ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers

GAN Gan Plc

225.00
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Gan Plc LSE:GAN London Ordinary Share GB00BGCC6189 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 225.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

GAN Announces Major US Expansion with the FanDuel Group

10/01/2019 7:05am

Business Wire


Gan (LSE:GAN)
Historical Stock Chart


From Mar 2019 to Mar 2024

Click Here for more Gan Charts.

GAN plc (“GAN” or the “Company”), an award-winning developer and supplier of enterprise-level B2B Internet gaming software, services and online gaming content in the United States, today announced the signing of a material long-term deal with the FanDuel Group (“FDG”) to be FDG’s Platform for rapid deployment of Internet casino, and account services for Internet sports betting in Pennsylvania (pop. 13M) and West Virginia (pop. 1.8M), in addition to the existing services provided since 2013 by GAN to FDG in the State of New Jersey (pop. 9M).

This expanded contract represents a material increase in the value of the partnership to GAN across revenue share, professional services and patent licensing fees.

As part of the contract expansion FDG has agreed to license GAN’s US Patent. GAN’s patented technology allows land-based casino patrons enrolled in on-property loyalty programs to link existing loyalty cards to Internet gambling accounts and receive loyalty points in exchange for online gambling. Linking of patrons’ loyalty cards is proven to greatly enhance online engagement by US casino patrons as well as substantially increasing lifetime value realized online through increased monetization and retention. Management believes that the recognition of GAN’s US Patent significantly underpins GAN’s intangible asset value and could potentially lead to further client partnerships and US Patent licensing revenue opportunities

Deal Highlights

  • Second client in the State of Pennsylvania (FanDuel Group) in addition to Parx Casino
  • Two additional US States (PA, WV) represent a combined population of approximately 14.8M
  • Licensure of strategic US Patent for linking US casino patrons’ loyalty cards to their online gambling accounts, greatly enhancing GAN’s IP licensing & enforcement program
  • Initial rapid deployment of FanDuel into both West Virginia and Pennsylvania
  • Five-year contract term extension commencing in 2019 and ending in 2024

Management Commentary

Dermot Smurfit, CEO of GAN commented:

“The contract extension combined with US Patent licensing represents a significant milestone in GAN’s US evolution and reinforces our view that in the heavily regulated US online gambling market, effective and compliant ‘platforms’ are a premium component of the supply chain rather than a commodity. GAN is therefore very well placed to capitalize on the growth in US online gambling markets in terms of new operator clients, new States and underlying growth momentum.”

About GAN PlcGAN is a leading business-to-business (“B2B”) supplier of internet gambling software-as-a-service solutions (“SaaS”) to the US land-based casino industry. The Company has developed a proprietary internet gambling enterprise software system, GameSTACK™, which it licenses principally to land-based US casino operators as a turnkey technology solution for regulated real-money internet gambling, encompassing internet gaming, internet sports gaming and virtual Simulated Gaming.

GAN is listed on the London Stock Exchange (LSE:GAN) and on the Irish Stock Exchange (ISE:GAME).

For more information please visit www.GAN.com.

GANDermot SmurfitChief Executive Officer+44 (0) 20 7292 6262dsmurfit@GAN.com

US Investors: The Equity GroupAdam Prioraprior@equityny.com212.371.8660

UK & Ireland Investors: Walbrook PRPaul CorneliusGAN@WalbrookPR.com+44 20 7933 8780

Davy (Nominated Adviser, ESM Adviser and Joint Broker)John Frain / Barry Murphy+353 1 679 6363

Liberum (Joint Broker)Neil Patel / Cameron Duncan+44 (0) 20 3100 2000

1 Year Gan Chart

1 Year Gan Chart

1 Month Gan Chart

1 Month Gan Chart

Your Recent History

Delayed Upgrade Clock