Koin Mobile, a mobile payments company, has requested a federal judge in Nevada to dismiss its antitrust lawsuit against casino payments giant Everi Holdings, concluding the dispute over competition in the casino digital wallet market.
In a recent court filing, the Las Vegas-based company asked for the case to be dismissed with prejudice, which implies it cannot be refiled. The filing did not state if a settlement had been reached between the companies.
The lawsuit, initiated by Koin last year, accused Everi of abusing its dominant position in casino cash-access systems to suppress competition in the expanding digital payment market. Koin’s primary product, the Koin Wallet, competes with Everi’s CashClub Wallet. Koin claimed Everi coerced casinos into long-term, exclusive deals that combined cash-access services with its digital wallet, hindering competitors like Koin from advancing.
Koin sought millions in damages, asserting Everi’s actions led to lost profits and missed opportunities. Everi denied these accusations, claiming Koin’s allegations were baseless.
In July, Everi requested the court to dismiss the case, arguing that Koin failed to clearly define the affected markets by Everi’s conduct. Everi also highlighted the existence of “vibrant competition” in the casino digital wallet sector.
Everi Holdings, a leading provider of casino financial technology, ATMs, and slot machines, was acquired in July by funds managed by affiliates of Apollo Global Management. Apollo was not listed as a defendant in the lawsuit.
Earlier this year, both companies informed the court they were considering a potential global settlement that could resolve both the federal case and a related state court dispute involving Koin and other parties.
The federal case was filed as 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. Koin was represented by Robert Ryan and Paul Swanson of Holland & Hart, while Everi’s legal team included Samuel Liversidge and Rachel Brass of Gibson, Dunn & Crutcher, along with John Desmond of Dickinson Wright.
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