for early access to the latest igaming videos!
and get the latest igaming news first!
Koin Mobile has formally requested that a federal court in Nevada dismiss its antitrust lawsuit against Everi Holdings, signaling the end of a dispute over competition in the casino digital wallet space.
In a court filing submitted at the end of last week, the Las Vegas-based mobile payments company called for the case to be dismissed with prejudice, which would prevent it from being resubmitted in the future.
The filing did not indicate whether the two companies had reached a settlement.
The story so far
Originally filed last year, Koin’s lawsuit claimed that Everi used its dominant position in cash-access systems to hinder competition in the expanding digital payment market.
Koin’s flagship product, the Koin Wallet, competes directly with Everi’s CashClub Wallet. Koin alleged that Everi pressured casinos into long-term exclusive contracts that bundled its cash-access services with its digital wallet, thereby making it challenging for competitors like Koin to gain market presence.
Koin sought millions in damages, arguing that Everi’s tactics resulted in lost profits and missed business opportunities. Everi, for its part, denied any misconduct, stating that Koin’s claims lacked merit.
Talks of a potential global settlement were held
Earlier this year, Koin Mobile and Everi Holdings informed the court that they were considering a potential global settlement.
This agreement could resolve not only the federal antitrust case but also a related legal dispute in state court involving Koin and other parties. These discussions aimed to bring closure to the ongoing litigation that has generated significant attention in the casino digital wallet market.
Everi then requested a dismissal of the case in July, arguing that Koin had not adequately defined the markets impacted by its actions. The company also emphasized that there is “vibrant competition” in the casino digital wallet sector.
Apollo Global Management, which recently acquired Everi, was not included as a defendant.
Both parties were backed by experienced legal teams, with Koin represented by attorneys from Holland & Hart and Everi’s defense by Gibson, Dunn & Crutcher, alongside Dickinson Wright.
Source: Gambling News
