LEAWOOD, Kan., Sept. 28, 2021 (GLOBE NEWSWIRE) – Euronet Worldwide, Inc. (EEFT), a leading global provider of financial technology solutions and payment instruments, announced today that it has sold its REN payments platform (REN) to Marker Trax. will license, LLC, of ​​Las Vegas for use in the company’s cloud environment, where it provides transaction processing and other core functionality for a groundbreaking digital casino marker management system.
The project extends REN’s use cases from traditional financial services to the gaming market, where casino diners are expected to spend $ 516 billion worldwide and approximately $ 150 billion in the North American market in 2021.1 Part of this spending includes tokens (casino credits) that provide convenience to customers while increasing the “coin” amounts on electronic gaming machines and overall gross gaming revenue for casinos.
Marker Trax is a unique, legally compliant and cashless alternative to traditional casino markers. In addition to the convenience for the players, Marker Trax provides the casinos with the tools to manage Marker underwriting and repayments to ensure the money stays with the casino by tracking the Markers on the customer’s digital account and collecting funds at the end of each gaming session will.
The Marker Trax solution includes a mobile app and website that casino guests use to apply for a marker and get a credit decision within minutes at the cashier.
After evolving its concept over the past few years, Marker Trax recently received approval from the Nevada Gaming Control Board. Many well-known casino operators have signed up to the Marker Trax program after successfully implementing the solution in other casinos in California and Nevada. Marker Trax is now turning to Euronet and REN to deliver its digital marker management system to the broader North American and global casino market.
When fully implemented in the Marker Trax Cloud environment, REN will provide scalability for a growing user base and transaction speed for improved user experiences. REN will also support many of the key features of the Marker Trax solution, including user identity verification, underwriting, payment processing, billing, reporting and enabling communication between Marker Trax and various credit reporting agencies, payment gateways and banking systems.
“Our digital marker management system was very well received by both casino guests and operators when we first launched,” said Gary Larkin, chief strategy officer at Marker Trax. “Traditional markers reach around 1% of customers, but we see the potential to extend availability to the majority of gamers through the convenience of our mobile digital marker system. As an emerging and fast growing company, we are also very excited to be the first to leverage REN’s fintech technology in a new market segment like gaming that needs an innovative platform to support its rapid transformation to a cashless environment. “
In addition to its improved back office processes that ensure marker funds are returned to the casino, the Marker Trax system supports responsible gaming initiatives with the transparent management of each marker.
“When we looked for new vertical markets to apply REN to, the gaming industry was high on our list as long as we could identify an innovator who saw an equal opportunity for upheaval,” said Kevin Caponecchi, Executive VP and CEO, epay , Software and EFT Asia Pacific Division. “With Marker Trax we found the perfect partner to enter a new industry and REN’s flexibility fits in perfectly with their plans to expand their product offerings over time as casinos move towards cashless gaming.”
In addition to physical casinos, the Marker Trax solution operated by REN will also be available to online casinos and sports betting providers that provide gaming options via web applications and smartphone apps.
Development of the REN powered Marker Trax solution is ongoing, with the first versions expected to be completed by the end of 2021.
Find out more about REN at https://www.euronetworldwide.com/ren.
About Marker Trax
Marker Trax is a cashless, digital alternative to a casino marker. The product is the first of its kind to offer fully compliant casino marker technology that eliminates the inefficiency of issuing advances and gives casinos the tools to manage their casino borrowing and repayments. Marker Trax was developed and patented by company founder Gary Ellis in 2018 and ensures a more efficient gaming experience for players. The Marker Trax system enables players to be scored and have access to their markers within minutes. Marker Trax can be integrated into casino operating systems and enables easy commissioning and player tracking. For more information on Marker Trax, visit the company’s website at www.markertrax.com.
About Euronet Worldwide, Inc.
Euronet Worldwide, Inc. is an industry leader in processing secure electronic financial transactions. The company provides payment and transaction processing solutions to financial institutions, retailers, service providers and private customers. These services include comprehensive services for ATMs, POS and card outsourcing, card issuing and merchant acquiring services, software solutions, cash-based and online initiated money transfer services from consumers to consumers and businesses to businesses, as well as the electronic distribution of digital media and prepaid cell phone time.
Euronet’s global payment network is extensive – it includes 46,246 owned and operated ATMs, around 375,000 EFT POS terminals and a growing portfolio of outsourced debit and credit card services managed in 61 countries; Map software solutions; a prepaid processing network of approximately 748,000 POS terminals in approximately 333,000 retail locations in 60 countries; and a global money transfer network with approximately 490,000 locations in 160 countries. With headquarters in Leawood, Kansas, USA, and 66 offices around the world, Euronet serves customers in around 175 countries. For more information, please visit the company’s website at www.euronetworldwide.com.
1 Global Gambling Market Report 2021: https://www.prnewswire.com/news-releases/global-gambling-market-report-2021-market-to-grow-from-465-76-billion-in-2020-to-516-03-billion- in-2021 — prognosis-until-2030–301224701.html
