Fintech for the Future
An inside look at Everi ’ s cashless crusade
By John Brennan
In the highly competitive and ever-growing field of cashless gaming , it can be a challenge for a company to stand out from the crowd .
Everi , a combination fintech and slot supplier that launched in 2015 through the merger of decades-old companies Global Cash Access and Multimedia Games , offers its CashClub Wallet technology as a solution .
“ Everi offers the most transparent and cost-effective financial technology solutions to help build a digital infrastructure for cashless operations ,” says Victor Newsom , senior vice president of product management and payment solutions . “ We do this while also delivering more new features and convenience than other providers .”
Everi ’ s CashClub Wallet technology is a key piece of this transformation , which is being driven by demand for self-service options from patrons . “ Empowering casino operators to successfully deliver on all aspects of the mobile ecosystem , Everi ’ s product is a mobile digital wallet that extends cashless payments using traditional , alternative , and mobile technologies ,” Newsom says .
“ Incorporating more funding sources than ever before , CashClub Wallet provides diversity in accessing and distributing funds via Everi ’ s Banking as a Service ( BaaS ), and is the most widely adopted land-based digital gaming wallet in the U . S .— currently being deployed or active across 41 properties in 21 jurisdictions .”
Newsom says a great deal of controls and integration , plus operator and financial efficiencies , all are part of the process , given the highly regulated nature of the casino industry .
“ Instead of having a single debit solution at the table , Everi has numerous products that meet specific needs that the operator may have away from the cage and enable seamless cashless experience without requiring account signups for everything ,” he says .
Newsom adds that Everi ’ s longstanding fintech services , including credit , check-cashing and other functions , means a one-stop shop for cashless operation .
“ From a cashless perspective , Everi has gone through the effort to get the licensing and position ourselves as the central hub for payments ,” he says . “ By that , I mean we are a money transmitter , and we do so without having to increase overall system expense by relying on third parties .”
Newsom says that aspect can be a real boon for operators — including in terms of the operators ’ tax burden .
“ As the money transmitter , we can take all the liability for those funds that are walking around in patrons ’ pockets and put it in an account , which is also not an operator liability . Then , as a money transmitter , if a patron chooses to connect to the online space via sports wagering , iGaming , or even online food ordering , it ’ s not coming out as a liability operators have in-house in a gaming credit form , which may be taxed differently . Instead , it ’ s coming out as cash from a third party — Everi , which is a regu-
24 Global Gaming Business JUNE 2023