In May 2021, a few Las Vegas casinos were allowed to return to full capacity. As expected, after the lockdown restrictions were over, casino enthusiasts were eager to return to their favourite casinos and let loose.
A Las Vegas casino resort set to open for business announced a partnership with crypto token exchange Gemini. The Resorts World Las Vegas announced that their customers could now use their Gemini wallets in order “to enhance the integrated resort experience.” President Scott Sibella explained that the move was to integrate innovative technology conveniences all over the resort. The Chinese-themed casino hotel was built at the cost of approximately $4 billion.
Online casino activity saw a significant surge as the pandemic set in. Many casinos were forced to shut down entirely or had to reduce their capacity. As Las Vegas casinos open their doors again, they are striving to offer more than usual.
In November, Cointelegraph reported that Winning Poker Network, an online poker network, has seen a surge in demand for crypto token payment support. Up to 95% of the players have expressed requests to get paid in Bitcoin. CEO Phil Nagy reported that the company has had to make more BTC purchases than usual because of these requests. Nagy estimates the current payouts at $158 million per month in Bitcoin.
Nagy said that at present, the network converts crypto into fiat immediately to avoid volatility.
CEO and co-founder of Gemini, Tyler Winklevoss, maintains that patrons would be able to exchange their fiat for cryptocurrency at the casino. This hints at some way to win at the casino and invest the win into crypto tokens.
Slot machine manufacturer International Game Technology was reported to have received a patent for a crypto-supported system. This system will allow gamblers to move crypto in their accounts to a “gaming establishment account”. It means that players can transfer crypto from their wallets to the casino’s account, allowing them to place bets instantly. Spokesperson Phil O’Shaughnessy said, “IGT secured this patent to bolster its industry-leading patent portfolio in anticipation of any possible future direction in regulated gaming involving cryptocurrency.”
Resorts World and Gemini offer players this kind of a system to make it easier for players to use crypto to enjoy their favourite games.
If the resort offers a method to convert fiat into crypto or fund your game directly from your wallet, that’s great. Players need to have a crypto wallet, and in this case, the Gemini wallet. They can then use the crypto tokens they already have in their wallet or buy crypto assets in the casino using fiat currency. Once this is done, they can transfer the crypto tokens to an account that belongs to the casino. They can also opt to convert their fiat wins into crypto tokens.
Your crypto wallet is an essential part of this transaction. It acts as a centralised location for your crypto assets or tokens. The best tokens make it easy to move your digital assets from your wallet to a site. That is why players must choose wallets that are safe and licensed.
There are several reasons why many players prefer Ethereum, Bitcoin or our favourite, Litecoin casinos. In addition to using these tokens to fund their account, many users also prefer payouts in digital assets. This is because there are a lot of advantages to using these tokens as a form of payment.
The decentralised and anonymous nature of blockchain and the technology behind crypto-tokens make your identity private. It ensures that your personal information does not get revealed with the payments you make. The level of anonymity that these payments offer is attractive to users.
Blockchain-based payments are incredibly safe. The ledger nature of blockchain transactions ensures that copies of the ledger exist on the system of every stakeholder. It is impossible to penetrate and create changes to this ledger, and doing so in one system would have no effect. The decentralised nature, therefore, makes this kind of payment extremely secure.
Players also hope to make use of the volatility. For example, if a player withdraws their wins in crypto, and volatility causes the token’s price to go up, they could end up with more than they won. However, this is a double-edged sword, as it could go against you too.
Cryptocurrency payments are quicker than regular payments using cash or cards. Blocks get formed in very little time, meaning you can play your favourite games as soon as you decide to pay. So, players no longer have to wait for days or weeks to process payments, unlike with traditional payment methods.
Crypto tokens act as a global currency, and you do not have to deal with exchange rates in multiple places. This is extremely important for people travelling to another country or gambling while on vacation. Using crypto assets gives them a hassle-free experience.
The use of crypto tokens eliminates the need to involve intermediaries. Not using these platforms saves time and money. This is because crypto transactions eliminate the high fees charged by middlemen. Often, you can get your transactions processed for minimal costs.
Therefore, it is no wonder that so many players prefer to play their favourite games in casinos, and online casinos, through crypto token transactions.
With this move, Resorts World Las Vegas has undoubtedly made a statement and is sure to attract customers to try out their favourite games with a hint of crypto. Moreover, this move can also set the path for innovative and technology-integrated steps by other casinos soon.