Stay Informed.News

GAN Provides April 2020 Internet Gambling Market Update For Pennsylvania as Reported by the Pennsylv

19 May, 2020
GAN Provides April 2020 Internet Gambling Market Update For Pennsylvania as Reported by the Pennsylvania Gaming Control Board
Internet Gambling Win Increased 84% from December
 
London | May 19, 2020: GAN Limited (the “Company” or “GAN”) (NASDAQ: GAN), a leading business-to-business supplier of internet gambling software-as-a-service solutions primarily to the U.S. land-based casino industry, today updated the market following the publication on May 18, 2020, by the Pennsylvania Gaming Control Board (“PGCB”) of Internet gaming and Internet sports betting financial information for the State of Pennsylvania during the calendar month of April 2020. 
 
Highlights from the PGCB include:
  • Internet Gaming Win was $43.1 million in April, reflecting an increase of 73.1% from the prior sequential month. This compares to:
    • $24.9 million for the month of March;
    • $19.5 million for the month of February; and
    • $14.0 million for the month of January.
  • Total Internet Sports Wagering Handle(1) was approximately $46.0 million for the month of April, a significant decrease from prior months as the result of most sporting events being canceled during the global COVID-19 pandemic. This compares to:
    • $118.3 million for the month of March, which was partially affected by the pandemic; 
    • $294.1 million for the month of February, which includes the Super Bowl, the largest single day for end user gambler activity and sports betting handle; and
    • $308.6 million for the month of January.
  • Internet Sports Wagering Gross Revenues(2) (after payouts) for the month of April were $3.2 million. This compares to:
    • $7.9 million for the month of March;
    • $10.8 million for the month of February; and
    • $26.7 million for the month of January.
 
  1. Gross amount of money accepted in wagers
  2. Internet Sports Wagering Gross Revenues may vary from month to month due to the payouts for future events occurring months after the original wager was made and unredeemed winning wagers from prior months will become deductible upon redemption in future months
 
The information in this press release is taken from a report published by the PGCB. The complete report is publicly available on the PGCB’s website at www.gamingcontrolboard.pa.gov. GAN is providing the information to enable the investor community to more readily monitor Internet gambling in Pennsylvania, which remains a key market for GAN. The numbers and trends reported are for the overall market in Pennsylvania as reported by the PGCB. They are not historic or expected results of operations for GAN.
 
About GAN Limited
GAN is a leading business-to-business supplier of internet gambling software-as-a-service solutions predominantly to the U.S. land-based casino industry. GAN has developed a proprietary internet gambling enterprise software system, GameSTACK™, which it licenses to land-based casino operators as a turnkey technology solution for regulated real-money internet gambling, encompassing internet gaming, internet sports gaming and virtual Simulated Gaming.
 

 
Investor Contacts:
 
GAN
Jack Wielebinski
Head of Investor Relations
(214) 799-4660
[email protected]
 
The Equity Group
Adam Prior
(212) 371-8660
[email protected]
 
Carolyne Sohn
(415) 568-2255
[email protected]
 

Recent News

28 May, 2020
GAN Announces Cordish Gaming Group as a Major New Client of Internet Gambling in Pennsylvania

London | May 28, 2020: GAN Limited (the “Company” or “GAN”) (NASDAQ: GAN), a leading business-to-business supplier of internet gambling software-as-a-service solutions to the U.S. land-based casino industry, today announced that Cordish Gaming Group, the global gaming division of The Cordish Companies, has engaged GAN as their enterprise software Platform provider to power their new “PlayLive!” branded Internet gambling business in the State of Pennsylvania, complementing the development of two new Live!-branded gaming facilities in Philadelphia and Pittsburgh.
 

Read Full Article
14 May, 2020
GAN Reports April 2020 Internet Gambling Growth For New Jersey

London | May 14, 2020: GAN Limited (the “Company” or “GAN”) (NASDAQ: GAN), a leading business-to-business supplier of internet gambling software-as-a-service solutions primarily to the U.S. land-based casino industry, today updated the market following the publication on May 13, 2020, by New Jersey’s Division of Gaming Enforcement (“DGE”) of Internet gaming and Internet sports betting financial information for the calendar month of April 2020 in New Jersey. 

Read Full Article
14 May, 2020
GAN Limited Announces Closing of IPO and Full Exercise of Underwriters’ Option to Purchase Additiona

London | May 7, 2020: GAN Limited (the “Company” or “GAN”) (NASDAQ: GAN), a leading business-to-business supplier of internet gambling software-as-a-service solutions primarily to the U.S. land-based casino industry, today announced the closing of its previously announced upsized initial public offering of 7,337,000 ordinary shares, which includes the exercise in full of the underwriters’ option to purchase 957,000 ordinary shares, at a price to the public of $8.50 per share. All of the ordinary shares were sold by GAN. The gross proceeds from the offering, before deducting underwriting discounts and commissions and estimated offering expenses payable by GAN, were approximately $62.4 million.  The ordinary shares of GAN began trading on The Nasdaq Capital Market on May 5, 2020, under the symbol “GAN.”
 

Read Full Article
Top of page