IGT Plc (International Game Technology), which is known as the world’s largest slot machine manufacturer has started considering cryptocurrencies as a viable option for integrating in their products.
The move will target popular slot games such as Wheel of Fortune and Megabucks as a way to connect on-site gamblers to their external crypto wallets. IGT has already received a patent for a project that will ensure the connection between a third-party crypto wallet and a gambling house’s account. Not only will players be able to withdraw through cryptocurrencies, but they will also be able to deposit on the spot. The technology isn’t yet fully disclosed, but most industry experts expect it to be a quick scan on the machine itself.
A new customer base
Many companies, including IGT, assumed that the majority of gamblers were in their 50s or 60s. Or at least the high rollers were. But casino venues such as Caesar’s Palace in Las Vegas has seen an unprecedented increase in the number of younger gamblers. Millennials in particular (people aged between 20-40) were the highest growing demographic. Nearly 44% of gamblers were within this age group.
Combining this data with the anticipation of Millenials buying cryptocurrencies in the future, or currently owning some, was evidence enough for IGT to make this move and start focusing on a completely new customer base.
Phil O’Shaughnessy, a spokesperson for IGT also said that the company had high hopes for cryptocurrency’s involvement in the gambling industry for the future. This was also one of the many reasons for pursuing the patent. It’s also not hard to realize that IGT was impressed by Bitcoin’s performance at the beginning of 2021, reaching $40,000 in value.
With hopes of newer heights, there was absolutely nothing telling IGT that Bitcoin gambling would not continue as the coin rose in price.
This may seem like irrelevant news for online crypto gamblers, but in reality, it is a step forward for the industry. By normalizing crypto payments in a land-based casino, more and more online platforms will see the benefit of making it as a payment option. Therefore, the main issue with Bitcoin casinos, their lack of variety could be fixed within just a year.
But these could easily be classified as ramblings of a gambling fan wanting to spend his or her cryptocurrencies. But one can truly hope that everything goes smoothly.