20240021046. SYSTEMS AND METHODS FOR USE OF CRYPTOCURRENCIES IN A CASINO GAMING SYSTEM simplified abstract (SG Gaming, Inc.)

SYSTEMS AND METHODS FOR USE OF CRYPTOCURRENCIES IN A CASINO GAMING SYSTEM

Organization Name

SG Gaming, Inc.

Inventor(s)

Sravan Upadrasta of Calgary (CA)

Vishnuvikas Krishnamurthy of St. Albert (CA)

Muthukumaran Palanichamy of St. Albert (CA)

Karthikeyan Elangovan of St. Albert (CA)

Muthu Krishnan Selvamani of Chennai (IN)

Venkatakrishnan Ramabadran of Chennai (IN)

Raghunathan Pari of Kannamangalam (IN)

Nandakumar Manohar of Sivagangai (IN)

Harikumar Thiagarajan of Chennai (IN)

Balan Sandeep of Kerala (IN)

Shanmuga Sundaram Ananth of Ariyalur (IN)

Kalimuthu Ariram of Pin (IN)

Sundar Nayak Satya of Bhubaneswar (IN)

Mohana Priya Mohan of Chennai (IN)

Basha Mohamadrafy of Chennai (IN)

Nallarasu Banupriya of Salem (IN)

SYSTEMS AND METHODS FOR USE OF CRYPTOCURRENCIES IN A CASINO GAMING SYSTEM - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240021046 titled 'SYSTEMS AND METHODS FOR USE OF CRYPTOCURRENCIES IN A CASINO GAMING SYSTEM

Simplified Explanation

The disclosed patent application is related to the use of cryptocurrency in player tracking and reward systems in casinos. It describes various embodiments involving the deposit, withdrawal, and redemption of cryptocurrency in a player account. The casino's cryptocurrency may be a wrapped version of a public cryptocurrency and can be maintained on an enterprise blockchain or a distributed ledger system.

• Players can deposit cryptocurrency into their player accounts to fund their casino play.
• Players can withdraw funds from their player accounts in the form of cryptocurrency.
• Players can redeem their loyalty points for cryptocurrency accepted by various merchants.
• The casino's cryptocurrency may be a wrapped version of a public cryptocurrency, mimicking a public stablecoin.
• The cryptocurrency held by the casino can be maintained on an enterprise blockchain or a distributed ledger system.
• Multiple casinos can participate in the distributed ledger system, providing an efficient common private cryptocurrency with minimal transaction costs.

Potential applications of this technology:

• Casinos can offer a seamless and secure way for players to use cryptocurrency for gambling purposes.
• Players can enjoy the benefits of using cryptocurrency, such as faster transactions and increased privacy.
• The use of a distributed ledger system can enable interoperability between multiple casinos, allowing players to use their cryptocurrency across different establishments.

Problems solved by this technology:

• Traditional payment methods in casinos may have limitations, such as slower transaction times and higher fees.
• The use of cryptocurrency can provide a more efficient and cost-effective solution for both players and casinos.
• The distributed ledger system can enhance transparency and trust in the player tracking and reward systems.

Benefits of this technology:

• Players can have greater control over their funds by using cryptocurrency.
• The use of cryptocurrency can attract tech-savvy players who prefer digital payment methods.
• The distributed ledger system can improve the overall efficiency and security of player tracking and reward systems in casinos.

Original Abstract Submitted

disclosed are various embodiments directed towards devices, systems, and methods involving the use of cryptocurrency in player tracking and reward systems. a player may deposit cryptocurrency into a player account for the purpose of funding casino play. the player may also withdraw funds from the player account in the form of cryptocurrency. the player may also redeem player loyalty points for cryptocurrency accepted by various merchants. the casino's cryptocurrency may be a wrapped version of a public cryptocurrency and may mimic a public stablecoin. the cryptocurrency held by the casino may be maintained on an enterprise blockchain or in a distributed ledger system in which multiple casinos participate to provide an efficient common private cryptocurrency in any of the participating casinos with a minimal cost per transaction.