Posted on: September 26, 2023, 04:52h.
Last updated on: September 26, 2023, 04:52h.
Everi Holdings’ (NYSE: EVRI) Everi Payments unit achieves significant legal win against Sightline Payments Patents
Las Vegas-based Everi claims victory in patents case against Sightline Payments Patents, following successful review proceedings before the US Patent and Trademark Office’s (USPTO) Patent Trial and Appeals Board.
Everi’s CashClub Wallet offering was accused of patent infringement by Sightline, but the Patent Trial and Appeals Board ruled against Sightline, deeming their claims to be unpatentable.
A patent claim is unpatentable under federal law if the differences between the claimed subject matter and the prior art are such that the subject matter, as a whole, would have been obvious at the time the invention was made to a person of ordinary skill in the art to which said subject matter pertains,” according to statement issued by Everi.
Everi’s CashClub Wallet provides a cashless gaming solution, offering a convenient way for gamblers and operators to reduce the reliance on cash inside gaming venues.
Everi’s Fintech Growth Strategy
Despite potential legal appeals, Everi views the USPTO ruling as a positive outcome, as it eliminates a potential obstacle for their fintech offerings.
The move towards cashless gaming at casinos nationwide, accelerated by the pandemic, is a key factor in Everi’s investment thesis and their focus on fintech products.
Everi Chief Legal Officer Kate Lowenhar-Fisher stated, “Everi is gratified that after reviewing all of the facts and testimony, the PTAB found in our favor. As with all litigation there is uncertainty and additional appeals may be forthcoming.”
Everi’s CashClub digital wallet has experienced rapid adoption, with over 20 gaming venues across six states now utilizing the product, compared to just a handful at the end of 2021.
Sightline’s Future with Everi
While Sightline Payments may still have opportunities for legal victories in the ongoing dispute with Everi, they will have to compete against each other as indicated by the recent USPTO rulings.
Las Vegas-based Sightline provides payment products for gaming operators in the iGaming, land-based casino, and sports wagering industries. Their clients include BetMGM, Boyd Gaming, Caesars Sportsbook, and casinos operated by the Choctaw Nation.