Experts | Nevada’s casino industry can’t ‘bury its head’ over cryptocurrency

Derek Stevens, a Downtown casino owner, noted a strange behaviour in which individuals were using the machines to exchange their cash for crypto, contrary to his expectations. For this reason, the machines had more deposits than withdrawals.

Once considered a novelty, cryptocurrency has significantly grown into the mainstream, and its trading forums and ventures have garnered a massive following globally.

However, some gaming industry experts are doubtful and continue to question the applicability of the crypto in slot machines and table games. Only a few Las Vegas land-based casino operators currently advocate online property for non-gaming operations.

Establishments have partnered with crypto exchanges to allow their consumers to access various digital payment modes. For instance, Resorts World Las Vegas partnered with Gemini to provide crypto operations for its clients. Gemini is a crypto exchange platform that allows clients to purchase, sell, earn and store various cryptocurrencies.

CEO and co-founder of Irreverent Labs, Raul Sood, faulted the gaming industry’s slot machine developers for failing to acknowledge the interests of casino customers. Additionally, while speaking to Nevada’s independent, Sood made it clear that it was time for the casino industry to embrace and figure out how to integrate the metaverse revolution to fulfil their customers’ needs and interests.

The Nevada Gaming Control Board lacks policies managing digital currency used in the casino industry. Thus, the simplest way to use crypto in casinos is via a kiosk that changes the digital assets into US dollars, which are then loaded onto virtual storage or exchanged at a casino kiosk or a table game for gaming chips.

As cryptocurrency penetrates various industries, many individuals find it challenging to understand its concept and safety. Positively, Wyoming State allows its sportsbooks to warm up to wagers in crypto, digital and virtual currencies in that the stakes can be converted into cash.

In January 2021, Bloomberg News reported the Biden Administration was planning to introduce a centralised governing approach on virtual currencies and asked federal agencies to figure out the crypto’s risks and benefits. This report caused the crypto value to significantly fluctuate, with Bitcoin trading at its lowest in June 2021.

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