Koin Mobile LLC

History and Founding

Koin Mobile LLC was founded in 2020 in Las Vegas, Nevada, by casino entrepreneur Gary Ellis and Gary Larkin, who serves as President. The company was developed to address the friction of cash transactions in gaming environments, offering a digital payment ecosystem that replaces physical currency with a secure, user-friendly wallet. The founders leveraged their industry experience to build a platform that integrates seamlessly with casino management systems, supporting both player funding and cash-out operations.

Products and Platform

Koin’s product suite centers on three main offerings. KoinLife is a consumer-facing mobile application available on iOS and Android that serves as a digital wallet, allowing users to fund accounts via ACH transfer, debit card, or the Koin Mastercard Prepaid Card. It enables transactions at slot machines, table games, retail outlets, and entertainment venues. Koin Direct is an enterprise-grade integration solution that connects directly with a venue’s management systems for real-time, omni-channel payment processing. The Koin Mastercard Prepaid Card, issued by Sutton Bank under a Mastercard license, provides both a physical and virtual card option, with FDIC pass-through insurance on deposited funds. Together, these products create a bilateral payment flow—transactions move both from patron to operator (funding) and operator to patron (cash-out).

Business Model

Koin operates as a B2B payments technology provider, generating revenue primarily through transaction fees and integration services charged to casino and resort operators. The company emphasizes security and compliance, employing real-time monitoring and advanced encryption. It is not a bank itself but relies on Sutton Bank for card issuance and FDIC insurance. The platform is designed to be flexible, allowing operators to deploy Koin across their entire floor without disrupting existing systems.

Market Position and Competitors

Koin competes with established players like Everi, Sightline Payments, and IGT in the cashless gaming payment space. Its differentiation lies in a consumer-centric, app-first design and the ability to extend beyond gaming to everyday spending through the prepaid card. The company targets both tribal and commercial casinos in the United States, emphasizing modernization and patron convenience. Its growth trajectory, evidenced by leadership expansions and strategic partnerships, indicates active investment and market adoption.

Recent Developments

In early 2025, Koin voluntarily dismissed an antitrust lawsuit it had filed against gaming supplier Everi Holdings, signaling a shift toward collaborative industry relationships. The company also appointed Tiffany McGrath as Chief Marketing Officer in 2025 to drive brand awareness and evolve Koin into a broader lifestyle brand. Additionally, Koin hired Sean Salce as Vice President of Sales for the U.S. East region, expanding its commercial reach. These moves underscore a period of strategic scaling and market positioning.