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Billion-Dollar Gambling Titan Patents Way to Fuel Bets With Bitcoin

Billion-Dollar Gambling Titan Patents Way to Fuel Bets With Bitcoin


Gambling tech goliath International Game Technology (IGT) has patented a new way to use Bitcoin and other cryptocurrencies in the gaming industry.

In its filing with the U.S. Patent and Trademark Office, the multi-billion-dollar firm devises a system that enables the transfer and conversion of digital assets between players’ external cryptocurrency account to their gaming establishment account.

The patent, which was awarded to IGT on Tuesday, allows players to pay for their bets using Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH). IGT also describes the measures to facilitate fund transfers.

“In certain embodiments, to facilitate the transfer of cryptocurrency funds to a gaming establishment account, such as a cryptocurrency wallet created by the gaming establishment and associated with the player, a player takes one or more actions to identify the gaming establishment account as the destination of the cryptocurrency fund transfer and/or verify that they are associated with an external cryptocurrency account from which the cryptocurrency funds are transferred from.

Similarly, to facilitate the transfer of cryptocurrency funds from a gaming establishment account to an external cryptocurrency account, a player takes one or more actions to identify an external cryptocurrency account, such as the same account where the cryptocurrency funds were transferred from, as the destination of the cryptocurrency fund transfer and/or verify that they are associated with an external cryptocurrency account from which the cryptocurrency funds should be transferred to.”

IGT says the system allows digital currencies to be as usable as other currencies, giving players more options to engage with a gaming establishment.

The company adds that the method encourages the use of mobile devices for transferring funds, which addresses security concerns and labor costs associated with cash-based gaming and ticket voucher-based gaming.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Fit Ztudio





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