Koin Mobile Moves to Dismiss Antitrust Suit Against Everi

Mobile payments company Koin Mobile has asked a federal judge in Nevada to dismiss its antitrust lawsuit against casino payments giant Everi Holdings, bringing the dispute over competition in the casino digital wallet market to a close, according to Reuters.

No Future Filing Possible

In a court filing submitted at the end of last week, the Las Vegas-based company requested that the case be dismissed with prejudice, meaning it cannot be filed again. The filing did not clarify whether the companies had reached a settlement.

The lawsuit, which Koin filed last year, alleged that Everi exploited its dominant position in casino cash-access systems to stifle competition in the growing digital payment market. 

Koin’s main product, the Koin Wallet, competes directly with Everi’s CashClub Wallet. Koin alleged Everi forced casinos into long-term, exclusive contracts that bundled cash-access services with its digital wallet, making it difficult for competitors like Koin to gain traction.

Koin sought millions in damages, arguing that Everi’s practices caused lost profits and missed opportunities. On the other hand, Everi denied any wrongdoing, saying Koin’s claims were without merit. 

Everi Asked for Dismissal in July

In a July filing, Everi asked the court to dismiss the case, arguing that Koin had not clearly defined the markets affected by Everi’s actions. The company also emphasized that there was “vibrant competition” in the casino digital wallet space.

Everi Holdings, a major provider of casino financial technology, ATMs, and slot machines, was acquired in July by funds managed by affiliates of Apollo Global Management. Apollo was not named as a defendant in the lawsuit.

Earlier this year, both companies informed the court that they were exploring a potential global settlement, which could resolve not only the federal case but also a related state court dispute involving Koin and other parties.

The federal case was filed as Koin Mobile LLC v. Everi Holdings Inc. and Everi Payments Inc., U.S. District Court for the District of Nevada, No. 3:24-cv-00178. Koin was represented by Robert Ryan and Paul Swanson of Holland & Hart, while Everi’s legal team included Samuel Liversidge and Rachel Brass of Gibson, Dunn & Crutcher, along with John Desmond of Dickinson Wright.