Benzinga | Mar 1, 2021 08:58AM EST

IGT and Scientific Games Sign Cross-Licensing Agreement for Cashless Gaming Intellectual Property; Under Agreement, Companies will Be Able To Offer Cashless Gaming Technologies To US Gamin Industry, Financial Terms Not Disclosed

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.