Top Gambling Firm IGT Obtains US Patent for a System to Enable Customers to Fund Their Bets via Crypto

A gambling technology giant received the green light from the US Patent and Trademark Office (USPTO) to offer its users payment options for cryptocurrencies. The company is known for manufacturing slot machines.

Players could also transfer crypto from their wallets to the casino’s

According to USPTO records, International Game Technology (IGT) received the patent that allows gamers to pay for their pets with Bitcoin (BTC), Ethereum (ETH), and Bitcoin cash (BCH).

As described in the patent applications, IGT’s system consists of the following:

A system that allows cryptocurrency funds to be transferred between a gaming facility account associated with a player and an external cryptocurrency account.

The document shows some graphics from phones with images of what appear to be mobile applications and uses QR codes that transfer cryptos to the slot machines. The app also seems to act as a wallet.

In addition, the cryptocurrency would be converted to fiat after paying a fee. Technically, the patent extends beyond the slot machines as it covers services like moving crypto into the user account, as the function of the wallet suggests.

During an interview with Bloomberg Law, Phil O’Shaughnessy, IGT’s spokesman, commented on the announcement, highlighting the company’s need to prepare the ground for the future:

IGT secured this patent to strengthen its industry-leading patent portfolio in anticipation of a possible future direction of regulated gaming with cryptocurrency.

Trends in the crypto gambling industry

The announcement comes amid another announcement involving IGT, which has received approval from Nevada regulators to set up a cashless betting system over players’ phones.

On April 2, 2020, reported that Chainalysis researchers found that the downward trend in gambling activity did not appear to be related to the decline in Bitcoin prices during the decline observed during that period.

According to the analysis, this can be explained by the fact that such a market has proven to be more resilient to breakdowns in the cryptosphere.

What do you think of the announcement? Let us know in the comments below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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