Cryptos are coming to physical Slot Machines - IGT received the patent!

[avikz]

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!

According to records from the United States Patent and Trademark Office, International Game Technology, or IGT, received a patent today for a system that would enable gamblers to transfer crypto from their accounts into a “gaming establishment account.” The patent filing shows payments in Bitcoin (BTC), Bitcoin Cash (BCH) and Ether (ETH) as examples for users transferring crypto from their private wallets to wallets connected to casino accounts.

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

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! 

[Wexnident]

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.

[michellee]

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.

[swogerino]

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!

According to records from the United States Patent and Trademark Office, International Game Technology, or IGT, received a patent today for a system that would enable gamblers to transfer crypto from their accounts into a “gaming establishment account.” The patent filing shows payments in Bitcoin (BTC), Bitcoin Cash (BCH) and Ether (ETH) as examples for users transferring crypto from their private wallets to wallets connected to casino accounts.

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

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 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.

[goaldigger]

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.

[aoluain]

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.

...demand surged among Winning Poker Network players seeking Bitcoin payouts,

[imstillthebest]

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.

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

[kryptqnick]

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.

[slaman29]

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!

[Peanutswar]

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.

[vintages]

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.

[fiulpro]

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 .

[dothebeats]

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.

[madnessteat]

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.

[mu_enrico]

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

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.

True, but think long term man!

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.

[avikz]

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.

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!

[madnessteat]

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. 

[Cling18]

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.

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.

[Bitcoinislife09]

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.

[Lakai01]

Interesting how this project is gonna turns out in the future and how it is going to affect bitcoin.
-snip-

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