Casino content provider Everi Holdings Inc. has decided to take a step beyond the gaming market. The company announced Tuesday they have agreed to acquire certain strategic assets of app developer Venuetize, Inc.
Venuetize develops mobile apps and related technologies for the sports, entertainment and hospitality industries. Its clients include the PGA Tour, the Memphis Grizzlies, Live! Casino Hotel, Los Angeles Football Club, and Summerlin.
That last client, Summerlin, is a Las Vegas suburban community owned and operated by The Howard Hughes Corp. The company was looking for an app for Las Vegas Ballpark and ended up asking Venuetize to develop one for Summerlin. The app guides fans, visitors and residents through the community.
Venuetize collaborates with its clients and partners to create a “venue ecosystem.” The goal is to improve the guest experience and create mobile engagement, both of which ultimately create new revenue opportunities.
Crossover Marketing Opportunities
Everi launched in 1998 as Global Cash Access Holdings and took on its current name in 2015. It prides itself as “the company changing casino floor operations,” according to the company’s website.
The company is best known to players for its old-school stepper slots, including mechanical-reel retail slot machines and online adaptations of its most popular titles like Double Cherry and Black Diamond. It also supplies casinos with secure financial transaction services, loyalty programs, online social games and TournEvent, an award-winning slots tournament system.
No single supplier in the gaming industry processes more financial access transactions than Everi. It handled more than 125 million transactions in 2021 alone, totaling over $37 billion.
Randy Taylor, president and chief executive officer of Everi, said in a company press release:
This acquisition will, for the first time, expand Everi’s addressable market beyond casino gaming. The assets and established customer base of Venuetize being acquired together with our existing financial access and loyalty products are expected to enable further growth into additional entertainment, sports and hospitality venues and also to create new crossover marketing opportunities with our existing customers.
This sort of diversification is all the rage these days. Many casino industry and sports betting companies are dropping “gaming” from their name in favor of “entertainment.”
Venuetize’s technology is live in nearly 100 venues worldwide, including partnerships with more than 50 sports teams and event venues associated with nine pro sports leagues and multiple retail and entertainment districts.
Venuetize is also expected to accelerate the growth of Everi’s mobile wallet and loyalty offerings with established gaming customers through an expanded array of new mobile products and integrations.
What’s Next for Everi?
Everi expects to close the deal within 30 days, subject to customary conditions. It says it can fund the purchase using existing cash on hand. Venuetize’s experienced team will be joining Everi as part of the deal.
Darren Simmons, executive vice president and FinTech business leader of Everi, added in the press release:
The addition of Venuetize begins an exciting new chapter for Everi, catapulting us into an expanding mobile space with recognized clients and venues known around the world.
Jon Romm, Venuetize’s founder and Chief Executive Officer, said:
The knowledge and experience that our team has gained in delivering seamlessly integrated and complex mobile-first platforms to stadiums and other venues will readily create an encompassing fabric to strengthen guest engagement across any gaming enterprise.
Venuetize’s Partnership with Churchill Downs
PlayLive! and Everi aren’t the only gambling companies involved with Venuetize.
Last month, it announced a partnership with Churchill Downs Racetrack, home of the Kentucky Derby.
Venuetize’s Churchill Downs app allows guests to interact and navigate the track. That includes ticketing, maps, full race calendars, race results and much more.
Phase two of the app will include a 2-in-1 approach showcasing two unique brands – Churchill Downs Racetrack and The Kentucky Derby. Building apps in-house to support Everi’s business should be no problem, then.