GAN Poised To Expand Aggressively In US Following $10m Cash Injection
We reported on the partnership between GAN and SBtech following the US Supreme Court decision that lifts the federal ban on sports betting. It would seem that GAN have received a major boost in light of the new opportunities as they have announced that they raised $10m through the sale of Subscription Shares. This cash will be used to expand their US operations and will be utilized to expand their existing position in the US.
GAN CEO Dermot Smurfit commented on the new round of capital raised and said,” This strategic capital raising exercise positions GAN to consolidate its US market position and capture substantial incremental revenue opportunities available resulting from both Internet gaming and sports betting regulation in New Jersey, Pennsylvania and other US States expected to regulate Internet gambling in the near future.”
GAN has a significant advantage in that they have been operating in the US market for a while now both on the real money front and social casino sides. In New Jersey they work on the Betfair online casino site who operate under the Golden Nugget Gambling license. They also are in stages of development for a website with the Ocean Resort Casino.
With Pennsylvania expected to open up real money gambling , GAN already provide Parx Casino and Racing with their social casino software which will make the switch to real money gambling that much easier as soon as all the regulatory paperwork has been approved by the state. In addition GAN has over 14 deals in place with casino operators who use their social casino software.
Europe is also a market where GAN operates and they have 10 regulated online gambling sites. Given all of this it would seem that GAN are one of those companies to look out for as the US sports betting revival takes fold.