6 Jun 2018 10:58
LONDON STOCK EXCHANGE (LSE): GAN | IRISH STOCK EXCHANGE (ISE): GAME
Update on Legalization of US Internet Sports Betting
Re-confirms H2 launch of Internet sports betting in the US
London & Dublin | June 6, 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 provides an update following 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").
Recent press reports have speculated that certain New Jersey casinos may be prohibited from launching Internet sports betting due to their ownership of or other association with US sports teams ("Issue").
The Company re-confirms it is preparing to launch Internet sports betting in both New Jersey and Pennsylvania for its clients in H2 and further confirms the Company has investigated the reported Issue with its clients and does not currently expect any impact on GAN's plans to launch sports betting in H2.
Sports betting will be delivered as an integrated extension into GAN's enterprise software platform and GAN will participate in the material incremental sports betting revenues. These incremental revenues are expected to be material for GAN in H2.
Management Commentary
Dermot Smurfit, CEO of GAN commented:
"Online sports betting 'go-live' preparations are well advanced and we remain confident in launching as soon as reasonably possible in H2."
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 |
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| UK & Ireland Investors: Walbrook PR |
| Paul Cornelius |
| GAN@WalbrookPR.com |
| +44 20 7933 8780 |
| Davy (Nominated Adviser, ESM Adviser and Joint Broker) |
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| John Frain / Barry Murphy |
|
| +353 1 679 6363 |
|
|
Liberum (Joint Broker) |
|
| Neil Patel / Cameron Duncan |
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| +44 (0) 20 3100 2000 |
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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 fourteen (14) 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 January 2018 GAN announced a strategic partnership with SBTECH, a leading European B2B sports betting technology provider. 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. In May 2018, the US Supreme Court repealed PASPA and GAN confirmed the H2 launch of sports betting for US clients integrated into GAN's enterprise software platform.
For more information please visit www.GAN.com