Las Vegas casinos betting on bitcoin

Monday, 22 Jan, 2014 0

Las Vegas is taking a gamble on virtual currency bitcoin.

For the first time, a Las Vegas casino group will begin accepting the virtual currency in its two downtown properties.

The D Las Vegas Casino Hotel and Golden Gate Hotel & Casino have adopted the currency due to customer demand according to owner and CEO, Derek Stevens.

"I’m proud that the D and Golden Gate will be the first casino properties to accept bitcoin. We’re located in the growing high-tech sector of downtown Las Vegas, and like all things downtown, we’re adaptive to new technology," he said.

Bitcoin is a digital, open-source currency which is not distributed through banks.

The currency can be traded through online exchanges and stored in a virtual wallet which can then be accessed online to make and receive payments.

The concept has been around for years but is slowly gaining traction with a growing number of online retailers now accepting the currency.

The casino group will use specialist merchant BitPay to process payments.

Customers will be able to use their digital dollars at the casinos’ front desks, gift shop and food and beverage outlets but not just yet for gambling.

The travel and hospitality industry has been sluggish in adopting the virtual currency but is catching up fast.

Last year, Virgin Galactic began accepting bitcoin deposits for upcoming space flights and customers can now book flights with bitcoin at CheapAir.com.

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