Everi Holdings Inc. (EVRI): History, Ownership, Mission, How It Works & Makes Money

When you look at a company like Everi Holdings Inc. (EVRI), which was generating a trailing twelve-month revenue of about $0.74 Billion in 2025, do you see a stable gaming tech provider or a strategic acquisition target? Honestly, the answer shifted dramatically on July 1, 2025, when the company was acquired by Apollo Global Management affiliates in an all-cash transaction valued at approximately $6.3 billion, fundamentally changing its ownership and future structure. This move, which saw Everi stockholders receive $14.25 per share, underscores the massive value embedded in Everi's dual focus: innovative casino games and essential FinTech solutions like their Digital CashClub Wallet® technology.

Everi Holdings Inc. (EVRI) History

You need a clear picture of how Everi Holdings Inc. (EVRI) became a dual-engine force in the casino industry, merging financial technology (FinTech) with gaming content. The short answer is a series of strategic acquisitions and a major 2015 rebrand that moved the company beyond just cash access, culminating in a massive private equity acquisition in 2025. This evolution shows a clear shift from a pure cash-processing utility to a diversified technology partner.

Everi Holdings Inc.'s Founding Timeline

Year established

The company was established in July 1998, initially operating as Global Cash Access (GCA).

Original location

The original operations were based in Las Vegas, Nevada, the global hub for the gaming industry.

Founding team members

Global Cash Access was formed as a joint venture between three major payment processing companies: BA Merchant Services (majority-owned by Bank of America), First Data, and USA Processing Inc. Key early figures included co-founders Karim Maskatiya and Robert Cucinotta, and Kirk Sanford.

Initial capital/funding

The initial funding involved a significant cash contribution from the founding entities. Specifically, BA Merchant Services contributed $35 million in cash, along with its existing gaming assets, to secure a 21% stake in the new venture.

Everi Holdings Inc.'s Evolution Milestones

Everi Holdings Inc.'s Transformative Moments

The most critical shift for Everi Holdings Inc. was moving past its initial identity as a cash-handling utility. Honestly, the 2014 acquisition of Multimedia Games for $1.2 billion was the single biggest catalyst, transforming GCA into the two-segment company we see today, split between Games and FinTech. That decision was about reducing reliance on transaction fees and capturing a piece of the high-margin gaming content market.

The rebranding to Everi Holdings in 2015 solidified this new direction, unifying the diverse product lines under a single, forward-looking name. This wasn't just a name change; it was a promise to customers to deliver a comprehensive suite of solutions, from the slot machine on the floor to the digital wallet in a player's hand. The company processed over $50 billion in financial access transactions in 2024, showing the sheer scale of the FinTech business, plus still growing the Games segment.

The ultimate transformative moment, however, is the 2025 acquisition by Apollo Global Management. This deal, which combined Everi with the gaming and digital businesses of International Game Technology (IGT), created a new, private gaming technology giant valued at around $6.4 billion. This move fundamentally changes the company's capital structure and future strategy, pivoting from a publicly traded entity with a market cap of about $1.23 billion as of November 2025, to a private equity-backed powerhouse. This is a huge change, so you defintely need to understand the new ownership structure. Exploring Everi Holdings Inc. (EVRI) Investor Profile: Who's Buying and Why?

The key takeaways from this journey are:

• Diversified revenue streams were the strategic goal.
• Acquisitions, not just organic growth, drove the transformation.
• The 2025 private equity buyout marks the start of a new, highly leveraged chapter.

Everi Holdings Inc. (EVRI) Ownership Structure

Everi Holdings Inc. is currently a publicly traded company on the New York Stock Exchange (NYSE:EVRI), but its ownership structure is in a state of near-term transition due to a pending acquisition by Apollo Global Management funds.

This structure is dominated by institutional money, which means large fund managers, not individual retail investors, control the vast majority of the shares and therefore the strategic direction of the company. The key decision has already been made: stockholders approved the merger with the Apollo Funds, which is expected to close by the end of the third quarter of 2025, turning the company private.

Everi Holdings Inc.'s Current Status

Everi Holdings Inc. is a publicly listed entity, but that status is temporary. In November 2024, stockholders approved a definitive agreement for the company to be acquired, along with International Game Technology PLC (IGT)'s Gaming & Digital business, by a new holding company controlled by affiliates of Apollo Global Management.

The deal values Everi at $14.25 per share in cash for its stockholders. This transaction is a critical event, as it will move Everi from a public company, accountable to all shareholders, to a private one, accountable primarily to the Apollo Funds. For the 2025 fiscal year, analysts projected Everi's adjusted EBITDA to be around $346.9 million, a key valuation metric that underpins the acquisition price.

You should understand that once the merger closes, your equity interest in Everi Holdings Inc. will cease, and the combined entity will operate under new, private ownership. This is a clear-cut exit for current equity holders.

Everi Holdings Inc.'s Ownership Breakdown

As of September 2025, before the final closing of the merger, Everi's ownership is heavily concentrated among institutional investors, which is typical for a mid-cap company nearing a major corporate action. This concentration means the vote to approve the merger was largely in the hands of a few hundred major funds, not thousands of individual investors.

Here's the quick math: Institutional and Insider holdings account for over 89% of the company's stock, making it defintely a professionally-managed float. BlackRock, Inc. and The Vanguard Group, Inc. are consistently among the largest institutional holders, a common sight in the US public market.

Everi Holdings Inc.'s Leadership

The leadership team is currently navigating the company through the final stages of the acquisition, which is a complex operational and regulatory process. The current structure is in place until the merger closes, at which point a new, combined leadership team will take over the new holding company, often referred to as Newco.

The current leadership is focused on maintaining business momentum and integrating operations. Randy L. Taylor is the current President and Chief Executive Officer, and Michael D. Rumbolz serves as the Executive Chair of the Board. This team is responsible for the company's day-to-day operations and strategic execution, including its focus on the gaming and financial technology (FinTech) segments. You can read more about the long-term strategic direction in Mission Statement, Vision, & Core Values of Everi Holdings Inc. (EVRI).

Post-merger, the combined entity will have a new executive structure, reflecting the integration of Everi with IGT's Gaming & Digital business. The new structure is set to include:

• Hector Fernandez: Chief Executive Officer of the new holding company (expected by Q4 2025).
• Nick Khin: Interim Chief Executive Officer until Fernandez's appointment, then CEO of the Gaming business unit.
• Darren Simmons: Chief Executive Officer of the FinTech business unit, leveraging his existing role as Everi's FinTech business leader.
• Fabio Celadon: Chief Financial Officer of the new entity.

This leadership transition shows a clear commitment to continuity in the FinTech segment, with Darren Simmons, a long-time Everi executive, steering that core business unit in the new, larger organization.

Everi Holdings Inc. (EVRI) Mission and Values

Everi Holdings Inc. stands for leading the gaming industry by merging financial technology (FinTech) with engaging content, a mission grounded in a commitment to integrity and innovation. This focus on both the transactional and entertainment sides of the casino floor is what defines the company's cultural DNA beyond its $0.74 Billion in trailing twelve-month revenue for 2025.

You're looking at a company that knows its business is complex-it's not just about slot machines; it's about compliance, cash access, and digital engagement. The company's core purpose, therefore, maps directly to solving casino operators' biggest pain points, which is why it's seeing strong operating cash flow, like the approximately $342.3 million in Net Cash From Continuing Operating Activities in Q1 2025.

Everi Holdings Inc.'s Core Purpose

The company's purpose is to be the essential technology partner for the gaming industry, driving efficiency for operators while enhancing the experience for the patron. This dual focus is critical, especially as the company navigates its pending acquisition by Apollo Global Management affiliates, a deal expected to close by the end of the third quarter of 2025.

Official mission statement

Everi Holdings Inc. has a clear, publicly stated mission that centers on its competitive advantage: its people and its technology. It's a simple, powerful statement that cuts through the complexity of its FinTech and Games segments.

• Lead the gaming industry through the power of people, imagination, and technology.
• Continually develop products and services that provide gaming entertainment, improve patron engagement, and help customers operate their businesses more efficiently.

Vision statement

While Everi Holdings Inc. doesn't use a formal, publicly declared vision statement, its strategic goals paint a clear picture of its long-term aspirations. The vision is to be the indispensable, premier provider across all major casino technology verticals-land-based, digital, and compliance. To be fair, this inferred vision is defintely a clear roadmap for their product development.

• Be the premier provider of land-based and digital casino gaming content, financial technology, and compliance solutions.
• Create a seamless and engaging experience for casino patrons, leveraging technology to enhance every interaction.
• Expand into new markets and channels, driving growth and increasing shareholder value.

Everi Holdings Inc. slogan/tagline

The company uses a few taglines that immediately communicate its core business and its cultural commitment. The first is a functional statement of its market position; the second, a concise summary of its core values, which are the bedrock of its culture.

• Powering the Casino Floor.
• Innovation. Integrity. Customer Focus.

The emphasis on 'Inclusion' is also a core value, articulated internally as 'Value Everi-One,' which drives their efforts in diversity, sustainability, and ethical business conduct. If you want to see how this culture translates to investor sentiment, you should read Exploring Everi Holdings Inc. (EVRI) Investor Profile: Who's Buying and Why?

Everi Holdings Inc. (EVRI) How It Works

Everi Holdings Inc. operates as a two-sided engine for the casino industry, simultaneously providing the slot machines that entertain players and the financial technology that ensures those players can access and spend their cash on the gaming floor. The company's entire value proposition is built on this synergistic model: they make the games you want to play and the digital wallet you need to play them.

Given Company's Product/Service Portfolio

Everi Holdings Inc. drives revenue through two core, highly integrated segments: Games and Financial Technology Solutions (FinTech). Here's the quick look at their primary offerings as of late 2025.

Given Company's Operational Framework

Everi Holdings Inc.'s operational framework is designed to capture recurring revenue from both the entertainment side and the transactional side of the casino floor. This dual-segment approach mitigates risk and creates powerful cross-selling opportunities.

Here's the breakdown of how they make money:

• Games Operations (Recurring Revenue): This is the high-margin, recurring revenue stream from leasing gaming machines to casinos, where Everi Holdings Inc. earns a percentage of the daily win per unit (DWPU). This accounted for a significant portion of the business's historical revenue mix.
• Financial Access Services (Transactional Revenue): This segment generates revenue from the transactional activity-the funds dispensed and transmitted-through their ATMs, point-of-sale (POS) debit, and credit card services. Contracts are typically multi-year and sticky, with the average length of their top 30 customer relationships in excess of 12 years.
• Equipment and Systems Sales (One-Time Revenue): This includes the sale of new gaming cabinets, kiosks, and FinTech hardware. While necessary, this revenue is less predictable than the recurring streams.

For the trailing twelve months (TTM) ending in 2025, the company reported total revenue of approximately $0.74 Billion USD, but what this TTM figure hides is the preliminary Q1 2025 decrease in total revenues as the industry navigates a complex macroeconomic environment and the ongoing merger process.

You can get a deeper look at the numbers here: Breaking Down Everi Holdings Inc. (EVRI) Financial Health: Key Insights for Investors.

Given Company's Strategic Advantages

The company's success isn't just about having two segments; it's about how those segments work together to solve the casino operator's biggest headaches-attracting players and managing cash flow and compliance. This synergy is the core advantage.

• Integrated Ecosystem: The FinTech and Games segments are designed to cross-sell. For example, the CashClub Wallet® drives cashless funding directly to Everi Holdings Inc. gaming machines, increasing both transactional revenue and game play.
• Regulatory Moat: Their deep expertise in compliance and regulatory technology (RegTech) solutions, like Everi Compliance, is critical in the heavily regulated gaming industry. This expertise provides a significant barrier to entry for competitors.
• Sticky Customer Base: Everi Holdings Inc. has established long-standing relationships with leading casino operators. The financial access and compliance software are deeply integrated into the casino's daily operations, making churn very low.
• Cashless Leadership: They are positioned to capitalize on the industry's shift away from physical cash. The adoption of cashless technology is a major growth opportunity, and their mobile-first platforms give them a clear lead.

The pending acquisition by an Apollo Global Management affiliate, combining Everi Holdings Inc. with International Game Technology PLC's Gaming & Digital business, is a massive near-term event that will fundamentally reshape this competitive landscape and create a new, even larger entity by late 2025.

Everi Holdings Inc. (EVRI) How It Makes Money

Everi Holdings Inc. makes money by providing a two-pronged service to the regulated casino gaming industry: first, through its FinTech segment, which handles the flow of cash and digital funds for casino patrons, and second, through its Games segment, which designs, manufactures, and operates slot machines and gaming content. Essentially, they are the backbone for both the cash access and the entertainment on the casino floor.

Everi Holdings Inc.'s Revenue Breakdown

You can see the company's business model is split almost perfectly down the middle, a sign of its dual focus on financial technology and gaming content. For the fiscal year data leading up to 2025, total revenue was approximately $757.9 million.

The FinTech segment brought in about $379 million, and the Games segment generated roughly $378.9 million. The FinTech side is generally more resilient, but the Games side has faced headwinds, showing a roughly 12% decrease in revenue in the prior fiscal year due to slower-than-expected adoption of new gaming cabinets.

Business Economics

The core economics of Everi Holdings Inc. are built on a mix of recurring revenue and high-margin sales, but with a significant debt load. The FinTech segment is the high-margin, sticky revenue driver, while the Games segment provides the high-impact, but sometimes volatile, equipment sales.

• FinTech's Recurring Revenue: The largest component here is Financial Access Services, which makes money on the volume and value of transactions processed-think ATM withdrawals, debit, and credit card cash access in a casino. This revenue stream is transaction-based, meaning it grows directly with patron activity and has shown a positive trend, increasing by about 2.1% in early 2024.
• Games' Rental vs. Sale: The Games segment splits its income between high-margin Gaming Operations (leased equipment) and lower-margin Gaming Equipment and Systems (outright sales). Leased equipment is the preferred model, offering a daily win per unit (DWPU) that provides predictable, recurring income. The challenge is that the sale of new cabinets, like the Dynasty Vue, underperformed expectations, slowing the overall segment.
• Leverage and Margins: The company operates with a high Debt-to-Equity ratio of 3.48, which is a lot of leverage. While the operating margin remains positive at around 11.0%, the high debt and transaction costs related to the pending acquisition by Apollo Global Management affiliates are pressuring the bottom line. This is why you see a high P/E ratio and declining profit margins as a key concern.

The FinTech side is a classic annuity business; it's a defintely solid foundation. For a deeper dive into who's betting on this model, you should check out Exploring Everi Holdings Inc. (EVRI) Investor Profile: Who's Buying and Why?

Everi Holdings Inc.'s Financial Performance

Looking at the Trailing Twelve Months (TTM) data for 2025, the picture is one of strong cash generation but declining profitability, largely due to one-off costs and a dip in the Games business. The company is generating cash, but its net income is a fraction of its revenue.

• Total Revenue and Net Income: TTM revenue for 2025 stands at approximately $757.9 million. However, TTM Net Income is only about $15.02 million, which shows how thin the profit margin has become, especially after an 82% decrease in net income in the prior fiscal year.
• Cash Position: Liquidity is strong. As of the first quarter of 2025, Cash and Cash Equivalents rose to about $712.5 million, and Net Cash From Continuing Operating Activities was a robust $342.3 million. That cash flow is a good sign for servicing their $1.14 billion in debt.
• Capital Efficiency: The Return on Capital Employed (ROCE) is low at 3.11%. Here's the quick math: they are not generating a high return on the total capital they use to run the business, which is a red flag for long-term efficiency.

What this estimate hides is the impact of the pending merger. Transaction costs have been significant, and the financial performance metrics are currently distorted by these one-time expenses, which totaled $34.9 million in the prior fiscal year. A successful merger and integration could stabilize the Games segment and improve the overall ROCE.

Everi Holdings Inc. (EVRI) Market Position & Future Outlook

Everi Holdings Inc.'s future is fundamentally defined by its pending acquisition by Apollo Global Management affiliates, which will merge the company with International Game Technology PLC's Gaming & Digital business. This move transforms Everi from a dual-segment niche player—strong in Financial Technology (FinTech) but smaller in Games—into a significantly larger, more diversified, and private gaming technology powerhouse expected to close by the end of the third quarter of 2025. The current trajectory shows FinTech strength, with Q1 2025 revenue up 4% to $95.6 million, offsetting a 12% decline in the Games segment, which totaled $85.7 million.

Honestly, the acquisition is the only thing that matters right now for shareholders, who are set to receive $14.25 per share in cash. It's a clean exit at a premium.

Competitive Landscape

In the current landscape, Everi's strength is its near-monopoly position in casino financial access, while its Games segment competes with much larger global players. The table below reflects its position before the merger's full impact is realized, contrasting its niche dominance with the scale of its primary gaming competitors.

Opportunities & Challenges

You need to map the near-term landscape to clear actions, and the biggest factor is the shift to a private, combined entity. This merger creates new opportunities by instantly expanding the Games segment's scale, but it also carries integration risk and the challenge of managing a large debt load.

Industry Position

Everi Holdings Inc. currently holds a unique position, acting as the primary financial utility for many US casinos through its FinTech segment. It's the cash access backbone for the industry.

• FinTech Leadership: The FinTech segment is the clear market leader in providing cash access services (ATM, credit card, debit card, and check cashing) to the US casino industry.
• Games Segment Scale: The Games segment is a strong challenger but lacks the sheer scale of giants like Aristocrat Leisure and Light & Wonder, which is why the merger is so strategic.
• Digital Transformation: The company is a key enabler of the industry's shift to cashless gaming, with the Breaking Down Everi Holdings Inc. (EVRI) Financial Health: Key Insights for Investors focusing on its digital solutions like CashClub Wallet.
• Pro Forma Power: Post-acquisition, the combined entity will be a significantly more formidable competitor, especially in the North American land-based gaming equipment market, challenging the top two players directly.

This combined business is defintely poised to be a major force in both physical and digital casino technology.