The contactless payment & deposit space for both land-based & iGamingare expected to exceed US$80bn by 2025 (~70% CAGR). In this note, we:1) identify how platforms & payments are integrating across casinos &manufacturers; 2) understand the opportunity (size & scope) acrosscontactless & iGaming; 3) highlight the economics for merchants,platforms, and end users; and 4) reveal a space which is not only multipleslarger than the TAM of iGaming and sports betting combined, but whichhas sustainably healthier margins and presents an opportunity like a risingtide for all boats. We believe slot machines are the integration angle to thisUS$80bn market, driving a fundamental change in the cash cycle forgaming. 20 takeaways & findings relevant for manufacturers (ALL),platforms, and operators (CWN / PBH / SGR) overleaf.