IGT is putting an end to a legal dispute with a major gaming technology supplier.
The gaming giant announced on Tuesday that it has reached an agreement to resolve all legal disputes with casino technology suppliers Acres 4.0, Acres Manufacturing Company, and founder John Acres. Terms of the settlement were not disclosed.
“IGT is pleased to reach a mutual agreement with Acres that resolves all disputes between us,” said IGT COO of Gaming Nick Khin. “This allows us to dedicate our collective resources where they are better served, driving continued innovation in the exciting and evolving cashless gaming space.”
IGT and Acres have reached a settlement in the U.S. District Court of Nevada related to patent and breach of contract claims regarding the use of a financial transaction device in a cashless wagering system that operates within a gaming system. IGT accused Acres of patent infringement on at least four patents, which underwent a detailed court analysis.
In November, the U.S. Patent and Trademark Office rejected IGT’s claims against Acres.
“We are thrilled to put this matter behind us and work cooperatively with IGT to build exciting new gambling experiences that can increase both player enjoyment and casino profits,” added Acres.
Strong bottom line for IGT
IGT reported favorable full-year fiscal results in 2023 despite its legal disputes with Acres.
The London-based company generated $4.3 billion in revenue in 2023, a 2% increase year-over-year. IGT’s results were spearheaded by its Global Lottery business, which reported $2.5 billion in revenue in 2023 compared to $2.6 billion for the year prior. IGT’s Global Gaming business posted $1.6 billion in revenue in 2023, up 9% year-over-year.
IGT is poised for continued growth following its agreement to combine its Global Gaming and PlayDigital businesses with casino technology supplier Everi. The transaction, which is subject to regulatory approvals, values the combined businesses at roughly $6.2 billion.
