Koin Mobile, a mobile payments company, has requested a federal judge in Nevada to dismiss its antitrust lawsuit against Everi Holdings, a casino payments giant, thus concluding the competition dispute in the casino digital wallet market, according to Reuters.
No Future Filing Possible
In a court filing last week, the Las Vegas-based company sought to dismiss the case with prejudice, which means it cannot be refiled. The filing did not specify if a settlement was reached between the companies.
The lawsuit, initiated by Koin last year, accused Everi of leveraging its dominant position in casino cash-access systems to suppress competition in the digital payment market.
Koin’s primary product, the Koin Wallet, directly competes with Everi’s CashClub Wallet. Koin claimed that Everi coerced casinos into long-term, exclusive contracts that bundled cash-access services with its digital wallet, obstructing competitors like Koin from gaining market traction.
Koin sought millions in damages, asserting that Everi’s actions resulted in lost profits and missed opportunities. Conversely, Everi denied wrongdoing, arguing Koin’s claims lacked merit.
Everi Asked for Dismissal in July
In July, Everi petitioned the court to dismiss the case, contending that Koin had not clearly defined the markets impacted by Everi’s conduct. Everi also highlighted the presence of “vibrant competition” in the casino digital wallet sector.
In July, affiliates of Apollo Global Management acquired Everi Holdings, a leading provider of casino financial technology, ATMs, and slot machines. Apollo was not named as a defendant in Koin’s lawsuit.
Earlier this year, the companies informed the court of their discussions toward a potential global settlement, which could resolve both the federal case and related state court disputes 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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