IGT and Scientific Games Sign Cross-Licensing Agreement for Cashless Gaming Intellectual Property
LONDON and LAS VEGAS, March 1, 2021 /PRNewswire/ -- International Game Technology PLC ("IGT") (NYSE: IGT) and Scientific Games Corporation ("Scientific Games") (NASDAQ: SGMS), today announced that they have signed a cross-licensing agreement for patents related to cashless slot gaming technologies. Under the agreement, Scientific Games and IGT will be able to offer patented cashless gaming technologies from the companies' combined portfolios of casino management systems solutions to the U.S. gaming industry. Financial terms of the agreement have not been disclosed.
As a result of this agreement, operators will now be able to unlock the industry's most compelling portfolio of cashless gaming technologies. By combining the strongest features of each Company's cashless gaming patent portfolio, IGT and Scientific Games are providing a solution for the gaming industry to quickly increase adoption of cashless technology.
"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)," said Renato Ascoli, IGT CEO Global Gaming. "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."
"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," said Matt Wilson, CEO, Gaming Business Unit Scientific Games. "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."
Through the agreement, each company will have immediate access to the other party's cashless gaming patents.