Marker Trax LLC, a Las Vegas-based fintech company and creator of an innovative digital casino marker system, announced last week that it has signed a definitive agreement with Euronet Worldwide. The strategic partnership is expected to empower both companies to pursue opportunities in North America.
Marker Trax is currently active at 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 20221 from table games, slot machines and sports and online wagering.
Marker Trax licensed Euronet’s proprietary payments platform, or REN, last year. The latest investment follows its successful enrollment of thousands of casino patrons and processing of millions of dollars in gaming credit during its initial deployments at Las Vegas-area properties.
“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’s Kevin Caponecchi. “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.”
Marker Trax is a cashless alternative to the traditional casino marker. In addition to convenience for patrons, Marker Trax provides casinos with the tools to manage marker underwriting and repayments, ensuring money remains with the casino by tracking the marker in the patron’s digital account and collecting funds at the end of each gaming session.
The Marker Trax solution includes a mobile app and website that casino patrons 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.
Marker Trax has signed contracts or is in advanced discussions with more than 150 casinos representing approximately 15 percent of the overall U.S. commercial and tribal casino market. The company said there also are line-of-sight opportunities with 25 percent of the remaining properties beyond those initial sales targets and agreements in place with all the major casino management systems that serve North American casino 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 Gary Ellis, Marker Trax founder and CEO. “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. Altogether, REN and the Marker Trax solution are delivering the fast and frictionless user experience customers have come to expect as they adopt cashless transactions in their daily lives.”