A cross-licensing deal for patents related to cashless slot gaming innovations has been signed by International Game Technology PLC (IGT) and Scientific Games Corporation (SG).
Within the terms of the deal, both companies will be able to sell proprietary cashless gaming technology to the US gaming industry as part of their joint portfolios of casino management systems solutions.
Operators will be able to use “the industry’s most compelling portfolio of cashless gaming technologies” as a result of this deal, according to the two sides. IGT and SG are offering a solution for the gaming industry to rapidly accelerate acceptance of cashless technologies by incorporating the best aspects of each company’s cashless gaming patent portfolio.
Renato Ascoli, CEO of IGT 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.”
Combining leading IP
Matt Wilson, CEO, Gaming Business Unit SG, 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.”
Each business would have immediate rights to the other’s cashless gaming patents as a result of the arrangement.