GAN Announces SBTECH as a Strategic Partner for US Sports Betting
17 January 2018 - 1:30AM
Business Wire
GAN plc (“GAN” or the “Company”) a leading B2B supplier of
Internet gaming enterprise software-as-a-service solutions to the
US land-based casino Industry, today announces a strategic
relationship with SBTECH to serve real money sports betting to
GAN’s diverse US casino operator clients (“Clients”). Integrated
with GAN’s GameSTACK™ enterprise software platform, SBTECH’s sports
betting solution is anticipated to be delivered to selected
Clients’ end users engaging via both the Internet and retail
channels. GAN’s Clients together represent more than seventy casino
properties located coast-to-coast generating in excess of $8bn in
land-based casino gaming revenues annually.
This strategic partnership positions both GAN and SBTECH in the
event the Supreme Court of the United States (“SCOTUS”) overturns
or otherwise modifies the current Federal US prohibition on sports
betting enshrined with the Professional and Amateur Sports
Protection Act 1992 (“PASPA”).
SBTECH is a leading European B2B provider of sports wagering
technology and related managed services including sports trading,
odds compilation and risk management.
Management Commentary
Dermot Smurfit, CEO of GAN commented:
“GAN has been asked by several Clients to review, procure and
support the delivery of a sports betting solution both online and
in the on-property retail channel in the event PASPA is overturned.
We have conducted a lengthy diligence process in Europe to identify
a preferred sports betting partner based on their technical
capability, US licensing suitability, ability to integrate
seamlessly with GAN’s enterprise software platform and the
sophistication of their managed sports services. We are delighted
to announce this strategic relationship with SBTECH.”
Richard Carter, CEO for SBTECH commented:
“GAN is a licensed, trusted partner to more than a dozen US
casino operators equipped with unique intellectual property and a
proven track record in delivering and growing Internet gaming
businesses in the United States. This partnership is logical for
SBTECH and permits SBTECH to rapidly introduce its sports betting
technology and services to a wide range of US casinos with a view
to being the first to settle a US sports bet online and on-property
in States such as New Jersey and Pennsylvania, in close
collaboration with GAN.”
FAQs about US regulation & GAN’s real money online
Regulated Gaming
- In the event PASPA is overturned by
SCOTUS in H1 2018 the US market opportunity for retail, online and
mobile sports betting deployed on-property and online is expected
to exceed $6bn by 2023 (source: Eilers & Krejcik Gaming, LLC
November 2017).
- Internet gaming was effectively
out-lawed in the United States during October 2006 by the Unlawful
Internet Gaming Enforcement Act by prohibiting financial
institutions from processing Internet gaming payments.
- In 2013 three (3) US States passed laws
to regulate Internet gaming within their borders: Nevada (pop.
2.8m), Delaware (<1m) and New Jersey (8.9m) comprising a total
of 12.6m people representing less than 4% of the US population
(324m). In the neighbouring State of New Jersey (pop. 9m) the
Internet gaming market commenced in November 2013 and generated
$197m in gross Internet gaming revenues in calendar year 2016
representing 8.2% of the $2.4bn in land-based gross gaming revenues
generated by New Jersey’s eight (8) casino properties operational
in full or in part throughout 2016.
- Both New Jersey and Pennsylvania have
passed legislation enabling existing Internet gaming operators to
launch Internet sports betting in the event PASPA is overturned by
SCOTUS.
- Pennsylvania has a population of 12.8m,
which more than doubles the number of Americans, who will be
legally permitted to wager real money on Internet casino games
following the commencement of Regulated Gaming in the State of
Pennsylvania, anticipated in the first half of 2018.
- Real money online Regulated Gaming for
GAN comprises wholly-regulated and US-compliant Internet gaming
where end user players resident in wholly-legal jurisdictions
deposit & wager real money while playing casino games
online.
- GAN received its first full US gaming
licence in April 2017 awarded by the State of New Jersey.
GAN | Overview
GAN is a leading B2B supplier of Internet gaming enterprise
software-as-a-service solutions to the US land-based casino
Industry. GAN is listed on the ESM Market of the Irish Stock
Exchange and the AIM Market of the London Stock Exchange under the
ticker: GAN.
The Company has developed an Internet gaming enterprise software
system, GameSTACK™, which it licenses principally to land-based US
casino operators as a turnkey technology solution for both
regulated real-money and/or virtual Simulated Gaming. GAN has
thirteen (13) casino operators as clients of Simulated Gaming
coast-to-coast across the US and Internationally; two (2) clients
of real money Regulated Gaming in New Jersey; one (1) client of
real money Regulated Gaming in Pennsylvania and ten (10) clients of
real money Regulated Gaming in Europe.
The Internet Gaming System, developed in London under a UK
Gambling Commission license, is certified to the highest technical
standards currently required by gaming regulators. In April 2017
GAN was granted a Casino Service Industry Enterprise license by the
New Jersey Division of Gaming Enforcement being GAN’s first
privileged gaming license in the United States.
For more information please visit www.GAN.com.
SBTECH | Overview
SBTech is the leading B2B supplier to the online betting and
gaming industry in regulated markets worldwide. Its award-winning
sportsbook platform is widely acknowledged as the industry’s
leading solution offering operators best-in-class technology.
SBTech is also recognised as one of the leading innovators when it
comes to ground-breaking betting products and features.
The company’s recently-launched Managed Services offers gaming
companies the opportunity to choose the services they want to
manage or leave to SBTech; such as CRM, compliance or risk
management.
As a member of the American Gaming Association’s sports betting
taskforce, SBTech is proud to support the US gaming industry’s
efforts to regulate its sports betting sector and work towards the
best possible regulatory framework in the country. Defined by
technical excellence, a powerful sportsbook engine and informed by
deep market knowledge, SBTech’s innovative solutions deliver
competitive edge and rapid growth for its clients.
For more information on SBTECH please visit www.SBTECH.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180116005358/en/
GANDermot Smurfit, +44 (0) 20 7292 6262Chief Executive
Officerdsmurfit@GAN.comorUS Investors: The Equity GroupAdam
Prior, 212-371-8660aprior@equityny.comorUK & Ireland
Investors: Walbrook PRPaul Cornelius, +44 20 7933
8780GAN@WalbrookPR.comorDavy (Nominated Adviser, ESM Adviser and
Joint Broker)John Frain / Barry Murphy, +353 1 679
6363orLiberum (Joint Broker)Neil Patel / Cameron Duncan, +44
(0) 20 3100 2000
GAN (NASDAQ:GAN)
Historical Stock Chart
From Apr 2024 to May 2024
GAN (NASDAQ:GAN)
Historical Stock Chart
From May 2023 to May 2024