Legal & Regulatory News

New York-listed International Game Technology (IGT) has reached a patent cross-licensing agreement with land-based gaming supplier Incredible Technologies.

The agreement enables Incredible Technologies to offer games which include patented game features from the IGT portfolio, with IGT generating revenue from licensing fees.

"We are pleased to extend the positive impact of IGT innovation through this cross-licensing agreement with Incredible Technologies, Inc.," said Michael Prescott, IGT’s senior vice president and general counsel, North America Gaming & Interactive.

"By leveraging IGT's industry-leading R&D investment to benefit other game manufacturers, we reinforce our commitments to protecting intellectual property and fostering industry growth."

Chicago-based Incredible Technologies has been providing Class III video slot, poker and keno content to casino floors since 1985, including titles such as Crazy Money, Medusa: The Quest of Perseus, Leonidas: King of the Spartans and Neon City Casino – some of which have also been repurposed for GAN’s free-to-play social gaming platform. It also develops pay-to-play amusement video games such as Golden Tee Golf.

"Incredible Technologies attributes our record growth to one simple thing - making great games," said Dan Schrementi, Incredible Technologies' vice president of Gaming Sales & Marketing. "This agreement with IGT allows us to remain focused on that mission while continuing to design new and innovative gameplay features our customers have come to expect."

Incredible Technologies becomes the latest supplier to sign a patent cross-licensing agreement with IGT, following in the footsteps of Aristocrat Technologies, Everi Holdings, Gamesys and NetEnt in recent years.

Shares in International Game Technology plc (Co. Data) (NYQ:IGT) closed in New York Wednesday up 0.21 per cent at $23.63 per share.