GAN PLC Major US Expansion with the FanDuel Group (6753M)
10 January 2019 - 6:00PM
UK Regulatory
TIDMGAN
RNS Number : 6753M
GAN PLC
10 January 2019
LONDON STOCK EXCHANGE (LSE): GAN | IRISH STOCK EXCHANGE (ISE):
GAME
GAN Announces Major US Expansion with the FanDuel Group
London & Dublin | January 10, 2019: 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 Plc
GAN 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(TM), 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.
For further information please contact:
GAN US Investors: The Equity Group
Dermot Smurfit Adam Prior
Chief Executive Officer aprior@equityny.com
+44 (0) 20 7292 6262 212.371.8660
dsmurfit@GAN.com
UK & Ireland Investors: Walbrook
PR
Paul Cornelius
GAN@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
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contact rns@lseg.com or visit www.rns.com.
END
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