A global leader in gaming machines, lotteries and sports betting has received a patent for using cryptocurrencies at the casino.
What Happened: A patent for the “system and method for providing access to cryptocurrency from a gaming establishment account” was issued to International Game Technology IGT.
The patent will allow cryptocurrency funds to be transferred to the user’s gaming establishment fund management account, according to the patent.
With the patent, IGT could be the first company to allow casino customers the opportunity to use bitcoin at the casino.
Related Link: International Game Technology’s Debt Overview
Why It’s Important: International Game Technology is pushing for cashless technology for casinos.
Along with the cryptocurrency patent, the company announced it is the first company in Nevada to enable cashless wagering accounts for slot play.
The company’s Resort Wallet solution is a cashless module that allows players to use a loyalty card to transfer cash into a secure digital wallet.
“Our Resort Wallet solution ensures that our customers can experience the increased liquidity, player convenience and enhanced safety that only cashless gaming can delivery,’ said IGT Vice President Ryan Reddy.
Resort Wallet is the industry’s only fully integrated, turnkey cashless technology.
The cashless technology and cryptocurrency patent could help IGT land new deals and remain a leader in the gaming sector.
What's Next: International Gaming Technology reported third-quarter revenue of $982 million. The quarter saw the strongest lottery same-store sales in seven quarters, with global lottery revenue of $570 million. The company's global gaming revenue fell 31% year-over-year to $412 million.
The company announced an extension of its instant games contract with the Michigan Lottery. New lottery wins and a recovery of the casino market in 2021 could help boost shares of International Gaming Technology.
Price Action: Shares of International Game Technology were up 5.33% Wednesday at $17.60
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