Las Vegas: Casinos vor Bitcoin-Boom?

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Peter Brandt March 1, 2021

The casino and entertainment industry in Las Vegas sets the course for booming cryptocurrencies. It has been possible for a few years to pay cryptocurrencies in many shops and hotels of the gaming metropolis, but the renewed upswing in the past few weeks and months also ensures that the US city’s broad casino landscape.

In the long run, cryptocurrencies such as Bitcoin could serve as an optional payment method in Las Vegas. ((©15299/Pixabay)

Use of cryptocurrency is increasing

Cryptocurrencies are on the rise, especially in the emerging online segment of the gaming industry. According to the gaming software developer “Softswiss”, sales are said to have tripled since 2019. Although the renowned company did not give any precise figures in its explanations towards industry media, but one would Most of the transactions are handled by Bitcoin will. The most famous cryptocurrency is responsible for 90 percent of the income generated. The remaining ten percent would fall on other rapidly growing digital currencies such as Ethereum and Litecoin.

Increasing demand. According to his own information, “Softswiss” refer to his over 70 partners from the global gaming industry, which encourages over 10,000 casino games. Over 3,000 of them would now accept cryptocurrencies. The development is far from over. As early as 2014, the group equipped up to four online games so that Bitcoin was accepted as a form of payment. Since then, this number has grown continuously.

The payment trend in online gambling now seems to be slowly moving into the inpatient offer. as Gaming metropolis Las Vegas enjoys the reputation as a modern and adaptable city, which already allows residents and tourists in many business areas to pay with cryptocurrencies. Here too it is Bitcoin the common digital currencythat is accepted by the individual shops, shops and hotels. In casinos, however, it is still not possible to use cryptocurrencies as an optional payment method. But that could change soon.

Las Vegas: Casino pioneers for cryptocurrencies

At the present time, the gambling industry is discussing how cryptocurrencies can be integrated into the business processes of the industry. Among other things, the “International Game Technology” group as the world’s largest slot machine manufacturer indicated that you are currently working on possible technologies to implement Bitcoin and Co. as a digital form of payment in gaming equipment. Should industry be able to integrate cryptocurrencies into their own business area, Would just benefit Las Vegas from the boom.

According to some financial experts, the gaming metropolis follows the current one with great interest Bitcoin-Boom. However, the cryptocurrency as such is already part of the business in some Casinos of the US city. as The pioneers apply here the “The D” and the “Golden Gate Hotel”. Even if the various digital currencies cannot yet be used in the actual casino area, the “Golden Gate Hotel” provides its guests special Bitcoin money machines. It is possible to exchange digital money into real dollars. This transaction offer has been so well received in the gambling metropolis that over 149 such machines are now part of the cityscape.

Old School. The “Golden Gate Hotel” is a kind of counterpart to the new mega casinos in Las Vegas. As one of the service oldest casinos in the metropolis, the Golden Gate puts on the charm of past days, but is not adorned with the possibilities of modernity. Especially in terms of cryptocurrencies, the establishment on the Fremont Street has a few steps ahead of the local competition.

Fluctuations are problematic

Cryptocurrencies symbolize the digital possibilities of the modern age. But despite all progress, Bitcoin and Co. are subject to a major problem: volatility. the regular and sometimes high price fluctuations in digital currencies It is difficult for many economic areas to establish this form of payment in the long term. For this reason, according to industry experts, it can take some time until the Bitcoin acceptance in Las Vegas prevails across the board.

Course fluctuations in the double -digit percentage area in just one day are not uncommon for cryptocurrency. From the point of view of the casinos, there is therefore a very complex situation. Due to the high intensity of the transactions, there is a risk that the well -rehearsed money via Bitcoin will lose its value enormously in just one day. As a result, there are enormously high losses in the room. The various hotels and casinos would have to decide quickly whether they want to exchange sales that were generated by cryptocurrencies. In this way it would be possible to counter any losses. On the other hand, price fluctuations can also be profitable. This makes the high volatility a double -edged sword.

Bitcoin hype during corona. The Bitcoin impressively showed the dimensions of the high volatility of the cryptocurrencies during the first Corona wave. After many investors and investors pulled funds from the markets to protect their own capital, the Bitcoin course exploded explosively. A few days earlier, the value was on the downturn.