Euronet Worldwide, Inc. Announces Minority Ownership in Las Vegas Company Marker Trax™ and Its Disruptive Digital Casino Marker System
Euronet Worldwide (NASDAQ: EEFT) has entered a strategic partnership with Marker Trax, gaining minority ownership in this fintech firm. Marker Trax is transforming the gaming industry with a digital casino marker system that enhances the user experience across casinos in North America, which are projected to generate over $100 billion in 2022. The partnership aims to leverage Euronet's REN payments platform to facilitate rapid adoption in over 150 casinos and improve operational efficiency. The Marker Trax solution streamlines casino markers into a cashless, regulatory-compliant digital option, increasing convenience and tracking capabilities.
- Euronet gains minority ownership in Marker Trax, expanding its portfolio in the gaming sector.
- The Marker Trax system has successfully enrolled thousands of patrons and processed millions in gaming credit.
- Partnership expected to benefit from the growing demand for cashless gaming solutions in North America.
- Marker Trax faces competition from existing cash-based systems, which may slow adoption.
- Dependence on casino partnerships poses risks if major operators do not adopt the Marker Trax technology.
Strategic partnership empowers both companies to pursue opportunities in a growing US
LEAWOOD, Kan., March 22, 2022 (GLOBE NEWSWIRE) -- Euronet Worldwide (NASDAQ: EEFT), Inc., a leading global financial technology solutions and payments provider, announced today it has signed a definitive agreement that gives the company minority ownership in Marker Trax, LLC, a Las Vegas-based fintech company that is disrupting the multibillion dollar gaming industry with a digital casino marker system.
Marker Trax is currently active at U.S.-based commercial and tribal casinos, key segments of the North America gaming market which are expected to generate more than
After licensing its REN payments platform (REN) to Marker Trax last year, this latest Euronet investment follows the digital marker solution’s successful enrollment of thousands of casino patrons and processing of millions of dollars in gaming credit during its initial deployments at Las Vegas-area properties.
“Euronet and REN have always thrived in transaction-rich environments and this opportunity with Marker Trax provided a strategic opportunity for us to expand our business as well as theirs,” said Kevin Caponecchi, Executive VP and CEO, epay, Software and EFT Asia Pacific Division. “From the beginning, we have treated our relationship with Marker Trax as a partnership and not merely as a technology license. Watching the rapid adoption of the Marker Trax solution has been very exciting and we are even more enthused to be an invested player in their future success.”
Marker Trax Streamlines Historically Time Intensive Casino Markers With Digital Solution
Marker Trax is a first-of-its-kind, regulatory-compliant and cashless alternative to the traditional casino marker. In addition to convenience for patrons, Marker Trax provides casinos with the tools to manage marker underwriting and repayments, ensuring money remains with the casino by tracking the marker in the patron’s digital account and collecting funds at the end of each gaming session.
The Marker Trax solution includes a mobile app and website that casino patrons use to apply for a marker and obtain a credit decision within minutes, replacing a manual marker-issuing process casinos have historically used that is cumbersome for patrons, labor intensive for casino cashiers and can take multiple days to complete.
Marker Trax Gains Momentum as Casinos and Patrons Seek Cashless Gaming Experiences
In 2022, many large scale operators are adding cashless options to their casino floors in response to demands from patrons for safer and more convenient gaming experiences, positioning solutions such as Marker Trax as key driving factors in the cashless casino movement.
Capitalizing on this trend, Marker Trax officials said they have signed contracts or are in advanced discussions with more than 150 casinos representing approximately
“Despite the enormous demand for this product and extremely large size of the market, our confidence to meet our customers’ needs has never been higher because of the speed and scalability the REN payments platform provides to the Marker Trax solution,” said Gary Larkin, Chief Strategy Officer at Marker Trax. “In addition to performance and reliability, our innovations in recent months such as our enhanced operator dashboard are providing casino operators with a new level of operational control through detailed visibility into player activity, regulatory compliance and other key metrics at the property level. Altogether, REN and the Marker Trax solution are delivering the fast and frictionless user experience customers have come to expect as they adopt cashless transactions in their daily lives.”
REN Delivers Critical Scalability, Transaction Speed, and Data Routing
Leveraging its microservices-based and cloud-native architecture, REN provides scalability for the growing Marker Trax user base and transaction speed for enhanced user experiences.
In addition, REN also powers many key features in the Marker Trax solution including patron identity verifications, underwriting, payments processing, settlement, reporting and the enablement of communications between Marker Trax and disparate credit bureaus, payment gateways and bank systems. All functions are performed within seconds.
“The real power of REN is its flexibility in providing payments solutions and the freedom it offers its customers to work in the environments where they are most comfortable,” Caponecchi said. “The Marker Trax solution is one example where REN is able to step outside its role in the traditional financial services industry and enable a fintech to pioneer a ground-breaking solution in another industry.”
About Marker Trax, LLC
Marker Trax is a cashless, digital alternative to a casino marker. The product is the first of its kind to offer regulatory-compliant casino marker technology that takes inefficiency out of issuing advances and provides casinos with the tools to manage their casino credit underwriting and repayments. Developed and patented by the company’s founder, Gary Ellis, in 2018, Marker Trax makes for a more efficient gaming experience for players. The Marker Trax system allows players to be scored and given access to their markers in minutes. Marker Trax integrates into casino operating systems, allowing for easy start-up and player tracking. More information about Marker Trax can be found on the company’s website at www.markertrax.com.
About Euronet Worldwide, Inc.
Euronet Worldwide is a leading global financial technology solutions and payments provider. The Company offers payment and transaction processing solutions to financial institutions, retailers, service providers and individual consumers. These services include comprehensive ATM, POS and card outsourcing services, card issuing and merchant acquiring services, software solutions, cash-based and online-initiated consumer-to-consumer and business-to-business money transfer services, and electronic distribution of digital media and prepaid mobile phone time.
Euronet's global payment network is extensive - including 48,619 ATMs, approximately 343,000 EFT POS terminals and a growing portfolio of outsourced debit and credit card services which are under management in 62 countries; card software solutions; a prepaid processing network of approximately 775,000 POS terminals at approximately 335,000 retailer locations in 62 countries; and a global money transfer network of approximately 510,000 locations serving 165 countries. With corporate headquarters in Leawood, Kansas, USA, and 66 worldwide offices, Euronet serves clients in approximately 175 countries. For more information, please visit the Company's website at www.euronetworldwide.com.
1 CBRE Securities, FactSet, State/country regulatory authorities and gaming agencies.
FAQ
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