even after the end of 2021. They do have the algorithm and the technology alright, but the deployment of such machines would still need some scrutiny under the gambling control or whatever part of the government that is for regulation. Though that's the case, I certainly think that what IGT brought forth is a promising feature considering that it's frustrating that you need to go through all the hoops in order to play into your local casino with the money that you want to use.

Obtaining a patent for the use of cryptocurrencies in physical gambling machines is a great step forward, but I am sure that the authorities of many countries will prevent their implementation by all means because it does not fit in with the taxation system and does not allow you to control the flow of money.

Nice, more use = good for the crypto industry. But I still think online slots are better due to convenience.

True, but think long term man! :P

FYI, IGT machines have pretty low RTP compared to mainstream online slots that have ~96%. However, if you have the money, physical casinos can give a better experience for sure.

Possibly true for the time being! However, in the long run the matter of crypto regulation will become black and white in majority of the countries. There will be few countries, where crypto will become banned and majority of other countries will introduce some kind of regulatory framework around crypto usage. I am sure IGT is thinking for long term most certainly and once the regulations are in place there will be no going back for IGT! But it will probably offer better user experience to the players!

Undoubtedly, the receipt of such a patent, regardless of the start of the distribution of slot machines in different countries, is another trump in the hands of IGT in terms of gaining an even larger market share in the gambling industry.

It is strange that IGT's share price did not react much to this news.  ???

It’s a good thing that physical casinos are now recognizing cryptocurrency. It's another way to let other gamblers switch to Bitcoin and other cryptocurrencies instead of fiat. It will be another way to attract more investors which has a positive impact on the market. Things are getting better for crypto these days and lots of adoptions are happening. I hope that more physical casinos would recognize and adopt crypto.

Interesting how this project is gonna turns out in the future and how it is going to affect bitcoin. Getting or adapting bitcoin into a physical casino could be a good thing and could be the future of gambling. A lot of countries look like getting interested in cryptocurrency but more are turning out to be trying to regulate bitcoin I hope this will not affect these slot machines because using cryptocurrency, I just don't know how they were gonna implement it in the end plus with the tax. I think online gambling casino is the way to the future and because of the pandemic, I would prefer playing online.

I honestly don't think it has much of an impact. People who play games in classic casinos are probably not the ones who are heavily invested and/or interested in the crytpo space. Especially with crypto casinos, everything happens online, starting from the deposit to the communication with the community (chats, ...) to the games themselves.

In my opinion, the whole thing only has potential when crypto is so mainstream that virtually everyone uses it. But we are certainly still a few years away from that :)

Reality wise, the market still small compared to those fiat based casinos. But if ever that the mainstream gamblers switch over to this system the impact surely affects the entire market.

You mentioned those gamblers who are using classic casinos for now yes they'll stay with what they usually using but once they've understand the whole concept and those good side of this chain, and if the game that they are using also be available which most are
also based with fiat casino gamings.

For still far from acquiring the big audience but in due time it will happen.

Definitely correct with this sentiment is that not all would really be that on the investment side of things which i do also see that this wont really be much or can affect that heavily

but atleast we are seeing some viable options for us to interact and utilize those things for us to use.Its still a good add up though.

Another Big step for crypto now we could see those crypto gambler who also like to play at land base casino to have some people around while gambling could now enjoy both land base casino and crypto at the same time.
Would we see the same development when it comes to shopping or grocery stores?
I hope soon enough they would also accept crypto, So their crypto earner customer could just pay off with it and doesn't need to convert their crypto to shop or buy some groceries.

if this is going to push through then this is really a big boost to the crypto world and the community, say goodbye to those coins pushing to the ground, and heavy to carry to the counter, at the same time it will be no hassle for the players since the winnings also will be directed to the crypto wallet right or not? but this will be a good move, hope that will be just the start of the mass adaptation, not only in gambling but to others also.

Gambling industry though is the first to really adopt crypto so it make sense that after a couple of years, physical casino's are going to want to compete with online crypto casinos. So now that one of the biggest game provider IGT has received a patent then it will just be a matter of time.

I haven't went to physical casino's though in this pandemic and just chooses to play from time to time. And I think this is better if somewhat the covid-9 pandemic has been controlled. Anyhow, I will still consider this a welcoming news for crypto gamblers, whether online or offline.

If the casino owners can announce it to their member and their place, it could attract more people, especially new gamblers, to try to use crypto. It can give them a new experience using the crypto because they do not need to carry their fiat money to gamble. Yes, the Cointelegraph website has many viewers that will read on that news, so we can hope more people will know about that. If they do not use crypto to gamble, that will be good for them because they will learn about the investment side than to just gamble.

Sooner or later, we will see booming in the offline gambling business, making the owner curious about crypto to implement cryptocurrency in their place. Yes, it will attract more investors to come to the gambling business, but it will also positively impact the market.  The adoption is still in good progress and we are seeing people become open-minded of something new, which can bring them the new opportunity to adopt and use crypto.

I'd love so much to see these old chaps having to deal with crypto slot machines! It was about the time, we knew that this was coming too. The world is slowly turning, and I'd say, adapting to crypto. This is another step in that direction even if I personally would rather keep using the online alternatives as I like to be able to verify my bets via provably fair tools. I have this maybe false impression that those machines are altered too much.

This is a good integration of a physical casino to use bitcoin and other participating cryptos. Once it's already been applied to some of the casinos that's well known with slots, there will upgrades gradually which will benefit the whole bitcoin community.

It might not be as quick as it is but this is the right process and we're looking forward to see many slot machines from one casino to another having this integration. They should experience how easy it is to use bitcoin and even an average joe can do that because of this patent.

So this is the beginning of the worldwide adoption of Gambling to crypto betting ? Now slot machine then what's next ?

can't wait to see these Physical gambler enjoying what we are treasuring now , How they will Love what we have loved for many years now.

and this will surely increase the demand of crypto in some time soon.

I agree with you, most people transitioned last year from physical casinos into online casinos. Travelling is not really an option right now, so gambling from home is the safest way for us to make a profit while not risking our health. Having the physical casinos now trying to keep up and accepting crypto currencies is a good move but probably will not change much in the overall trend towards online gambling. Once the corona pandemic is over I might go back to play 1-2 times a year in a casino resort.

I called it a big leap, you are right gambling is a billion-dollar industry but it still goes up to how these gambling casinos going to promote this to their players, it will take a few months to a year before players fully adopted the setting, if we have a long run of bull run and the price stabilize, one of the big factors is the gambling industry, they are one of the major players in the adoption of Cryptocurrency.

I mentioned earlier I think it's big news. But not so much about affecting Bitcoin price or anything. But maybe a start to marrying offline and online gambling. See, people who gamble with crypto online let's say don't go to real casinos. But, if they happen to pass by casinos or are visiting countries for tourism and there are casinos with crypto machines. I don't know, I'd be very curious to at least try:)

Like you said though, many more years.

This will add more attraction to gamblers. But this will do the pilot testing first before it finally open to the public and not to encounter any uncredited deposits or any alike issues that cause only misunderstanding and trust issues.

For we are started developing these things, it can be soon more adaptable to the players and possible to happens that big casinos will also be acquiring these machines and new technology enhancements. As we through to these huge changes in the crypto world, the more it gains attention and that might a way to make a change what the government is thinking about.

Suppose many good news releases talk about integrating cryptocurrency in many businesses, not just in the gambling business. In that case, I am sure that can boost the existence of cryptocurrency in real life.
People will see that cryptocurrency come to them and give them a chance to make money.
And for the gamblers, they will have the opportunity to feel how if they use crypto to gamble, and I think they will like it as they do not have to verify their account before they play gambling.
It is just a beginning, and I am sure there will be much other good news about crypto this year.

It is interesting to hear news like this because it contributes greatly to the adoption of cryptocurrency. However, society's adaptation to using encryption needs more time until it is able to use the technology and understand it as required. I think we need a decade for technology to expand further in different regions into the world!!!

I hope they would be able to find a way to lessen the fees that the gamblers are using. Here in our country, we have an online exchange/wallet that we are using and we can transfer from another same exchange without fees and the speed is almost instantaneously. If that would be the same with these Slot Machines, it would be really popular especially to those who use cryptos.

We don't need another decade for this to expand everywhere. This new implimentation will stimulate users who never had a chance to see crypto technologies working in the real world to get their first chance. If it was me, I'd like to see Lightning Network ready slot machines, that would be awesome. Instead of playing pennies, we could play satoshis.

This is great news for gamblers in the crypto community...
Depositing an account via cryptocurrency is much easier nowadays, thanks to the open mind of casino businessmen who are no longer afraid of accepting cryptocurrency at their place even though there is no permission from the government.

give thanks to the gamblers too because they are also the reason on why this integration of cryptos to physical gaming machines are now possible because gamblers request this to the casino owners but the casino owners already have an existing knowledge on crypto because they are easy for them to decide to accept the request of their costumers and yes they dont need to ask for permission to the government if their casino is already legal and regulated because adding crypto is only a payment method anyway .

This means that we are gradually developing for a more comfortable trading life than bringing cash to the table. And we can't deny that gambling institutions are the leading crypto adopters, and we have seen that the number of gamblers now is growing because of this.
It is too much expectation that this machine will be propagated to other countries and spreading more. And this will give the opportunity for offline casinos to finally on the move towards accepting crypto in the future.

It's most likely going to happen requiring decades of adoption until more people are fully aware of the existence of Bitcoin. For now, bigger institution is the best example of Bitcoin adoption until sooner or later more and more like them will join the bandwagon and the price would start to skyrocket to the moon, I don't think people would still turn blind while most people know that the existence of Bitcoin is inevitable.

And for the game in casino, it's actually surprising because we all know that online casino is just a thing for Bitcoin to be used but for now, it seems that the people are finding ways to consider the traditional casino adopt Bitcoin too. I wouldn't be surprised if one day dice game and card games in traditional casino will be using Bitcoin to pay too.

We are open for upgrades or innovation and this tech will surely be applied in future years to come and this will vary into the industry if this one does really have
that significant demand or being asked so badly by most players into the market and that will really be the reason for them to adopt and make it applied into their games.
Cryptocurrency coming to physical slot machines? This is something which is really that interesting where you can make use of your crypto with having that
real slot machine gambling experience.

But why would people prefer to use cryptos instead of classical fiat?  ???
With credit cards it's more easy to buy casino tokens than to use Bitcoin and waiting for hours while paying huge transaction fees  :-\

It is a good news, but one thing is for sure, cheats and hucksters will definitely be abusing this machine, not being pessimist but new technology on the market is subject to scrutiny and some people are going to deconstruct it to try and make a profit out of it and in rare cases, to learn more about it. Government, won't be a problem for this gambling establishments, the government loves the money that comes from gambling and I think that they wouldn't have any problem with it.

Now, this is the kind of news that we need to spread to many places on the internet, so that many people would be able to read about it, and I am pointing to the gamblers out there. This is the kind of news they would all like to hear. By that they would now be able to use their crypto to their gambling account and this type of system would be deemed attractive to the cryptocurrency using gamblers out there, boosting the crypto gambling ecosystem and maybe pull more customers to use their gambling website and their system.

Already the cryptomarket is much connected to the gambling sector. Now with this it'll get more and more establishment and market circulation. Many people have mentioned, we need to spread it as much possible. No, that's not needed. It needs to get circulated gradually, because most of the time news of cryptocurrencies associating with gambling has been used for negative manipulation.

With this in mind, cryptocurrency adoption is definitely nearing. People left and right doing their best to innovate the current path of technology to better the services crypto is providing and now we have it on the gambling industry, physical gambling industry at that matter. This is getting more and more exciting. This is a taste of the things to come. Crypto Gambling may have had a bad face in the past, but with people like the one who invented these, it's obvious that in no time, people will change their opinion about crypto gambling and soon after cryptocurrency in general.

Exactly and I agree with you, using cryptocurrencies in gambling is always prone to fraud and that is the reason why people's mindset is like this it has an assumption that it will use in negative manipulation. With the easiest way of making a payment using cryptocurrencies, gamblers always tend to use this at all times, so there's no reason even the physical slot machines will use this, especially as of now bitcoin was very well known.

However, it is good if they will use crypto or bitcoin because it has a good blockchain that can able to publicly broadcast every transaction made in bitcoin.

This is really interesting news, this gets as close as possible to allow you to play with your cryptocurrencies, in the past if you wanted to play slots then you first needed to convert your cryptocurrencies to fiat, then convert them again to the casino coins or to get credits and then finally you could begin to gamble, with this the only thing you will need is to deposit your coins in the casino wallet, similar to what you already do in online casinos, and then begin to gamble, this is great and it should boost adoption because as we know the gambling industry was key during the early days of this market and it is key to its future as well.