Koin Mobile Accuses Casino Giant Everi of Suppressive Actions Against Cashless Gaming Competitors

22

In a peppering of accusations designed to rattle the gaming industry, digital payments upstart, Koin Mobile, has pointed a significant finger of blame towards casino supplier juggernaut, Everi. Koin Mobile alleges that Everi is callously wielding its dominant market position to suppress competitors in the nascent sector of cashless gaming. In an elaborate dance of corporate power play, Koin Mobile sends a clarion call to the industry as it heralds Everi’s actions as an outright “abuse of power.”

Located in the arid heart of America’s gambling Mecca, the federal court of Nevada remained unwitting spectators to an antitrust lawsuit filed last Friday. At its core, Koin Mobile avers the behemoth that is Everi, has resorted to practicing a monopolistic ethos. Everi, they claim, is strong-arming casinos into availing its digital payments product exclusively by bundling it with its other cash-access services.

Follow us on Google News! ✔️


A significant player in the industry, Everi showers casinos with both slot machines and financial tools and services, boasting contracted ties with the lion’s share of operators throughout the United States. The lawsuit argues that Everi’s corporate tentacles have enveloped around 75% to 90% of cash-access transactions for land-based casinos strewn across the American landscape.

Everi’s own acumen in monetary matters are reflected in its own financial muscle. A gargantuan sum of money totaling $25 billion graced casino floors in 2017 courtesy of Everi, followed by an impressive increase to more than $30 billion in 2019, and an astronomical $40 billion in 2022.

Beneath the impressive numbers, Koin Mobile insists there’s a darker underbelly to Everi’s success story. The digital payments company critiques Everi’s market dominance as the product of “onerous” and monopolistic exclusive agreements that shackle operators from considering other digital wallet providers with superior offerings.

Koin insists that the digital wallets, a relatively new introduction to the land-based gaming industry, is key to its damning indictment against Everi. These wallets operate much like the well-known Paypal or Venmo, with added perks to cater for a heavily regulated casino industry. What they offer is a new level of convenience for gamers, linking external sources of funds like credit cards and bank accounts to a tailored smartphone app that synergizes with casino management systems

Caught in the crosshairs of this corporate battle is Koin’s own product, the ‘Koin Wallet.’ This competes directly with ‘CashClub Wallet,’ a product of Everi. As Koin plays David to Everi’s proverbial Goliath, the lawsuit contends that Koin’s product poses a potent threat to the latter’s market dominance. And in classic David and Goliath style, the lawsuit alleges that the larger corporation has retaliated by interfering with Koin’s business affiliations in the gaming industry.

Koin continues its barrage of accusations by voicing misgivings over Everi’s touted merger with International Game Technology (IGT). Koin alleges this merger will only embolden Everi’s market dominance, creating an entity that will flex its aggregated muscle against small-scale competitors in the digital wallet market.

The merger according to Koin, “will thus have far-reaching control over the digital-wallet markets, with the ability to unilaterally lock in customers, lock out competitors, and ratchet up pricing to casinos and patrons while delivering a sub-par product.”

Not content with leveling accusations alone, Koin puts its money where its mouth is – seeking “tens of millions” in a potential payout as compensation for lost profits and squandered business opportunities as a result of Everi’s purportedly unfair business tactics.