Everi Holdings produces gaming and entertainment solutions for interactive, casino, and gaming industries. The company makes gaming machines and game content. Moreover, it also produces casino, interactive, and gaming entertainment and technology solutions. The company operates in two divisions, Financial Technology Solutions (FinTech) and games.
This article will discuss the history, products, and plans for the future growth of Everi Holdings Inc. Keep reading to find out more about the company’s role in the gambling industry, its responsible gambling financial performance and partnerships, and its influence on the gambling industry.
The History and Evolution of Everi Holdings Inc.
Everi Holdings, founded in July 1998, was formerly named Global Cash Access. The company was formed as a partnership between three payment processing companies, i.e., BA Merchant Services, USA Processing Inc., and First Data.
Much later, in December 2014, Global Cash Access ventured into the slot business by purchasing Multimedia Games Inc. To reflect its more expansive business model, the corporation changed its name to Everi Holdings Inc. in August 2015. Thus, Everi was formed due to a merger between the two companies that had been serving the casino industry for many decades.
The companies brought together years of expertise to create revolutionary gaming industry products. The fusion of these two companies created an organisation the gambling industry had never seen.
Everi Holdings Inc.’s Products and Services
Everi Holdings is an industry leader in technological solutions for casino gambling. The company offers operators a wide range of casino products, including casino operational and management systems featuring critical intelligence offerings, end-to-end FinTech solutions, and more.
The gaming business produces gaming machines consisting of Class II and III slot machines. The payment business provides services like access to ATMs, point-of-sale debit card transactions, check verification, and credit card access transactions. The company also provides online payment options for gaming operators, equipment for efficiency-related services, and cash access.
The payment business provides cash access and services like ATM cash withdrawals, point-of-sale debit card and credit card transactions, and warrant service. The company also offers equipment that allows cash access, services that improve credit decision-making, and online payment solutions for gaming operators.
Everi Holdings Inc.’s innovative products, slot machines, and other products attract players’ attention and thus generate revenue. The company highly values customer care service, and the compliance of its products with the restrictions imposed by the regulatory authorities makes it an even more important figure in the gambling industry.
Everi Holdings Inc.’s Financial Performance
It is worth noting that Everi Holdings has experienced tremendous growth in EPS (earnings per share) during the past three years. The company accumulated over $37 billion from over 125 million financial access transactions in 2021 alone.
According to Everi Holdings’ financial report for the first fiscal quarter of 2023, the company experienced a 14% year-on-year revenue increase backed by a 9% surge in its games sector revenue.
For the three-month term ended March 31, profits increased 14% to $200.5 million, up from $175.6 million in Q1 2022. This included revenues from acquisitions completed in 2022, contributing 4% ($6.7 million) of the year-on-year growth. Such investments included Everi’s acquisition of ecash Holdings Pty Ltd, a developer and global payment solutions company, in February 2022.
Everi Holdings’ games sector revenue was also instrumental in its increasing numbers, surging 9% year-on-year to $107.4 million from $98.3 million in Q1 2022. It reflected a 15% increase in revenue from equipment sales and a 7% surge in revenues from gaming operations.
Everi Holdings Inc.’s Partnerships and Collaborations
Everi Holdings has entered numerous partnerships and collaborations throughout the years with renowned companies and associations like Penn National, Prove Identity, Railsr, and many more.
In April 2022, Everi Holdings Inc. entered into a partnership with Scarlet Pearl Casino Resort to offer casino visitors cryptocurrency-to-cash services.
More recently, in February 2023, Everi Holdings’ online gaming business Everi Digital announced entering into an agreement with Caesars Casino and Sportsbook to offer its online gaming content for the gambling company’s iGaming operations.
Everi Holdings Inc.’s Commitment to Responsible Gambling
Everi has heavily invested in its responsible gambling endeavours and promotes the cause actively. In 1999, the company introduced the Everi Cares program, which was initially the Global Cash Access’ Responsible Gaming Partnership program, to shed light on problem gambling and underage gambling.
Over the past years, the company has partnered with various globally-renowned responsible gambling associations to develop tools to help prevent vulnerable individuals from obtaining funds at a casino establishment.
Everi’s controlled solutions allow casinos to boost their promotion of responsible gambling while simultaneously helping them abide by local laws, culture, and customers to prevent problem gambling.
“STeP” (Self Transaction Exclusion Program), introduced by Everi, allows patrons to block access to funds across the company’s network of cash-access kiosks, booth services, and ATMs. The tool works with a casino’s exclusion program and applies to ATM debit cards, credit cards, and checking accounts at cashier cages and machine terminals.
Vulnerable individuals can download a form that blocks transactions, indicating what accounts and cards they want to block. Once blocked, the identified account is blocked for at least a year and can be unblocked until the customer requests to unblock transactions through another form.
Future Outlook for Everi Holdings Inc.
Everi seeks to expand its innovative reach as a company, and its earnings per share for the past three years reflect just that. The company has established itself as the gaming industry’s sole-source provider of FinTech and loyalty solutions, game content and intelligence solutions.
Everi’s ongoing investment in new product development and acquisitions is a primary driver of its success in its FinTech and game segments. It will continue to be that way in the company’s future.
Everi focuses on player engagement and assisting its casino customers in operating more efficiently via gaming content, machines, services, and more. The company has also established itself as the leading provider of reliable FinTech solutions powering casino floors while enhancing operational productivity, addressing regulatory compliance requirements, and more.
Considering the increased year-on-year revenue reflecting the company’s success, Everi Holdings Inc. has a bright future as a gaming company.