Marker Trax Tuesday announced that it has signed a definitive agreement with Euronet Worldwide, granting the global financial technology company a minority stake in the Las Vegas-based company.
In 2021, Marker Trax licensed REN, Euronet’s proprietary payments platform. Euronet is based in Leawood, Kansas.
“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 Euronet executive vice president and CEO Kevin Caponecchi in a statement. “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.”
The new investment follows Marker Trax’s enrollment of thousands of casino patrons, and the processing of millions of dollars in gaming credit, during its initial deployments at Las Vegas-area properties.
“Both the demand and market for this product are enormous, and the speed and scalability of Euronet’s REN payments platform makes us more confident than ever in our ability to meet our customers’ needs,” said Marker Trax Founder and CEO Gary Ellis in a statement. “Along with performance and reliability, we’ve realized some incredible innovations in recent months, like an enhanced operator dashboard and providing casino operators with a new level of operational control through detailed visibility into player activity, regularly compliance and other key metrics at the property level.”
Marker Trax is currently active at multiple U.S.-based commercial and Tribal casinos, key segments of the North America gaming market that are expected to generate more than $100 billion in revenue in 2022. The company has signed contracts or is in discussions with more than 150 casinos that represent approximately 15% of the overall U.S. commercial and tribal casino market
Market Trax also has line-of-sight opportunities with 25% of the remaining properties beyond those initial sales targets. There also are agreements in place with all the major casino management systems that serve North American casino properties.
Marker Trax features a mobile app and website that casino patrons can 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.
