GAN plc. announced the signing of a material long-term deal with the FanDuel Group 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 will increase the value of revenue share, professional services and patent licensing fees of GAN.
As per the deal, FDG has agreed to license GAN’s US Patent. GAN’s patented technology allows land-based casino patrons enrolled in on-property loyalty programmes to link existing loyalty cards to Internet gambling accounts and receive loyalty points in exchange for online gambling. 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.
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™, 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).