International Game Technology and Scientific Games, made the recent announcement that they had entered into a cross-licensing agreement for patents linked to cashless slot gaming technologies.
The agreement enables Scientific Games and IGT to offer patented cashless gaming technologies from their combined casino management systems solutions for the U.S. gaming industry. The financial terms of the agreement remain undisclosed.
The agreement also makes it possible for operators to access the most comprehensive catalogue of cashless gaming technologies in the industry. The combination of the best features of IGT and Scientific Games’ cashless gaming patent portfolios creates a solution for the gaming industry that will enable the rapid adoption of cashless technology.
Renato Ascoli, IGT CEO of Global Gaming said, "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. 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 at 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."