Mobile payments company ends antitrust lawsuit against gaming industry giant Everi
Mobile payments company Koin Mobile has requested a federal judge to dismiss its antitrust lawsuit against Everi Holdings, concluding a legal dispute over digital wallet competition in the gaming sector. The dismissal is with prejudice, preventing re-filing. Koin accused Everi of using its market dominance to exclude competitors, seeking damages for lost profits. Everi denied wrongdoing and called the lawsuit flawed, asserting that competition in gaming digital wallets remains robust. The case is Koin Mobile LLC v. Everi Holdings Inc, U.S. District Court for the District of Nevada.
By Mike Scarcella
Nov 10 (Reuters) - Mobile payments company Koin Mobile has asked a federal judge in Nevada to dismiss its antitrust lawsuit against casino operations giant Everi Holdings, ending a legal fight over digital wallet competition in the gaming industry. In its court filing on Friday, Koin asked that the lawsuit be dismissed with prejudice, meaning it cannot be refiled. The filing did not say whether a settlement had been reached, and the two sides either declined to comment or did not immediately respond to a request for comment.
Everi, which provides financial services, ATMs and slot machines to casinos, was acquired in July by funds that are managed by affiliates of asset manager Apollo Global Management (APO.N) . Everi had denied any wrongdoing in the lawsuit. Apollo is not a defendant.
Koin filed the lawsuit last year, accusing Everi of violating antitrust law by using its dominance in casino cash-access services to unlawfully exclude competitors from emerging digital wallet markets. Koin’s product — Koin Wallet — competes with Everi’s CashClub Wallet.
The complaint alleged Everi had locked casinos into long-term, exclusive contracts that bundled Everi’s cash-access systems with its CashClub Wallet, impeding competition from rivals like Koin.
Koin was seeking millions of dollars in alleged damages for lost profits and lost business opportunities.
Everi in July asked the Nevada court to dismiss Koin’s lawsuit, calling it misguided and flawed. In a court filing, the company said Koin had not plausibly defined what markets were being constrained by Everi’s conduct. Everi also said there was “vibrant competition” for gaming digital wallets.
Koin and Everi in a filing in May said they were trying to hash out a global settlement that would resolve the federal lawsuit and a parallel case in state court that Everi filed against Koin and other companies.
The case is Koin Mobile LLC v. Everi Holdings Inc and Everi Payments Inc, U.S. District Court for the District of Nevada, No. 3:24-cv-00178.
For Koin: Robert Ryan and Paul Swanson of Holland & Hart
For Everi: Samuel Liversidge and Rachel Brass of Gibson, Dunn & Crutcher; John Desmond of Dickinson Wright
