Billionaire Dermot Desmond Invests $1.7 Million in GAN
The delays in the expansion of online gambling beyond the three existing US states has resulted in a major push to offer a n alternative to US based land casinos who are looking to capitalize for the digital mobile audience.
As it stands now online gambling in the US in only legal in New Jersey, Delaware and Nevada and the consensus that it will take a long time for a wide scale expansion. Companies that can offer a casino alternatives that increase revenues from mobile digital devices are one of the most sought after commodities in the market. There are only a handful of players in the field and much of what is happening is going on behind the scenes. Companies like oneLIVE and GAN are in the news but their product is based more on the social side and with a tournament focus.
GAN are popping up as a significant player with their Simulated Gaming Product. As part of this growth they have raised $1.7 million from Billionaire Dermot Desmond and plan to use this to accelerate their growth in both the real money US market as well as their social gaming product.
GAN have been evasive in declaring their new partners for their Simulated Gaming Product before passing all the regulatory requirements. They did put up a press release afterwards confirming that they have partnered with the Chickasaw Nation to launch a social casino experience on their Simulated Gaming Platform.
Commenting on the investment from Desmond, GAN CEO said,” Additional capital allows us to accelerate the development of our technical capability to deliver the product requirements of our growing list of corporate clients and bring new clients online. The positive and unexpected surge in US corporate demand for GAN’s unique services requires increased delivery capability. We’re happy to respond to this real business need on behalf of all shareholders and welcome Mr Desmond’s investment. Mr Desmond is an astute investor with a long track record participating in the Internet gambling market and we believe this investment validates our strategy and technology which will deliver significant incremental value for shareholders over time.”
Other players in this field include Nektan who are also reportedly working on an premise product for land based casinos. We will follow the developments in this niche as they happen.