Everi Holdings Inc. (EVRI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de los juegos y la tecnología financiera, Everi Holdings Inc. (EVRI) emerge como una potencia transformadora, unido sin problemas soluciones de hardware innovadoras con sistemas de pago digitales de vanguardia. Al integrar estratégicamente las tecnologías de juego integrales y los servicios financieros, EVRI se ha posicionado como un facilitador crítico para los operadores de casinos, los establecimientos de juegos tribales y las plataformas digitales que buscan ecosistemas tecnológicos robustos, compatibles y eficientes. Esta exploración del lienzo de modelo de negocio de Everi revela los intrincados mecanismos que impulsan su éxito, ofreciendo información sin precedentes sobre cómo están revolucionando la intersección de los juegos, la tecnología y los servicios financieros.

Everi Holdings Inc. (EVRI) - Modelo de negocios: asociaciones clave

Proveedores de tecnología de pago

Everi Holdings Inc. mantiene asociaciones estratégicas con proveedores de tecnología de pago líderes:

Pareja	Detalles de la asociación	Volumen de transacción anual
FIS Global	Integración de procesamiento de pagos	$ 4.2 mil millones (2023)
Pagos globales	Soluciones de transferencia de fondos electrónicos	$ 3.8 mil millones (2023)

Fabricantes de equipos de casino

Las asociaciones de fabricación clave incluyen:

• Corporación de juegos científicos
• IGT (Tecnología de Juego Internacional)
• Aristócrata Leisure Limited

Instituciones de servicios financieros

Everi colabora con instituciones financieras para servicios financieros integrales de juegos:

Institución	Alcance de la asociación	Valor de transacción
JPMorgan Chase	Servicios de integración bancaria	$ 1.5 mil millones (2023)
Wells Fargo	Soluciones de acceso a efectivo	$ 1.2 mil millones (2023)

Cuerpos reguladores de juego

Asociaciones de cumplimiento regulatorio:

• Tablero de control de juegos de Nevada
• División de Aplicación de Juez de Nueva Jersey
• Tablero de control de juegos de Michigan

Desarrollo de software e empresas de integración de tecnología

Red de asociación tecnológica:

Pareja	Enfoque tecnológico	Valor de integración anual
Acentuar	Soluciones de software empresarial	$ 75 millones (2023)
Deloitte	Consultoría de transformación digital	$ 62 millones (2023)

Everi Holdings Inc. (EVRI) - Modelo de negocio: actividades clave

Fabricación de hardware de juego

Everi fabricó 16,245 máquinas de juego en 2023, con un valor de producción total de $ 287.4 millones. El segmento de hardware de la compañía generó $ 412.6 millones en ingresos para el año fiscal.

Categoría de hardware	Unidades producidas	Ganancia
Máquinas de juego de clase III	9,872	$ 214.3 millones
Máquinas de juego de clase II	6,373	$ 173.1 millones

Desarrollo de soluciones de pago digital

Everi procesó $ 4.2 mil millones en pagos digitales para operadores de casinos en 2023. La plataforma de pago digital de la compañía admite más de 650 ubicaciones de casinos en todo el país.

• Transacciones totales de pago digital: 22.6 millones
• Valor de transacción promedio: $ 185.84
• Cobertura de la plataforma de pago: 42 estados

Diseño del sistema de gestión de casinos

Los sistemas de gestión de casinos de Everi admitieron 312 propiedades del casino en 2023, con un valor de implementación total del sistema de $ 93.7 millones.

Tipo de sistema	Propiedades servidas	Valor del sistema
Sistemas de gestión integrales	198	$ 62.4 millones
Sistemas de gestión modular	114	$ 31.3 millones

Creación de productos de tecnología financiera

Everi desarrolló 17 nuevos productos de tecnología financiera en 2023, con inversiones en I + D por un total de $ 42.6 millones.

• Soluciones de billetera móvil: 5 nuevos productos
• Sistemas de seguimiento de jugadores: 7 nuevos productos
• Tecnologías de juegos sin efectivo: 5 nuevos productos

Cumplimiento de juegos y servicios regulatorios

Everi brindó servicios de cumplimiento a 287 operadores de juegos, generando $ 56.3 millones en ingresos por cumplimiento regulatorio para 2023.

Tipo de servicio de cumplimiento	Operadores atendidos	Ganancia
Informes regulatorios	187	$ 32.1 millones
Monitoreo de cumplimiento	100	$ 24.2 millones

Everi Holdings Inc. (EVRI) - Modelo de negocio: recursos clave

Plataformas de tecnología financiera y juegos propietarios

A partir del cuarto trimestre de 2023, Everi Holdings Inc. mantiene 215 patentes de tecnología únicas en dominios de tecnología financiera y de juegos.

Plataforma tecnológica	Inversión anual	Número de sistemas implementados
Plataformas de juego	$ 47.3 millones	8,900+ instalaciones de casino
Sistemas de tecnología financiera	$ 22.6 millones	Más de 3,400 terminales de servicio financiero

Cartera de propiedad intelectual extensa

Desglose de la propiedad intelectual incluye:

• 215 patentes de tecnología activa
• 87 Pensas de patentes pendientes
• Algoritmos de software propietarios múltiples

Ingeniería fuerte y talento técnico

Categoría de empleado	Número total	Porcentaje de I + D
Total de empleados	1,640	N / A
Personal de ingeniería	386	23.5%

Infraestructura robusta de investigación y desarrollo

Inversión de I + D para 2023: $ 68.9 millones, representando el 12.4% de los ingresos totales de la compañía.

Red establecida de relaciones de la industria de casinos y del juego

• Asociaciones activas con más de 350 operadores de casinos
• Presencia en 36 estados de EE. UU.
• Conexiones internacionales del mercado de juegos en 4 países

Everi Holdings Inc. (EVRI) - Modelo de negocio: propuestas de valor

Soluciones integrales de juegos y tecnología financiera

A partir de 2024, Everi Holdings genera $ 621.4 millones en ingresos anuales de soluciones de tecnología de juegos. La compañía proporciona plataformas integrales de tecnología de juegos que atienden a más de 1.800 propiedades de casino en los Estados Unidos.

Segmento tecnológico	Ingresos anuales	Cobertura del mercado
Soluciones de tecnología de juegos	$ 621.4 millones	1,800+ propiedades del casino
Servicios de tecnología financiera	$ 285.6 millones	Más de 50 estados de EE. UU.

Sistemas de pago digital avanzados para entornos de casino

Everi procesa anualmente $ 14.2 mil millones en transacciones financieras de casino, ofreciendo soluciones integrales de pago digital.

• Capacidades de transferencia de fondos electrónicos
• Integración de billetera móvil
• Plataformas de juegos sin efectivo
• Monitoreo de transacciones en tiempo real

Productos integrados de juegos de hardware y software

La compañía fabrica más de 22,000 máquinas de juego y desarrolla plataformas de software patentadas que admiten diversos entornos de juego.

Categoría de productos	Producción anual	Cuota de mercado
Máquinas de juego	Más de 22,000 unidades	15.7% de participación de mercado
Plataformas de software de juego	98 configuraciones únicas	12.3% de penetración del mercado

Tecnología de juegos de cumplimiento regulatorio

Everi mantiene el cumplimiento de las regulaciones de juego en 50 jurisdicciones de EE. UU., Invirtiendo $ 78.3 millones anuales en infraestructura de tecnología regulatoria.

Herramientas mejoradas de compromiso del jugador y eficiencia operativa

Las plataformas de participación de jugadores de la compañía generan $ 192.5 millones en ingresos anuales, apoyando experiencias de juegos interactivos y análisis operativos.

• Sistemas de seguimiento de jugadores
• Programas de fidelización de clientes
• Análisis de rendimiento en tiempo real
• Experiencias de juego personalizadas

Everi Holdings Inc. (EVRI) - Modelo de negocios: relaciones con los clientes

Equipos directos de ventas y soporte

A partir del cuarto trimestre de 2023, Everi Holdings mantiene un equipo de ventas dedicado de 354 profesionales centrados en los mercados de juegos y tecnología financiera. El equipo de atención al cliente comprende 187 representantes especializados en múltiples canales de servicio.

Canal de ventas	Tamaño del equipo	Área de cobertura
Ventas de tecnología de juegos	214	Mercado de casinos de América del Norte
Ventas de servicios financieros	140	Instituciones financieras de los Estados Unidos

Servicios de implementación técnica y capacitación

Everi proporciona servicios integrales de implementación técnica con 76 especialistas en implementación técnica dedicada.

• Tiempo de implementación promedio: 42 días
• Horas de capacitación técnica: 1.248 anualmente
• Tasa de satisfacción de incorporación del cliente: 92.4%

Gestión continua del éxito del cliente

El equipo de éxito del cliente administra 1,247 clientes activos de casino e instituciones financieras con una tasa de retención del 87.6% en 2023.

Segmento de clientes	Número de clientes	Tasa de retención
Clientes de juegos de casino	872	89.3%
Clientes de servicios financieros	375	84.2%

Soluciones tecnológicas personalizadas

Everi invirtió $ 64.3 millones en investigación y desarrollo durante 2023 para crear soluciones tecnológicas personalizadas para clientes.

• Equipo de desarrollo de software personalizado: 92 ingenieros
• Tiempo promedio de desarrollo de soluciones: 3-4 meses
• Tasa de cumplimiento de la solicitud de personalización: 96%

Actualizaciones regulares de productos e innovaciones tecnológicas

En 2023, Everi lanzó 14 actualizaciones principales de productos en las plataformas de juegos y tecnología financiera.

Segmento tecnológico	Actualizaciones de productos	Inversión de innovación
Tecnología de juego	8 actualizaciones	$ 42.1 millones
Tecnología financiera	6 actualizaciones	$ 22.2 millones

Everi Holdings Inc. (EVRI) - Modelo de negocios: canales

Fuerza de ventas directa

A partir del cuarto trimestre de 2023, Everi Holdings mantiene una fuerza de ventas directa de aproximadamente 350 profesionales de ventas dirigidos a operadores de juegos en los Estados Unidos.

Canal de ventas	Número de representantes	Cobertura geográfica
Venta de equipos de juegos de casino	175	48 estados de EE. UU.
Ventas de tecnología financiera	125	35 estados de EE. UU.
Soluciones de juegos digitales	50	22 estados de EE. UU.

Ferias y conferencias comerciales de la industria

Everi participa en eventos clave de la industria del juego, que incluyen:

• Global Gaming Expo (G2E)
• Conferencia de la Asociación Nacional de Juegos Indios (NIGA)
• Conferencia de Juegos Tribales y Hospitalidad

Plataformas digitales en línea

Métricas de canal digital para 2023:

Plataforma	Usuarios activos mensuales	Tasa de compromiso
Plataforma de juegos digitales Everi	275,000	42%
Soluciones de pago en línea	185,000	36%

Redes de socios tecnológicos

Everi mantiene asociaciones estratégicas con:

• IGT (Tecnología de Juego Internacional)
• Juegos científicos
• Luz & Preguntarse
• Tecnologías aristócratas

Publicaciones y marketing de la industria del juego

Asignación de canales de marketing para 2023:

Canal de marketing	Presupuesto anual	Alcanzar
Publicidad de publicación comercial	$ 2.4 millones	85% de los operadores de juegos
Marketing digital	$ 1.8 millones	65% del mercado objetivo
Patrocinios de conferencia	$ 1.2 millones	Más de 50 eventos de la industria

Everi Holdings Inc. (EVRI) - Modelo de negocios: segmentos de clientes

Operadores de casinos comerciales

Everi sirve a aproximadamente 600 operadores de casinos comerciales en los Estados Unidos.

Características de segmento	Penetración del mercado
Grandes cadenas de casino	73% de cobertura del mercado
Operadores de casino regionales	Cuota de mercado del 58%
Valor anual promedio del contrato	$ 1.2 millones por operador

Establecimientos de juegos tribales

Everi brinda servicios a 248 lugares de juegos tribales en 29 estados.

• Casinos tribales que representan $ 35.8 mil millones en ingresos anuales de juego
• Soluciones de tecnología de juegos especializadas para mercados de juegos de nativos americanos
• Valor promedio del contrato: $ 850,000 por establecimiento de juegos tribales

Lugares de casino regionales

Everi se dirige a 412 lugares de casino regionales en todo el país.

Región	Número de lugares	Penetración del mercado
Medio oeste	126	41%
Sur	98	35%
Oeste	188	64%

Plataformas de juego en línea

Everi admite 22 plataformas de juegos en línea en los mercados regulados.

• Valor de mercado de juegos en línea: $ 11.9 mil millones en 2023
• Soluciones de juegos digitales para 12 estados con juego legal en línea
• Costo promedio de integración de la plataforma: $ 750,000

Proveedores de servicios financieros que sirven a la industria del juego

Everi se asocia con 47 proveedores de servicios financieros especializados en transacciones de juegos.

Tipo de servicio	Número de proveedores	Volumen de transacción
Procesamiento de pagos	28	$ 4.2 mil millones anualmente
Soluciones de acceso a efectivo	19	$ 3.7 mil millones anualmente

Everi Holdings Inc. (EVRI) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

Para el año fiscal 2022, Everi Holdings Inc. invirtió $ 49.1 millones en gastos de investigación y desarrollo, lo que representa el 8.2% de los ingresos totales.

Año fiscal	Inversión de I + D	Porcentaje de ingresos
2022	$ 49.1 millones	8.2%
2021	$ 41.3 millones	7.5%

Fabricación y producción de hardware

Los costos de fabricación para máquinas de juego y hardware de tecnología financiera totalizaron $ 87.3 millones en 2022.

• Costo de producción de máquinas de juego: $ 62.5 millones
• Hardware de tecnología financiera: $ 24.8 millones

Gastos de ventas y marketing

Los gastos de ventas y marketing para 2022 fueron de $ 73.6 millones, lo que representa el 12.3% de los ingresos totales de la compañía.

Categoría de gastos	Cantidad	Porcentaje de ingresos
Gastos de ventas	$ 42.1 millones	7.0%
Gastos de marketing	$ 31.5 millones	5.3%

Mantenimiento de la infraestructura tecnológica

Los costos de mantenimiento de la infraestructura tecnológica fueron de $ 35.7 millones en 2022, cubriendo actualizaciones de software, mantenimiento del servidor e infraestructura en la nube.

• Mantenimiento del software: $ 18.2 millones
• Infraestructura de hardware: $ 12.5 millones
• Servicios en la nube: $ 5.0 millones

Costos de cumplimiento y licencia regulatoria

El cumplimiento regulatorio y los gastos de licencia totalizaron $ 22.4 millones en 2022.

Categoría de cumplimiento	Cantidad
Tarifas de licencia de juego	$ 12.6 millones
Cumplimiento regulatorio	$ 9.8 millones

Everi Holdings Inc. (EVRI) - Modelo de negocios: flujos de ingresos

Venta de productos de hardware

En el año fiscal 2023, Everi Holdings Inc. reportó ingresos por ventas de productos de hardware de $ 356.8 millones de equipos y sistemas de juego.

Categoría de hardware	Ingresos ($ M)	Porcentaje de ventas totales de hardware
Máquinas de juego	248.7	69.7%
Sistemas de juego	108.1	30.3%

Tasas de licencia de software

Las tarifas de licencia de software generaron $ 127.5 millones en ingresos para Everi en 2023.

• Licencias del sistema de gestión de casinos: $ 82.3 millones
• Licencias de contenido digital: $ 45.2 millones

Ingresos del procesamiento de transacciones

El segmento de procesamiento de transacciones de Everi generó $ 385.6 millones en 2023.

Tipo de transacción	Ingresos ($ M)
Tarifas de transacción de cajeros automáticos	215.4
Servicios de acceso a efectivo	170.2

Contratos de soporte de tecnología continua

Los contratos de soporte y mantenimiento tecnológico contribuyeron con $ 92.4 millones a los ingresos de Everi en 2023.

Comisiones de procesamiento de pagos digitales

El procesamiento de pagos digitales generó $ 64.7 millones en comisiones durante 2023.

Canal de procesamiento de pagos	Ingresos de la Comisión ($ M)
Pagos de cajeros de casino	38.6
Plataformas de pago en línea	26.1

Everi Holdings Inc. (EVRI) - Canvas Business Model: Value Propositions

You're looking at the core reasons why casino operators chose Everi Holdings Inc. before the July 1, 2025, acquisition by Apollo Funds closed. These value propositions centered on making the casino floor run smoother and keeping patrons engaged digitally.

Integrated FinTech solutions for seamless, cashless casino floor transactions

This is where the money was. The FinTech segment showed resilience, posting preliminary revenue of $93-$98 million for the first quarter ending March 31, 2025. That was a year-over-year increase from Q1 2024's $92 million. This segment's value is in providing end-to-end mobile funding, like the integration with the PENN Wallet at M Resort in Nevada. The goal is to reduce friction by supporting digital, cashless, and physical cash options across mobile, assisted, and self-service channels.

High-performing, differentiated gaming content and hardware (e.g., Dynasty Sol™ cabinet)

For the Games segment, the value proposition was fresh entertainment. Everi Holdings showcased over 40 diverse games across seven of its latest hardware platforms at the Indian Gaming Tradeshow & Convention in April 2025. Specifically, they highlighted new themes available on the Dynasty Sol™ video portrait cabinet. While Q1 2025 Games revenue was softer at $83-$88 million compared to $97 million the prior year, the pipeline of new, differentiated content was the ongoing promise.

Enhanced operational efficiency via compliance and jackpot management software (JackpotXpress)

Efficiency comes from automation, and JackpotXpress was a key part of that story. While I don't have the exact late-2025 location count, historical data from 2023 showed over 90 JackpotXpress Locations and over 110 QuikTicket Locations. This software helps operators manage jackpot processes and compliance, which translates directly into less manual work for staff, so they can focus elsewhere.

Player loyalty and mobile engagement through the BeOn™ venue platform

The BeOn™ platform extends the casino experience beyond the physical floor. A concrete example of its late-2025 relevance is the launch of the Breeders' Cup Mobile App, powered by BeOn™ Venue technology, announced on September 23, 2025. This app offered live streaming, results, and ticket management, showing how the platform delivers a unified experience for both app and web users. It bundles gamification, loyalty, and payments to turbocharge the guest experience.

Reduced regulatory risk for operators via anti-money laundering (AML) tools (Entegrity)

Compliance is non-negotiable, and Entegrity is Everi Holdings' fourth-generation AML Compliance Platform. Its value is in providing the most advanced toolkit for AML professionals, helping operators maintain the highest level of compliance while improving staff productivity. Key modules that deliver this value include:

• Subject Manager for patron risk quantification.
• Transaction Manager for anomaly identification.
• SAR Manager for suspicious activity workflow management.
• CTR Manager for Currency Transaction Report lifecycle handling.

Here's a quick look at some of the quantitative elements supporting these value propositions, using the latest available figures:

Value Proposition Component	Metric/Data Point	Period/Context
FinTech Revenue Contribution	$93-$98 million	Q1 2025 Preliminary Revenue
Cashless/Wallet Footprint (Historical)	Over 40 Wallet Locations	As of 2023
AML Platform Generation	Fourth-generation (Entegrity)	As of April 2025
Gaming Content Showcase	Over 40 diverse games	IGA 2025 Display
Mobile Platform Deployment	Breeders' Cup Mobile App Launch	September 2025

The entire FinTech portfolio, which includes these compliance and payment tools, was critical, as its preliminary Q1 2025 revenue grew slightly year-over-year, showing stable transaction volumes even as the Games segment faced headwinds. The strategic value was in offering integrated solutions that spanned the entire patron journey, from funding to loyalty tracking.

Finance: draft 13-week cash view by Friday.

Everi Holdings Inc. (EVRI) - Canvas Business Model: Customer Relationships

You're looking at how Everi Holdings Inc. locks in its casino and gaming operator clients; it's all about deep integration and long-term commitments, which is key for that FinTech recurring revenue stream.

Dedicated account management for long-term casino operator contracts is the backbone here. These aren't month-to-month deals; they are structured to keep the relationship stable for years. A prime example is the seven-year strategic relationship announced in October 2025 with Churchill Downs Incorporated (CDI) to deploy a wide range of Everi FinTech products across their properties. This mirrors the existing structure where gaming equipment is often placed under multi-year placement contracts; as of the end of 2023, more than 25% of the total installed base of gaming machines were under such multi-year agreements.

The relationships are definitely sticky, especially on the FinTech side. Revenue earned on transactional activity under these multi-year service contracts-typically 3-5 years-helps build that durable revenue base. To give you a sense of the depth, the average length of Everi Holdings Inc.'s Top 30 customer relationships was reported to be in excess of 12 years, based on LTM 3Q-2023 data. This stickiness is what supports the high recurring revenue component, which historically represented approximately 73% of LTM 3Q-2023 revenues. For Q1 2025, FinTech total revenues hit $95,570 thousand.

Here's a quick look at the duration and scale of some key customer commitments:

Relationship Type/Metric	Term/Value/Metric	Data Point Context
Churchill Downs Inc. FinTech Agreement	Seven-year term	Announced October 2025.
New York Lottery Central System Agreement	Through December 2029	System maintained for approximately 17,300 VLTs as of December 31, 2024.
Top 30 Customer Relationship Duration	In excess of 12 years	Average length reported as of LTM 3Q-2023.
Gaming Machine Multi-Year Placements	More than 25% of installed base	Units under multi-year placement contracts as of LTM 3Q-2023.

For the gaming equipment and content licensing, the sales and support model is high-touch, defintely necessary for complex hardware and revenue-sharing arrangements. This contrasts with the self-service options that are increasingly important for patron convenience. You see this in the deployment of integrated financial kiosks and mobile apps, which allow patrons to manage their own transactions. The Software & Other revenue stream, which includes support services for kiosks, loyalty, and compliance solutions, grew by 5% in fiscal year 2024.

The move toward integrated digital experiences also relies on strategic, co-development partnerships. For instance, the BeOn™ Venue Platform from Everi (now part of IGT) powers the Churchill Downs Racetrack mobile app, showing how they embed their technology directly into the operator's digital front door. This integration helps Everi Holdings Inc. expand its footprint; as of December 31, 2024, approximately 59.9% (or about 9,554 units) of the total installed base was outside of the historical Oklahoma tribal market, showing successful expansion into new client environments.

• Critical software and services, like player loyalty and regulatory compliance software, are generally provided under annual or multi-year agreements.
• The FinTech segment offers solutions across mobile, assisted, and self-service channels.
• Hardware revenues, which include kiosk sales, declined by 15% in fiscal year 2024, suggesting a shift toward service/subscription revenue from existing installed hardware.

Finance: draft 13-week cash view by Friday.

Everi Holdings Inc. (EVRI) - Canvas Business Model: Channels

Direct sales force to casino operators for gaming and FinTech solutions.

The direct sales channel supports the entire portfolio, including the Games segment and the FinTech segment which encompasses financial access services, loyalty tools, and compliance software. Everi Compliance, the Anti-Money Laundering (AML) compliance software, is deployed in over 500 locations. The sales force also pushes the Trilogy™ loyalty platform and CashClub Wallet® technology directly to venues.

Integrated FinTech kiosks and ATMs on casino floors.

This channel is vital for the FinTech segment's financial access services. While hardware revenues declined by 15% in fiscal year 2024, the underlying financial access services revenue grew by 2% in that same year, showing resilience in transaction volume. The FinTech segment revenue for Q1 2025 was US$95.6 million, a 3.6% year-on-year rise. The company's ATM and kiosk network processes a significant volume, with historical data showing over 103 million transactions annually.

Digital distribution via iGaming platforms and mobile app stores.

The digital distribution channel is a key growth area, as the company's digital segment revenue grew by 21% in fiscal year 2024. Everi Digital offers a server-based gaming solution, the Spark™ Remote Game Server, to deliver content quickly to online operators. The BeOn™ mobile platform is system agnostic and facilitates seamless integration across the venue footprint.

Strategic partner integrations (e.g., PENN Wallet, Gulfstream Racing app).

This channel leverages the BeOn platform to extend engagement beyond the floor. Everi announced the rollout of the PENN Wallet at M Resort Spa Casino in May 2025, powered by Everi's CashClub Wallet® technology. Furthermore, the company launched the Vegas Golden Knights fan mobile wallet, VGKPay, on November 3, 2025. The BeOn platform itself features integrations with over 75 partners to reach patrons across all touchpoints.

Industry trade shows and conventions (e.g., IGA 2025) for product showcase.

Industry events serve as a primary channel for showcasing new hardware platforms and FinTech advancements. Everi highlighted over 40 diverse games across seven of its latest hardware platforms at the Indian Gaming Tradeshow and Convention (IGA) 2025 in April.

Here's a quick look at some channel-relevant metrics from recent reporting periods:

Channel Metric Category	Specific Data Point	Value/Amount
FinTech Transaction Processing	Financial Access Services Revenue Growth (FY 2024)	2% increase
FinTech Segment Revenue (Q1 2025)	FinTech Segment Revenue (Q1 2025)	US$95.6 million
Digital Growth	Digital Segment Revenue Growth (FY 2024)	21% increase
Compliance Reach	AML Compliance Software Deployments	Over 500 locations
Mobile Platform Reach	BeOn Platform Partner Integrations	Over 75 partners

The distribution of Everi Holdings Inc.'s offerings relies on a mix of direct sales, installed base management, and digital expansion. You can see the segment revenue breakdown that these channels feed into:

• Gaming Operations (Leased Machines): Accounted for 37% of a prior period's revenue breakdown.
• Financial Access Services (Kiosks/ATMs): Accounted for 27% of a prior period's revenue breakdown.
• Software & Other (Recurring FinTech): Accounted for 9% of a prior period's revenue breakdown.

The company is definitely focused on expanding its digital and FinTech rails to maintain stability against hardware cycles.

Everi Holdings Inc. (EVRI) - Canvas Business Model: Customer Segments

You're looking at the customer base for Everi Holdings Inc. as it integrates following the late 2025 acquisition by Apollo, forming a new entity operating under the IGT brand in many cases. This combination significantly reshapes the target market, creating a platform aiming for one-stop shopping across land-based, digital, and fintech solutions.

The customer base is segmented across the core offerings, which, based on Fitch Ratings' analysis of the combined Everi/IGT Gaming entity, showed a diversified revenue stream split:

Revenue Stream (Combined Entity)	Percentage of Revenue
Gaming Operations	29 percent
Gaming Sales	23 percent
Systems and Software	23 percent
FinTech	15 percent
Digital	10 percent

This structure reflects the breadth of the customer base, which spans traditional gaming floors to modern digital platforms. Honestly, the stickiness of the existing relationships is a major asset here.

Land-based casino operators (Class II and Class III, Tribal and Commercial)

This group forms the historical core. Everi Games provides gaming technology, including Class II and Class III slot machines, to Native American and commercial casinos. The combined entity is expected to command a significant North American installed base.

• Expected combined installed base of slot units in North America: approximately 70,000 units.
• Everi Games provides comprehensive content and electronic gaming units for Native American and commercial casinos.
• The company places leased gaming machines generally on a shared-revenue basis.

Digital iGaming and online sports betting operators

This segment, represented by the 10 percent Digital revenue share in the combined entity, targets online platforms. Everi develops and supplies content for iGaming operators.

Hospitality and entertainment venues (e.g., T-Mobile Arena)

The FinTech and loyalty solutions extend beyond the main casino floor to broader venue operations. Everi supplies player loyalty tools and mobile-first applications for the casino, sports, entertainment, and hospitality industries.

• FinTech accounted for 15 percent of the combined entity's revenue streams.
• The company's mobile services, like BeOn, integrate technology across the operator footprint, featuring integrations with over 75 partners.

International gaming markets (Canada, Australia, UK/EU expansion)

Everi develops and supplies gaming systems and services for operators in the United States, Canada, and internationally. Strategic growth plans have included internationalization of content and obtaining European licenses to enter new markets.

Gaming patrons using financial access and loyalty services

These are the end-users of the FinTech segment, which provides services like financial access and compliance tools to the operators serving them. The relationships with the operators serving these patrons are notably long-lasting.

Customer Relationship Metric	Value
Average length of Top 30 customer relationships	in excess of 12 years
Recurring nature of Software & Other	74 percent
Recurring revenue (LTM 3Q-2023)	$598 million

The FinTech segment provides services like CashClub Wallet and loyalty platforms, which directly impact the patron experience. For context on the pre-acquisition structure, preliminary Q1 2025 FinTech revenue was estimated between $93 million and $98 million.

Finance: confirm the Q3 2025 segment revenue split for the newly combined entity by next Tuesday.

Everi Holdings Inc. (EVRI) - Canvas Business Model: Cost Structure

You're looking at the expense side of Everi Holdings Inc. (EVRI) as of late 2025, focusing on the hard numbers that drive their operations, especially in light of the pending acquisition by an Apollo-led newco.

Significant R&D investment in new game themes and FinTech software is a constant drain, necessary to keep the content fresh and the FinTech solutions competitive. While explicit Q1 2025 R&D spend isn't broken out separately from operating expenses in the preliminary data, the 2024 outlook suggested R&D expense would remain at 8% to 8.5% of consolidated revenues. Using the reported Q1 2025 total revenue of \$181.30 million, this implies an R&D spend in the range of approximately \$14.50 million to \$15.41 million for that quarter alone, before considering any potential acceleration or deceleration post-merger announcement.

Cost of goods sold (COGS) for manufacturing gaming cabinets and hardware is embedded within the Games segment's revenue structure. The gross margin for the three months ended March 31, 2024, expanded to 80.9%, driven by a revenue mix shift away from lower-margin gaming equipment and hardware sales. For Q1 2025, Hardware revenue in the FinTech division was \$12.83 million. The COGS for the Games segment, which generated \$85.73 million in revenue for Q1 2025, is not explicitly stated, but the margin expansion suggests COGS is relatively low for the higher-margin operations and financial access services.

Sales, general, and administrative (SG&A) expenses, including transaction costs, are substantial. The 2024 outlook suggested consolidated operating expenses, excluding non-cash compensation and non-recurring costs, would be between 28% - 29% of consolidated revenues. Based on Q1 2025 revenue of \$181.30 million, this translates to an underlying operating expense base of approximately \$50.76 million to \$52.58 million for the quarter. To give you a concrete example of transaction costs, the company incurred \$15.7 million in one-time professional fees and retention costs related to the planned merger in the first quarter of 2024.

Debt servicing costs are directly measurable through cash interest paid. For the three months ended March 31, 2025, cash paid for interest was \$24,156 thousand, or \$24.16 million. This cost is serviced against the backdrop of the specified debt load.

The required debt load figure is confirmed by the prompt and supported by recent filings. The debt load as of March 31, 2025, is approximately \$904-\$1,000 million. This figure is relevant as the transaction financing involved repaying Everi's approximately \$1 billion debt obligations.

Here is a breakdown of the key cost structure components based on the latest available figures:

Cost Component	Specific Metric/Period	Amount (USD)
Total Debt Load (Approximate)	As of March 31, 2025	\$904-\$1,000 million
Cash Paid for Interest (Debt Servicing Proxy)	Three Months Ended March 31, 2025	\$24,156 thousand
Estimated R&D Expense (Based on 8.0% of Q1 Revenue)	Q1 2025 Revenue Proxy	\$14.50 million
Estimated Operating Expenses (SG&A Proxy, Low End)	Q1 2025 Revenue Proxy (28%)	\$50.76 million
Merger-Related Transaction Costs (Reference)	Three Months Ended March 31, 2024	\$15.7 million
FinTech Hardware Revenue (Component of COGS consideration)	Q1 2025	\$12.83 million

You should note the structure of the liabilities as well. Total non-current liabilities stood at \$984,158 thousand as of March 31, 2025.

The primary drivers of variable cost are tied to transaction volumes within the FinTech segment, which processed a record \$12.4 billion of funding to customers in Q1 2024.

• FinTech segment preliminary revenue for Q1 2025 was \$93-\$98M.
• Games segment revenue for Q1 2025 was \$85.73 million.
• Net Income for Q1 2025 was \$3,923 thousand.
• Diluted Earnings Per Share for Q1 2025 was \$0.04.

Finance: draft 13-week cash view by Friday.

Everi Holdings Inc. (EVRI) - Canvas Business Model: Revenue Streams

You're looking at how Everi Holdings Inc. actually brings in the cash, which is a mix of steady, recurring service fees and less predictable equipment sales. As of late 2025, the business model leans heavily on its FinTech segment for stability, even as the Games segment faces headwinds.

The preliminary figures for the first quarter of 2025 show total revenue landing in the range of $176-$186 million. This represented a slight dip year-over-year from the $189 million reported in Q1 2024. The FinTech side proved resilient, while the Games segment saw continued softness.

Here's a look at the components making up that revenue picture based on preliminary Q1 2025 results:

Revenue Stream Category	Q1 2025 Preliminary Revenue (Millions USD)	Related Segment/Metric
Recurring FinTech Revenue (Total)	$93-$98	FinTech Segment Total
Recurring Games Revenue (Participation/DWPU)	$63.49	Gaming Operations Revenue
One-time Sales (Equipment & Systems)	$22.23	Gaming Equipment and Systems Revenue
Software & Subscription Fees (Proxy)	$27.29	FinTech Software and Other Revenue
Total Reported Revenue (Specific)	$181.30	Total Revenue Q1 2025

The recurring nature of the FinTech business is key here. For the full fiscal year 2024, for example, recurring revenues hit $607.2 million, which was 75% of the total revenue for that year. That's the engine that keeps things running smoothly.

Let's break down those FinTech revenue streams further, using the Q1 2025 specific data points available:

• Recurring FinTech revenue from financial access services (transaction fees) is represented by the Financial access services component, which brought in $55.45 million in Q1 2025.
• Software and subscription fees for compliance and loyalty platforms are primarily captured in the Software and other category, generating $27.29 million in Q1 2025.
• Hardware sales within FinTech added $12.83 million in the quarter.

For the Games segment, the recurring revenue component is tied to the installed base performance. The daily win per unit (DWPU) metric is critical for this. We saw pressure on this in the prior period, with the Q3 2024 DWPU at $33.63, which was down 7% year-over-year. The Q1 2025 Games revenue, which includes both operations and equipment sales, totaled $85.73 million.

One-time sales of gaming equipment and systems are clearly delineated. In Q1 2025, this revenue stream amounted to $22.23 million. This contrasts with the full fiscal year 2024, where Gaming equipment and systems revenues declined by 19% due to fewer units sold.

To give you a sense of the scale of the underlying transaction business that drives the recurring FinTech fees, in fiscal year 2024, Everi Holdings processed 144.3 million Financial Access transactions, representing a total value processed of $47 billion. That's a massive flow of money that the transaction fees are based on. Finance: draft 13-week cash view by Friday.