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

Derek Stevens, a casino manager of Downtown Metropolis, began to adopt bitcoin for personal sales other than games at D Las Vegas and Golden Gate eight years ago. I had no doubt to show it.

He thought it would apply digital currency units to prosperous shopping, such as a hotel room, American Cony Island and a meal at Andiano Italian steakhouse. In return, the guests visited the Bitcoin Bitpay device in the Souvenir Store and did a limited time, including a bag of potato chips.

"Stevens says," A small amount of trading was done frequently. "

As a result, Stevens has set up a kiosk for encryption currencies like ATMs in D Las Vegas. A similar machine was installed when he visited Circca Resort & Amplifier Casino in October 2020.

And he discovered the composition.

Instead of converting cryptocurrencies with cash, people use machines that exchange cash and cryptocurrency.

"Suppose a young man working in the Golden Nugget lane has received hundreds of dollars as a chip. He has a chance to change hundreds of dollars into bitcoin. We use the automatic aircraft as an ATM. Even though I was thinking, a lot of funds were introduced and removed.

In the gaming industry observer, the cryptocurrency began asking a question of "WHEN" instead of "if", which has the ability to get board games and casino slot machines.

"Omel Sattar, one of the general directors of Sightline-Payments, a digital payment provider for the gambling industry, says Omer Sattar.

As the number of cryptocurrencies increased, the casino industry has begun a personally difficult calculation of how to connect digital assets to game management. However, the gambling of the kiosk, which converts the back into cryptocurrency, and the gambling in digital currency units that have already been seen in several casinos, and at that time, are a very long bridge. It is considered.

Raul Court, a CEO and co-founder of the blockchain development company IRREVERENT LABS and former General Manager of UNIQURN E-Sports Company, spoke to the gaming industry and gave a lecture at Global Gaming EXPO 2015. Casino buyer

He sent a similar letter to the casino industry when asked about cryptocurrency and gaming.

"Vegas is going to have to do something with Metaversernaya and figure out how to bring customers to its establishments," Cote said in an interview with The Nevada Independent. "They probably will go nuts because they haven't figured out how to accept crypto yet."

Crypto is discovered in Las Vegas

What was once considered a novelty is now becoming mainstream, thanks to Stevens' early adoption. In recent months, cryptocurrency trading platforms and businesses have been gaining attention on a national level.

During the Super Cup, cryptocurrency-related companies were featured in more than a dozen commercials, each earning $6 million to $7 million for 30 seconds of airtime. The most attention-grabbing was a 60-second clip for Coinbase Cryptocurrency Exchange that featured nothing more than a floating QR code.

Digital exchange Crypto. com has scored a spot on the Strip, using a shop tent at Caesars Forum to talk about its business as a platform for trading various currencies, in an ad featuring high-profile athletes and actors.

For now, only a few gambling operators in Las Vegas are promoting cryptocurrencies for anything other than gaming. Stevens isn't interested in advertising machines, except for a report of electronic advertising screens along the Fremont Street entrance to Circa and the D Las Vegas.

"We might run ads for a few weeks."

A month before its grand opening last summer, Resorts World Las Vegas announced a partnership with Gemini cryptocurrency exchange to make $4. 3 billion worth of various digital payment methods available "in all zones" of the Strip resort. Gemini is a platform where customers can buy, sell, store and earn various cryptocurrencies.

"The partnership we announced with Gemini in May is intended to explore future opportunities to enable the acceptance of cryptocurrency on our resort properties for non-gaming transactions," said Scott Sibella, CEO of Resorts World Las Vegas. "Our work on these opportunities continues and we will be able to provide more detailed information as these efforts progress."

Since then, the resort World has set up a cryptocurrency currency exchange car near the famous meal. The company has not announced the kiosk. Severa said, "Thanks to the technical amenities, it is part of enhancing guests' collective emotions."

The MGM Resorts International representative Brian Ahan said that the casino operating company actually had "completely want to apply cryptocurrency to his manga."

"We study the potential to allow the introduction of cryptocurrencies for a limited number of casino s-related activities in accordance with all applied laws and regulations," Achan said in an electric message.

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• Difficulty of matching with cryptocurrency

Currently, the most uncomfortable way to apply cryptocurrencies to gambling is the kiosk that converts digital currency units to US dollars, which can be locked out to a digital wallet or a casino or casino tip table. Masu.

The Gambling Council, Nevada, does not include rules for the introduction of cryptocurrencies in Casino-location. In fact, do not expect, for example, a bitcoin method device on a black jack table.

"Counsille's current policy is not to use cryptocurrency to run gambling," says Jim Barbie, head of the Council's technology category. "We have an obligation to show us how we want to regulate it when organizations and licensing have been trying to make this proposal, and how they want to regulate them, and how to make KYC requests (knowing customers). I have stated.

Barbie is actually listed as a funding sender in the r e-economic cruel network by the US Treasury (Fincen), so KYC actually has a "huge significance in the magnitud e-the area". He said it was included. The Finsen and the game industry are cooperating to ensure all rules for fighting money laundering and the compliance with the rules specified by the Bank Situation Law.

However, according to Barbie Text, cryptocurrencies are still "inadequate regulation", and some cryptocurrency exchanges do not have all types of claims.

"This means that the funding source is regarded as illegal acts, which means that it is impossible to completely eliminate," says Barby. "Therefore, the introduction of cryptocurrencies is accompanied by a certain amount of difficulties."

Coinmarketcap. com's news site "Digital Payment" lists 1583 types of cryptocurrencies. This is more than classical Fiat currency units (local government agents, USA bak and euro, etc.). Bitcoin, Ethereum, and Dogecoin are one of the most popular cryptocurrencies.

According to Crypto. com reports published last month, the number of cryptocurrency owners will reach 1 billion by the end of the year.

Despite the fact that cryptocurrencies are gaining in popularity, the basic concept has the potential to complicate recognition. The cryptocurrency is led by an encrypted data line and is tracked by the support of the blockchain (a general accounting book that records and tracks transactions).

Cryptocurrency is stored in various computer networks that do not depend on central authorities, such as banks and governments. The non-centralized digital currency units are based on the secrets of computers encryption and decryption, and can prevent straightforward operations.

Finsen has not spoken for more than two and a half years due to the cryptocurrency (defined as a convertible cryptocurrency unit (CVC) in the agency) or the possibility of the use of casinos in the industry.

Speaking of the Ant i-Manerona Ring Conference held in Las Vegas in August 2019, the lon g-standing Fincen director Kennet Blanco is a prepared concert, and all gambling objects online or physical casinos are political. He stated that it is necessary to secure cryptocurrency accounting by procedure, procedure, internal control and risk evaluation.

"We are still stepping on how to inspect and do the duployment of transactions using cryptocurrencies," said the swing. "How do you intend to do a blockchain test to confirm the qualification of the CVC key? If necessary, link the signs related to CVC with their own (unbelievable activities). Do you intend < Span> "This means that it is impossible to completely eliminate the funding source," says Barbie. "Therefore, the introduction of cryptocurrencies is accompanied by a certain amount of difficulties."

Coinmarketcap. com's news site "Digital Payment" lists 1583 types of cryptocurrencies. This is more than classical Fiat currency units (local government agents, USA bak and euro, etc.). Bitcoin, Ethereum, and Dogecoin are one of the most popular cryptocurrencies.

According to Crypto. com reports published last month, the number of cryptocurrency owners will reach 1 billion by the end of the year.

Despite the fact that cryptocurrencies are gaining in popularity, the basic concept has the potential to complicate recognition. The cryptocurrency is led by an encrypted data line and is tracked by the support of the blockchain (a general accounting book that records and tracks transactions).

Cryptocurrency is stored in various computer networks that do not depend on central authorities, such as banks and governments. The non-centralized digital currency units are based on the secrets of computers encryption and decryption, and can prevent straightforward operations.

Finsen has not spoken for more than two and a half years due to the cryptocurrency (defined as a convertible cryptocurrency unit (CVC) in the agency) or the possibility of the use of casinos in the industry.

Speaking of the Ant i-Manerona Ring Conference held in Las Vegas in August 2019, the lon g-standing Fincen director Kennet Blanco is a prepared concert, and all gambling objects online or physical casinos are political. He stated that it is necessary to secure cryptocurrency accounting by procedure, procedure, internal control and risk evaluation.

"We are still stepping on how to inspect and do the duployment of transactions using cryptocurrencies," said the swing. "How do you intend to do a blockchain test to confirm the qualification of the CVC key? If necessary, link the signs related to CVC with their own (unbelievable activities). "This means that this means that it is impossible to completely eliminate the funding source," says Barbie. "Therefore, the introduction of cryptocurrencies is accompanied by a certain amount of difficulties."

Coinmarketcap. com's news site "Digital Payment" lists 1583 types of cryptocurrencies. This is more than classical Fiat currency units (local government agents, USA bak and euro, etc.). Bitcoin, Ethereum, and Dogecoin are one of the most popular cryptocurrencies.

According to Crypto. com reports published last month, the number of cryptocurrency owners will reach 1 billion by the end of the year.

Despite the fact that cryptocurrencies are gaining in popularity, the basic concept has the potential to complicate recognition. The cryptocurrency is led by an encrypted data line and is tracked by the support of the blockchain (a general accounting book that records and tracks transactions).

Cryptocurrency is stored in various computer networks that do not depend on central authorities, such as banks and governments. The non-centralized digital currency units are based on the secrets of computers encryption and decryption, and can prevent straightforward operations.

Finsen has not spoken for more than two and a half years due to cryptocurrency (defined as a convertible cryptocurrency unit (CVC) in the same institution) or a casino in the industry.

Speaking of the Ant i-Manerona Ring Conference held in Las Vegas in August 2019, the lon g-standing Fincen director Kennet Blanco is a prepared concert, and all gambling objects online or physical casinos are political. He stated that it is necessary to secure cryptocurrency accounting by procedure, procedure, internal control and risk evaluation.

"We are still stepping on how to inspect and do the duployment of transactions using cryptocurrencies," said the swing. "How do you intend to do a blockchain test to confirm the qualification of the CVC key? If necessary, link the signs related to CVC with their own (unbelievable activities). Are you going to do it?

AGA's senior vice president Casey Clark said that such an initiative had advanced to cryptocurrency, and that the establishment of a cryptocurrency converter on the casino floor is a good first step.

"Of course, we talk to our members about what they want to see, but they are still some unknowns," said Clark. "People are thinking about how to waste a lot of time and money and secure the right generation of gambling buyers. [Cryptocurrency) will definitely be part of this conversation."

In Waming State, sportsbooks have acknowledged "digital currency, cryptocurrency, virtual currency".

Former Senate Ben Kikkefer, the latest member of the Nevada Gambling Committee, said that if the cryptocurrency was finally allowed to be used in gambling, Nevada's tax politicians guarantee tax payment in US Bucks. He said he had a duty to do.

However, Kikefa believes that the Gambling industry in Nevada will find a payment method that will benefit all stakeholders.

"We think we are basically following the footprints to make it easier to use cryptocurrencies, especially if there is a special demand for customers," says Kikhefer. "It is really good that Las Vegas continues to develop in this way to meet the needs and wishes of customers in its own country."

Blockchain Casino Management System

• The news caused the collapse of the cryptocurrency market, reaching $ 130 billion on that day, and the major digital currency was sold for many days. According to CNBC, Bitcoin dropped by more than 50 % from the historic high price and was traded at the lowest level since July 2021.

Similar shaking is also exciting among the Gambling regulatory authorities in Nevada.

"Gambling Council Chairman Brin Gibson said in an interview:" I'm doing gambling, the cryptocurrency is traded at 20. 00 and dropped (cost) at 3. 00. Depending on the market, it is bigger. There are days when you move, for example, this is a problem for us.

Sattar understands regulators' concerns. But he also hopes blockchain can be used to build casino management systems that can address issues like responsible gambling.

The fundamental issue with money, he says, is trust.

"If I give you a dollar, you trust that there's a U. S. government guarantee there," Sattar said. "It should be the same with cryptocurrency."

The court that granted Unikrn an Isle of Man gaming license in 2018 allowing it to accept esports betting said blockchain complies with anti-money laundering laws and customer requirements.

"Blockchain is the technology of choice. It's better than cash. It's certainly better than the current system. Whether you use bitcoin or any other currency, everything is tracked on the blockchain."

Cahir Philander, former research director at UNLV's International Gaming Institute, said the gambling industry's slow adoption of blockchain technology could mean casinos lose out on new potential customers. Philander, now an assistant professor at Washington State University's School of Hospitality Management, said Gen Z, born after 1997, is growing up as "digital natives" and embracing new technologies such as cryptocurrency.

The reluctance to embrace digital currency, he said, "is not going to kill the gaming industry, but it's going to at least take away a significant portion of the growth potential. It might hold back the baby boomers and older millennials, but people after Gen Z will be looking at this kind of technology.

Rumors

At their headquarters in Las Vegas, Thursday, September 9, 2021. (Jeff Scheid/The Nevada Independent)

Payment companies offer cryptocurrency solutions

Jerry Lau, managing director of Eilers and Krejcik Gaming, follows the activities of electronic money companies in the casino industry and believes there is a future of directly downloading digital power for gaming purposes. But it's not going to happen tomorrow.

Financial technology companies already operating in the space, particularly those that have been involved in rolling out cashless gambling systems, are exploring how cryptocurrencies and the gaming industry can coexist, Lau said.

"If the regulatory authorities have begun to allow this, there will be many payment microcessors that can respond to this," Lau says. "However, in the near future in the United States, no country will allow direct exchanges with cryptocurrencies at a casino."

According to the text, a "internal purpose option" on the source line, such as a universal reboot credit card, is required.

Specializing in payment processing and economic technology, the largest company that works in the game industry defines cryptocurrencies and highly possible options.

However, no one is ready to determine the deadline.

Evili Holdings' Senior Vice President Darren Simmons said that the company has been searching for cryptocurrencies in recent years. Evri said that the payment method is gaining momentum, for example, in part of the economy, such as a large retail network, "it is becoming mainstream."

"The fact that a major financial institution has a cryptocurrency trading department is actually fresh and everything is going in a good direction, despite the fact that people are actually watching." Simmons said.