IGT signs cross-license, patent-sharing agreement with Scientific Games
It does not come too often that fierce rivals and competing companies come together in a deal such the one agreed between International Game Technology (IGT) and Scientific Games.
The two North America’s gigantic software and service providers have reached an agreement on a deal that will see them exchange licenses and use patented slot game features from each other’s portfolio.
IGT and Scientific Games Come Together
IGT issued a statement revealing that a “patent cross-licensing” deal has been signed that will also allow access to portfolios of other members of the IGT slot features pool.
The financial terms and details of this ground-breaking agreement have not been disclosed. Additionally, all other details relating to the duration of the deal and potential and highly probable limitations were also excluded from the public announcement.
IGT are heading into the Scientific Games deal on the back of similar one reached last October with electronic gaming machine developer Everi Games Holding. Under the terms of that agreement, Everi Games Holding agreed to pay licensing fees in order to gain access to IGT game features. What’s more, less than a month later IGT penned a pact with Aristocrat Leisure Ltd which included sharing of intellectual property such as game features and system patents.
The latest partnership with Scientific Games will help IGT cement its position as a leader in North American gaming. The company which holds more slot patents on the continent than any other gaming entity is bound to gain plenty of profit from this latest business move.
IGT Moving Forward
Reporting of the IGT revenues from the second quarter of 2017, it was revealed that the company recorded a revenue drop of 55 to $1.22 billion which was explained by the recent sale of IGT’s social gaming division DoubleDown Interactive.
IGT is hoping to restore the financial balance and continue to move forward, however, and hopes the Scientific Games deal will play an important part in it.
Additionally, another positive business move comes through the news of IGT renewing its licensing deal with Caesars Entertainment which will allow the software developer to continue representing Caesars main brands such as Harrah’s, Paris Las Vegas, Rio, Flamingo and Horseshoe in the US, Canada and across Europe.