Nevada’s Casino Industry May Soon Have to Learn to Deal with Cryptocurrency
Cryptocurrency is gaining momentum in terms of its recognition. Metaverse is not far behind. Overall, technology is enhancing at a faster rate. This is happening not just in the traditional IT field but also in the financial sector.
Traditional currencies hold a good amount of value; however, Cryptocurrencies are being recognized. If the word has it, then it may soon become a strong regulated alternative to the fiat currency.
Cryptocurrency To Make A Way Into Nevada’s Casino Industry
The casino industry is, in a way, the next big target for the Crypto community. There is no question that if given an opportunity, then people would encash their digital holding to exchange it for something valuable or even something common.
One such instance has been narrated by Derek Stevens, the owner of the Downtown casino. Derek Stevens said that when he began accepting Cryptocurrency, the expectation was that people would exchange it for something flashy. He later realized that people were exchanging them for a bag of potato chips.
Another expectation was that kiosks installed at the casinos would be accessed as an ATM. It turned out the kiosk machines were being accessed by the people to convert their cash into digital assets.
Derek Stevens stated that as time passed, the machine registered a rather higher number of deposits than withdrawals.
This points to one direction, which is that cryptocurrency will ultimately find a way into the casino gaming tables.
Some of the most prominent cryptocurrency companies displayed their advertisement during the Super Bowl. This was followed by an increased interest in crypto sports betting exhibited by bettors.
Coinbase was that one crypto company that stole the majority of the attention. It displayed a floating QR code that the users had to scan.
Every other Crypto company spends approximately $6 million to $7 million for an advertisement slot of 30 seconds.
Their move boosted the attempt to spread the recognition of Cryptocurrency.
Omer Sattar, a Co-Chief Executive Officer of Sightline Payments, said that it was time for Nevada’s casino industry to no longer bury their heads, especially when the talks were of billions of dollars.
Sightline Payments is a digital payment provider for the gaming industry. He also stated that something real was happening in the Crypto industry.
Many casinos have begun exploring the new trend. MGM Resorts International is one of them. Brain Ahern, an official spokesperson for MGM Resorts International, said that the company was looking into the feasibility of allowing Cryptocurrency for a limited number of transactions that were related to the casino.
Raul Sood, the Chief Executive Officer & a co-Founder of Irreverent Labs, issues a statement saying that Vegas will eventually have to look into metaverse and Cryptocurrency.
Kiosk machines have been installed at various locations; however, gambling with unregulated digital currency is still a concern. The Nevada Gaming Control Board currently does not have regulations to govern the use of digital assets in the casino.