International Game Technology and Scientific Games Corporation 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.
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.”