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Blogs IGT, a global manufacturer of slot machines aims at the crypto market

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The world's leading manufacturer of slot machines IGT has patented the technology of using cryptocurrencies for betting. This was reported by Bloomberg with reference to the company's patent.

The patent describes the way the cryptocurrency is transferred between the gaming institution's account and the player's external account. Thus, customers of the establishments will be able to use their own crypto wallets for gambling.

IGT spokesman Phil O'Shaughnessy said that with the help of the patent, the company intends to maintain a leading role against the background of the development of the gambling industry using cryptocurrencies.

Bloomberg believes that in this way IGT wants to extend its services to the younger generation, which is interested in cryptocurrency assets. According to an October survey, the coronavirus pandemic has increased interest in Bitcoin among millennials, with about 44% of them planning to buy currency in the next five years.

At the same time, according to IGT, a third of the guests of the Caesars Palace entertainment complex are between the ages of 21 and 40.

However, the world of gambling is actively developing in the blockchain space. According to the analytical resource Dapp Review, gambling accounts for almost half of all decentralized applications (DEX) based on the Ethereum blockchain. In the TRON blockchain, eight out of ten applications can be considered a type of online casino.

However, security remains the main problem of cryptocurrency payments. Payment methods in cryptocurrencies, if they are introduced today, are more often for advertising or marketing purposes.

How cryptocurrency is rapidly changing the gambling industry?​

It is no wonder that Bitcoin moved to the center of attention in the past years. Its value rose sharply and the asset became one of the most demanded ones. It should be noted that people shifting towards crypto gambling using bitcoin play slots more often compared to other games existing in online crypto casinos. You can check more information about slots and symbols by following this link.

While we talk about cryptocurrencies many people are wondering why this asset carries a particular importance for gambling. First of all we should point out several reasons and advantages that cryptocurrencies and especially Bitcoin brings for players.

The main one is security. When players are engaged in crypto gambling their transactions are concealed and they do not have to worry about whether central banks or the government will observe their records. Some people simply do not want their personal information to be disclosed, hence Bitcoin is a perfect possibility to eradicate this issue.

Another big advantage is the speed of transactions. Players depositing funds with Bitcoins or withdrawing them can be sure that the money will be available shortly - in just minutes. There have been cases where funds have been visible within seconds.

The final one is the absence of the commission fee. With traditional money, casinos require additional charge for withdrawing funds, while Bitcoin ensures that players can have their money without paying extra fees.

Are we going to witness the same move from other providers?​

It depends whether a particular provider of games is determined to offer more diverse possibilities for players. In general, the recent period has shown us that the growing value of Bitcoin resulted in more players shifting towards crypto gambling. Because of its volatility and surge, a lot of players see crypto as a way of investment.

This could force other providers to think differently and focus more on offering slots and other games oriented on Bitcoin and other cryptocurrencies. Right now there are plenty of games for players which offer wagering with crypto.

To sum up, crypto gambling is destined to replace traditional games with its unique benefits. And if we take a look at statistics the amount of bets people make with Bitcoin is gradually growing from year to year.
 
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