One of the most well-known gaming hotspots in the world, Las Vegas has been a trailblazer for all kinds of legalized wagering. In a recent article from The Nevada Independent, many experts are now turning their attention to seeing how Nevada’s casino industry handles the influx of crypto-mania. Some casino owners have already started using crypto, while others are still catching up.
Below, SBS breaks down the latest news in the state related to gaming and how it is shaping the future of Sin City.
After a strong influx of crypto advertising at the Super Bowl (almost a dozen different crypto companies purchased ad space at the event per the L.A. Times), there has been a spike in interest for these currencies. In Las Vegas, this is no different as multiple casinos are already rolling out ways to utilize crypto at their resorts. According to the Independent, digital exchange Crypto.com has used the reader board of the Caesars Forum Shops marquee on the Strip to promote the company as a platform for trading various cryptocurrencies.
However, crypto does not seem to have a mass hold on Vegas quite yet. According to the same article from the Independent, only a handful of Las Vegas gaming operators are pushing cryptocurrency for non-gaming purposes. One casino operator said that he does not do much promotion for the machines other than messaging on electronic billboards along Fremont Street. There also seems to be some mixed sentiments about the current state of crypto utilization with some resorts opting to have a passive crypto marketing strategy. For instance, Resorts World has added a cryptocurrency exchange near their dining area but does not promote it heavily. This is juxtaposed with an MGM Resorts spokesman saying he has heard there is more of vocal sentiment amongst guests having a strong desire to use cryptocurrency.
Also in the same article from the Independent, there would appear to be some gray areas present for customers wanting to use cryptocurrency. Right now, the most commonly-used way for guests to use cryptocurrency is through a kiosk that converts the digital currency to U.S. dollars, which is then loaded on a digital wallet or exchanged for casino chips. However, the Nevada Gaming Control Board does not have regulations governing the use of cryptocurrency on casino floors, which means no Bitcoin is allowed at the blackjack tables quite yet.
A spokesman from the Gaming Control Board said that crypto is “lightly regulated” at this time and some of the cryptocurrency exchanges do not adhere to these various requirements. So according to this same source, it creates an environment where you cannot rule out if the source of the funds are coming from an illicit activity. While there are certainly other elements that remain up in the air when it comes to cryptocurrency and gaming in the Silver State, many are focused on capitalizing on this exciting new market. A source from the Association of Gaming Equipment Manufacturers said that the gaming industry does need to “capitalize on technology advancements.”
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About the Author
As a devout aficionado of sports, Chris Boline has carved a career within the athletic realm. A skilled scribe, he boasts a decade-long portfolio that encompasses coverage of the NBA G League, the Los Angeles Chargers, football and basketball across the country. Beyond his professional pursuits, Chris is deeply invested in his community and dedicates his leisure hours to serving on boards, collaborating with community organizations, and cherishing the company of loved ones. CURRENTLY Business Development and freelance sports writing RESIDES IN Reno, NV EDUCATION University of Nevada BS and MBA EXPERTISE -Sports writing proficiency in: NFL, NBA, UFC, boxing, golf, and some motor sports -Topical news -Promotional and marketing ideas/updates -Business development Summary Chris Boline serves in a business development sales capacity as his day job. He has previously held sales/marketing positions with The Applied Companies (TAC), KTVN 2 News and the NBA G League’s Reno Bighorns, affiliate of the Sacramento Kings. He is a Reno native and is a member of various community boards including the Nevada Sagebrush Alumni Chapter, NCET and the College of Business Alumni Association (COBAA). Chris graduated from the University of Nevada in 2015 with a bachelors in management and economics and also earned his MBA from Nevada in 2023. More about Chris: Past president of the College of Business Alumni Association (COBAA) 2022-23 Two-time honoree for University of Nevada Alumni Chapter of the Year (Nevada Sagebrush Alumni Chapter, 2017 & COBAA, 2021) 2021 NCET award for Professional Services Organization of the Year with TAC Northern Nevada Human Resources Association 2020 Best Places to Work-Northern Nevada, Second Place with TAC 2016-17 Reno Bighorns MVP from the Sacramento Kings The Nevada Sagebrush editor-in-chief 2013-15 Associated Collegiate Press 2015 Four-year Non-daily Newspaper Pacemaker honoree University of Nevada, Reno College of Business Dean's List honoree (5x) from 2011-2015 Nevada Press Association award for Best Sports Column – Community in 2015 Education
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