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IGT and Scientific Games agree to share cashless gaming technology patents

2nd March 2021 9:55 am GMT
Cashless Payments

Leading suppliers International Game Technology (IGT) and Scientific Games have partnered to deliver cashless gaming technologies to the US gaming industry.

The two companies have signed a cross-licensing agreement for patents related to cashless slot gaming technologies, enabling each company to offer solutions based on their combined portfolios to help reduce cash handling, an area of casino operations which has risen to prominence in light of the Covid-19 pandemic.

“This cross-licensing agreement provides casino operators access to the gaming industry's most compelling portfolio of cashless gaming technologies. We have made significant R&D investments over many years to develop this comprehensive suite of intellectual property in the cashless space,” said Renato Ascoli, IGT CEO Global Gaming.

“It makes revolutionary improvements to the player experience and represents the greatest advancement in cashless payments since the introduction of Ticket-In, Ticket-Out (TITO). 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.”

Matt Wilson, CEO of the Gaming Business Unit Scientific Games, added: “At Scientific Games, we continue to find ways to extend the benefits of our innovative cashless technology. This new program allows SG and IGT to combine our leading IP for the benefit of our customers, and our 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.”

Shares in International Game Technology plc. (NYS:IGT) climbed 2.52 per cent to close at $18.75 per share in New York Monday, while shares in Scientific Games Corporation (NSQ:SGMS) closed 8.18 per cent higher at $50.66 per share.

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