Everi Secures Victory in Sightline Payments Patent Lawsuit
On Tuesday, Everi Holdings' (NYSE: EVRI) Everi Payments division celebrated a major win in an ongoing patent battle against Sightline Payments Patents.
Everi, based in Las Vegas, reported securing five victories in inter-part review proceedings at the US Patent and Trademark Office's (USPTO) Patent Trial and Appeals Board. The saga dates back to September 2021 when Sightline initiated a patent infringement suit against Everi in the Western District of Texas US Court, claiming their CashClub Wallet service violated at least five of Sightline's patents.
The original lawsuit was dismissed in June 2022, but Everi pressed on with a review of the infringement claims, challenging Sightline's arguments. From late August, the Patent Trial and Appeals Board has been ruling against Sightline's claims. One such ruling stated that, as per federal law, the distinctions between the claimed technology and existing prior art would have made the subject matter be an obvious choice for a person with expertise in the art at the time of its invention.
Everi CashClub Wallet is a cashless gaming solution that helps reduce the demand for cash in gambling establishments.
Everi Bets on Fintech Expansion
Though more legal appeals could arise from Sightline, the USPTO's decision is a boon for Everi because it eliminates a potential burden.
A significant element of Everi's investment thesis revolves around its fintech offerings, and this is due mainly to the trend of expanding cashless gaming in casinos across the United States. It accelerated in response to the COVID-19 pandemic.
"We're pleased the PTAB found in our favor after considering all the evidence," commented Everi's Chief Legal Officer, Kate Lowenhar-Fisher regarding the Patent Trial and Appeals Board's ruling.
In 2021, only a few casinos employed Everi's CashClub digital wallet. However, by the end of last year, over 20 gaming complexes in at least six states were utilizing the product.
Will Sightline Get the Last Laugh?
Sightline Payments might still manage to secure legal wins in the Everi face-off, but this remains uncertain. Based on recent rulings from the Patent Trial and Appeals Board, these two companies are likely to vie for dominance in the market.
Sightline, headquartered in Las Vegas, offers payment solutions for operators in the iGaming, land-based casino, and sports wagering sectors. Their clientele includes the likes of BetMGM, Boyd Gaming, Caesars Sportsbook, and casinos owned by the Choctaw Nation, per their website.
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Source: www.casino.org
