International Game Technology (IGT), a UK-based company that makes gambling machines and lottery platforms, developed a cashless pay system that was approved by the Nevada Gaming Control Board. The system lets gamblers use loyalty cards or smartphones to transfer virtual funds from external sources for direct use at casino games, paving the way for cryptocurrency integration and development. The approval is necessary for the system to be used in Nevada, the center for casinos and gambling in the United States.
Although the approved system does not explicitly name cryptocurrency, IGT'S patent for transferring cryptocurrency funds between players and a gaming establishment was just issued in the first week of January 2021. The company has 19 published patents and applications relating to cryptocurrency but does not have any published filings from 2020. If IGT wants to move towards cryptocurrency but is slowing down its patent investment, it may want to consider licensing, acquiring, or partnering with other gambling technologies. Americorp Investments and its affiliate Arrow Gaming have ten (10) cryptocurrency patents and applications. Milestone Entertainment focuses on lotteries but also has ten (10) patents and applications covering cryptocurrency architectures. A surprise player could also be SportsMEDIA Technology, which has patents for cryptocurrency in sports betting. You can see for yourself which companies are best positioned to bring cryptocurrency to the world of gambling on our Patent Forecast®.
