Stay Informed.News

GAN Positioned for Strong Growth in 2018 as Bill Becomes Law in Pennsylvania

31 October, 2017
LONDON STOCK EXCHANGE (LSE): GAN  | IRISH STOCK EXCHANGE (ISE): GAME
 
GAN Positioned for Strong Revenue Growth Commencing in 2018 as Bill to Legalize Real Money Internet Gaming in Pennsylvania Becomes Law
 
London & Dublin | October 31, 2017: 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 that HB 271, a bill that includes provisions for the legalisation of full real money Internet gaming in Pennsylvania, was signed into law by the Governor of Pennsylvania yesterday. HB 271 was passed by the Senate in Pennsylvania on October 25, by the House of Representatives on October 26 and signed into law by Governor Tom Wolf on October 30.
 
Pennsylvania is the second largest casino market in the United States and becomes the fourth State where Americans will be permitted to undertake Internet gaming. The Pennsylvanian regulated Internet gaming market is now expected to commence in H1 2018 and GAN is positioned for strong revenue growth from that market commencing in 2018.
 
Management Commentary
 
Dermot Smurfit, CEO of GAN commented:
 
“The signing into law yesterday of House Bill 271 provides full certainty that real money Internet gaming is coming to Pennsylvania in 2018. Governor Tom Wolf elected to sign this major gaming expansion bill in order to start the clock ticking as soon as possible. GAN is positioned for strong revenue growth in 2018 both prior to and following the commencement of the new Pennsylvanian Internet gaming market in H1 2018 as the first land-based casino operators ‘ready to go’ are likely permitted to move online first. GAN is very well prepared for Pennsylvania to regulate. We have a full Internet gaming system already deployed inside a leading Pennsylvania casino, hold a full gaming license in New Jersey as well as being a registered authorized gaming services provider in Pennsylvania since 2014.”
 
 
FAQ’s about US regulation & GAN’s real money online Regulated Gaming
 
·         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.
·         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; two (2) clients of real money Regulated Gaming in New Jersey; 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
 
 
 
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  

Recent News

25 May, 2018
GAN Appoints CFO in the US

London & Dublin | May 25, 2018: 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 announces the appointment of Richard Santiago (age 45) as Chief Financial Officer to be based in GAN’s Las Vegas offices alongside the Chief Executive Officer, Chief Information Officer and the Non-executive Chairman.

Read Full Article
21 May, 2018
Proposed Equity Subscription of £7.5m to US investors

London & Dublin | May 21, 2018: 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 announces that it has conditionally raised £7,500,000 (before expenses) through an over- subscribed Subscription of 15,000,000 new ordinary shares of £0.01 each per share (“Ordinary Shares”) at an issue price of 50p per Ordinary Share (“Subscription Shares”) by US institutional shareholders (the “Subscription”). The Subscription Shares will represent 17.6 per cent. (approximately) of the enlarged issued share capital of GAN. 

Read Full Article
15 May, 2018
GAN Welcomes Legalization of US Internet Sports Betting

London & Dublin | May 15, 2018: 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 welcomes the decision of the Supreme Court of the United States (“SCOTUS”) to overturn the previous Federal US prohibition on sports betting enshrined with the Professional and Amateur Sports Protection Act 1992 (“PASPA”).

Read Full Article
Top of page