IGT and Scientific Games Team Up in Patent Swap Agreement
International Game Technology (IGT) and Scientific Games Corporation which are proud holders of the two largest slot game feature patents in North America have reached an agreement over a patent cross-licensing deal.
IGT and Scientific Games will now be able to offer games with built-in game features patented on each other’s online casino portfolio.
The two companies have not disclosed any aspects of the partnership, including the financial details and terms. However, both companies confirmed they would have full access to each other’s offering, while also allowing access to other member firms to the IGT slot game feature pool.
“Participating in a shared pool of game play feature patents is a win-win for both companies,” Susan Cartwright, vice president of corporate communications with Scientific Games, said.
The intellectual property agreement comes as a logical business move for two of North America’s biggest developers. IGT’s estimated net revenue has been reported standing at $1.22 billion for the second quarter of 2017 alone, whereas Scientific Games issued a financial report claiming the company’s net revenues amassed $766.3 million during the same period.
About IGT and Scientific Gaming
IGT is considered not only the North American but the global leader in gaming and a company offering cross-platform gaming experience from Gaming Machines and Lotteries to Interactive and Social Gaming. IGT boasts a well-established presence in more than 100 countries around the globe.
Scientific Games deals with technology-based gaming systems, table games, table products and instant ticket games. A leader in products, services and content for gaming, lottery and interactive markets, Scientific Games offers a fully integrated portfolio of technology platforms.
With these two companies coming together with full-scope of products and services, the cross-license agreement is bound to make both IGT and Scientific Games undisputed flag-bearers in the gaming industry.