Gaming solutions supplier International Game Technology (IGT) announced today it entered into a cross-licensing agreement for patents related to cashless slot gaming solutions with another gaming technology company, Scientific Games (SG).
Tap into Each Other’s Cashless Portfolios
The cross-licensing agreement between IGT and SG combines both companies’ portfolios related to casino management solution systems in the US, allowing one to utilize cashless gaming technologies from the portfolio of the other with immediate effect.
The agreement also positions both IGT and SG as major players within the industry with regards to offering the most compelling cashless gaming industry solutions, facilitating an industry-wide adoption of cashless technology.
SG’s Gaming Business Unit chief executive officer Matt Wilson emphasized the company’s focus on finding ways to extend benefits represented by cashless technology solutions, underscoring the importance of the cross-license agreement with IGT in terms of allowing both companies to combine their best for the benefit of their customers and the whole industry.
“Consumers are increasingly comfortable using cashless technology, and they will continue to expect this option to be available on the floor. We’re excited to partner with IGT to make it easier for operators to deliver for their players.”Matt Wilson, CEO, Gaming Business Unit, Scientific Games
Cashless is Here to Stay
Renato Ascoli, chief executive officer of Global Gaming at IGT outlined the significant investment in research and development (R&D) the NYSE-listed technology company made over the years to come up with a comprehensive suite of solutions in the cashless space, highlighting opportunities for casino operators opened up by the cross-licensing agreement with SG.
“Cashless gaming is here to stay, and this strong portfolio of cashless IP can help casino operators ensure the safety of players by reducing cash handling and points of contact with slot games, while considerably improving casino operating efficiencies.”Renato Ascoli, CEO, Global Gaming, IGT
IGT made significant strides in the cashless space since the beginning of 2021, with the most recent development being the agreement for cashless payments with Global Payments. The technology solutions supplier and the payment provider signed a new 5-year partnership to further boost its casino-floor IGTPay solution which allows players to make payments without having the need to handle cash.
In January, IGT received significant industry recognition after its Resort Wallet cashless module, part of the company’s IGT ADVANTAGE casino management system, received regulatory approval in Nevada.
Also in January, IGT announced it acquired a patent which allows player funds transfers between gaming accounts and external crypto currency wallets, to utilize for slot game players the use of Bitcoin and other crypto currencies.