Stay Informed.News

GAN Announces Michigan Becomes Sixth State to Regulate Internet Gambling in the U.S.

21 December, 2018
LONDON STOCK EXCHANGE (LSE): GAN  | IRISH STOCK EXCHANGE (ISE): GAME
 
GAN Announces Michigan Becomes Sixth State to Regulate Internet Gambling in the U.S.;
      Expects to Serve Land-Based Casino Operators in 2019     
 
London & Dublin | December 21, 2018: GAN plc (“GAN” or the “Company”) a leading B2B supplier of Internet gambling enterprise software-as-a-service solutions to the US land-based casino Industry, welcomes today’s final approval by both the Michigan Senate and the Michigan House of Representatives of HB 4926 a bill that includes provisions for the legalisation of full real money Internet casino gaming in the state as well as Internet sports betting. The bill will now be presented to the Governor of Michigan and may then be signed into law at the Governor’s discretion. 
 
GAN anticipates serving one or more land-based casino operators in Michigan with real money Internet gambling technology and supporting services commencing in 2019.
 
With a population of 10.0 million, the State of Michigan materially increases the number of Americans who will be permitted to play Internet casino games and bet on sports online. The Michigan regulated Internet gambling market is now expected to commence in 2020 and GAN is strongly positioned to serve Michigan casino operators in that State following successful launch of Internet casino and sports betting in the State of New Jersey in September 2018 and the forthcoming launch in Pennsylvania in H1 2019.
 
Management Commentary
 
Dermot Smurfit, CEO of GAN commented:
 
Michigan is now America’s sixth State to regulate Internet gambling, joining Nevada, Delaware, New Jersey, Pennsylvania and West Virginia. This reinforces our belief that the regulatory cycle for Internet gambling in the US will now be rapid. GAN is one of only two fully licensed B2B-only platform vendors in New Jersey, the largest casino in Pennsylvania as a client and one of the very few B2B-only technology vendors with the requisite technical expertise and ‘day one’ New Jersey experience to credibly serve Michigan’s land-based casinos.”
 
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™, 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  
 
 

Recent News

12 September, 2019
GAN H1 2019 Financial Results - Investor Presentation

London | 13 September 2019: GAN plc (“GAN” or the “Group”), a leading B2B supplier of Internet gambling enterprise software-as-a-service solutions to the land-based casino industry, announces its operating and financial results for the six months ended 30 June 2019 - the attched presentation is the H1 2019 Investor Presentation to accompany the earnings call scheduled for 4:00 PM BST (11am EST / 8am PST) on September 13, 2019.

Read Full Article
12 September, 2019
GAN Announces Profitable H1 2019 Financial Results

London | 13 September 2019: GAN plc (“GAN” or the “Group”), a leading B2B supplier of Internet gambling enterprise software-as-a-service solutions to the land-based casino industry, announces its operating and financial results for the six months ended 30 June 2019.
 
 
Financial Overview
 
·        Group Net Revenue of £11.3m (H1 2018: £4.6m), an increase of +145%
 
·        Clean EBITDA1 profit of £3.0m (H1 2018: clean EBITDA loss of £0.3m)
 
·        Profit after tax of £0.7m (H1 2018: loss after tax of £3.0m)
 
·        Basic earnings per share of £0.01 (H1 2018: loss per share £0.04)
 
·        Cash and cash equivalents at 30 June 2019 of £9.1m (£5.5m at 31 December 2018)
 
·        United States accounted for 78% of Net Revenue including £3m derived from patent licensing

Read Full Article
12 September, 2019
Trading Update and Conclusion of Review of Strategic Alternatives

London | 13 September 2019: GAN plc (“GAN” or the “Group”), a leading B2B supplier of Internet gambling enterprise software-as-a-service solutions to the land-based casino industry, today announces the conclusion to its review of strategic alternatives commenced on 29 March 2019, and provides a trading update.

Read Full Article
Top of page