Everi Holdings, Inc.

History and Founding

Everi Holdings traces its roots to July 1998, when three payment processing companies—BA Merchant Services (majority-owned by Bank of America), First Data, and USA Processing Inc.—formed Global Cash Access (GCA) as a joint venture, led by Kirk Sanford as president and CEO, alongside co-founders Karim Maskatiya and Robert Cucinotta. GCA quickly became the dominant provider of cash access services to casinos, completing its initial public offering on the NYSE in 2005. The company underwent a major transformation in 2014 by acquiring Multimedia Games Holding Company, Inc. for $1.2 billion, adding slot machines and game content to its portfolio. In August 2015, it rebranded as Everi Holdings Inc. to reflect its broader capabilities.

Business Model and Products

Everi operated through two segments: FinTech and Games. The FinTech segment offered a comprehensive suite including cash access kiosks, credit/debit card processing, anti-money laundering compliance software, and player loyalty platforms. Its proprietary BeOn mobile platform enabled casino operators to create customized guest experiences and supported cashless gaming via BeOn Pay2Game. The Games segment developed Class II and Class III slot machines, video poker terminals, and game content for land-based, iGaming, and bingo operators. Key cabinets included the Empire series and Vortex models. Everi also expanded into historical horse racing systems through the acquisition of Intuicode Gaming in 2022. The company generated revenue from transaction fees, game sales, and licensing.

Market Position and Competitors

Everi was a leading supplier of financial technology and gaming solutions to the casino industry, processing more financial access transactions than any single competitor. In the gaming machines market, it competed with major slot manufacturers such as IGT, Aristocrat, and Scientific Games. Its integrated FinTech and Games offerings gave it a unique one-stop-shop advantage, particularly for tribal and commercial casino operators. The company held strong relationships with over 1,000 casino customers across North America.

Recent Developments and Acquisition

Throughout the 2020s, Everi grew through acquisitions including Ecash Holdings (2022) and Venuetize Inc. (2022), strengthening its fintech and mobile commerce capabilities. In 2024, Everi agreed to merge with IGT’s Gaming and Digital business in a $6.3 billion all-cash transaction backed by Apollo Global Management. The deal closed on July 1, 2025, resulting in Everi’s delisting from the NYSE and the creation of a new private company named IGT, headquartered in Las Vegas. Everi’s brand was retained in select markets. At the time of acquisition, Everi reported 2023 revenue of $808 million and operating income of $179 million.