{"id":318022,"date":"2024-04-22T15:58:31","date_gmt":"2024-04-22T20:58:31","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=318022"},"modified":"2024-04-22T15:58:31","modified_gmt":"2024-04-22T20:58:31","slug":"koin-mobile-hits-everi-with-antitrust-lawsuit-over-cashless-payments","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/koin-mobile-hits-everi-with-antitrust-lawsuit-over-cashless-payments\/","title":{"rendered":"Koin Mobile Hits Everi with Antitrust Lawsuit Over Cashless Payments"},"content":{"rendered":"

Digital payments company Koin Mobile has accused casino-supplier giant Everi<\/a> of \u201cabuse of its power \u2026 to stifle competition\u201d in the emerging cashless-payments<\/a> gaming market.<\/p>\n

\"Everi,
Everi is accused of stifling competition in the fledgling cashless-gaming market by tying land-based casino operators to \u201conerous\u201d contracts. (Image: Everi)<\/figcaption><\/figure>\n

In an antitrust suit filed in Nevada\u2019s federal court Friday, Koin claims Everi illegally forces casinos to employ its own digital payments product exclusively by tying them to its other services involving cash-access.<\/p>\n

Everi supplies slot machines as well as financial equipment and services to casinos and has contracted with an overwhelming majority of operators in the US, according to the lawsuit.<\/p>\n

The company now controls around 75% to 90% of cash-access transactions in land-based casinos across America, according to estimates.<\/p>\n

Everi itself has reported delivering $25 billion to casino floors in 2017, more than $30 billion in 2019, and more than $40 billion in 2022.<\/p>\n

\u2018Onerous Contracts\u2019<\/strong><\/h2>\n

But it has cornered the market by employing \u201conerous,\u201d long-term exclusive agreements that prevent operators from engaging with other digital wallet providers with superior products, the lawsuit claims.<\/p>\n

Everi has executed a tying strategy by which it imposes on casinos a complex, exclusive adhesion contract for cash-access products \u2014 lasting for a minimum of five years with automatic renewals, rights of first refusal, and onerous forfeiture provisions \u2014 and sneaks or otherwise forces its cashless or \u2018quasi-cash\u2019 products into the long-term exclusive arrangement, as a condition to receiving Everi\u2019s cash-access products,\u201d the complaint asserts.<\/p><\/blockquote>\n

Digital wallets are relatively new to the land-based gaming industry and operate much like Paypal or Venmo in the non-gaming world, but with added features specific to the highly regulated casino industry.<\/p>\n

They enable patrons to fund their gambling without the need for cash by linking external funding sources like credit cards and bank accounts to smartphone apps that can then interface with casino-management systems.<\/p>\n

Koin Flips<\/strong><\/h2>\n

Koin has a product called Koin Wallet that competes with Everi\u2019s CashClub Wallet. The lawsuit claims the Koin product is a threat to Everi\u2019s market dominance, and the larger company has attempted to suppress competition as a result, interfering with Koin\u2019s casino business relationships.<\/p>\n

Everi\u2019s planned merger<\/a> with multinational gaming supplier International Game Technology (IGT) will further cement that market dominance, Koin said in the lawsuit.<\/strong><\/p>\n

\u201cThe post-merger Everi will thus have far-reaching control over the digital-wallet markets, with the ability unilaterally to lock in customers, lock out competitors, and increase pricing to casinos and patrons while delivering a sub-par product.\u201d<\/p>\n

The lawsuit seeks \u201ctens of millions\u201d in damages for lost profits and business opportunities.<\/p>\n","protected":false},"excerpt":{"rendered":"

Digital payments company Koin Mobile has accused casino-supplier giant Everi of \u201cabuse of its power \u2026 to stifle competition\u201d in the emerging cashless-payments gaming market. In an antitrust suit filed in Nevada\u2019s federal court Friday, Koin claims Everi illegally forces casinos to employ its own digital payments product exclusively by tying them to its other […]<\/p>\n","protected":false},"author":36,"featured_media":318024,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,33810,60,18],"tags":[90534,90640,88444,82048,90642,90639,90641,82103],"acf":[],"yoast_head":"\nKoin Mobile Hits Everi with Antitrust Lawsuit Over Cashless Payments<\/title>\n<meta name=\"description\" content=\"Casino supplier Everi sued by Koin Mobile in antitrust lawsuit over dominance of fledgling cashless-wagering gaming market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/koin-mobile-hits-everi-with-antitrust-lawsuit-over-cashless-payments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Koin Mobile Hits Everi with Antitrust Lawsuit Over Cashless Payments\" \/>\n<meta property=\"og:description\" content=\"Casino supplier Everi sued by Koin Mobile in antitrust lawsuit over dominance of fledgling cashless-wagering gaming market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/koin-mobile-hits-everi-with-antitrust-lawsuit-over-cashless-payments\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-22T20:58:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/04\/everibenefits.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"998\" \/>\n\t<meta property=\"og:image:height\" content=\"561\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Philip Conneller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@casinoorgphilc\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Philip Conneller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/koin-mobile-hits-everi-with-antitrust-lawsuit-over-cashless-payments\/\",\"url\":\"https:\/\/www.casino.org\/news\/koin-mobile-hits-everi-with-antitrust-lawsuit-over-cashless-payments\/\",\"name\":\"Koin Mobile Hits Everi with Antitrust Lawsuit Over Cashless Payments\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/koin-mobile-hits-everi-with-antitrust-lawsuit-over-cashless-payments\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/koin-mobile-hits-everi-with-antitrust-lawsuit-over-cashless-payments\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/04\/everibenefits.jpg\",\"datePublished\":\"2024-04-22T20:58:31+00:00\",\"dateModified\":\"2024-04-22T20:58:31+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\"},\"description\":\"Casino supplier Everi sued by Koin Mobile in antitrust lawsuit over dominance of fledgling cashless-wagering gaming market.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/koin-mobile-hits-everi-with-antitrust-lawsuit-over-cashless-payments\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/koin-mobile-hits-everi-with-antitrust-lawsuit-over-cashless-payments\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/koin-mobile-hits-everi-with-antitrust-lawsuit-over-cashless-payments\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/04\/everibenefits.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/04\/everibenefits.jpg\",\"width\":998,\"height\":561,\"caption\":\"The Everi logo. The company ended its share buyback plan and could pursue a special dividend. 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