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GAN : Announces SBTECH as a Strategic Partner for US Sports Betting

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01/16/2018 | 03:31pm CET

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 a strategic relationship with SBTECH to serve real money sports betting to GAN’s diverse US casino operator clients (“Clients”). Integrated with GAN’s GameSTACK™ enterprise software platform, SBTECH’s sports betting solution is anticipated to be delivered to selected Clients’ end users engaging via both the Internet and retail channels. GAN’s Clients together represent more than seventy casino properties located coast-to-coast generating in excess of $8bn in land-based casino gaming revenues annually.

This strategic partnership positions both GAN and SBTECH in the event the Supreme Court of the United States (“SCOTUS”) overturns or otherwise modifies the current Federal US prohibition on sports betting enshrined with the Professional and Amateur Sports Protection Act 1992 (“PASPA”).

SBTECH is a leading European B2B provider of sports wagering technology and related managed services including sports trading, odds compilation and risk management.

Management Commentary

Dermot Smurfit, CEO of GAN commented:

“GAN has been asked by several Clients to review, procure and support the delivery of a sports betting solution both online and in the on-property retail channel in the event PASPA is overturned. We have conducted a lengthy diligence process in Europe to identify a preferred sports betting partner based on their technical capability, US licensing suitability, ability to integrate seamlessly with GAN’s enterprise software platform and the sophistication of their managed sports services. We are delighted to announce this strategic relationship with SBTECH.”

Richard Carter, CEO for SBTECH commented:

“GAN is a licensed, trusted partner to more than a dozen US casino operators equipped with unique intellectual property and a proven track record in delivering and growing Internet gaming businesses in the United States. This partnership is logical for SBTECH and permits SBTECH to rapidly introduce its sports betting technology and services to a wide range of US casinos with a view to being the first to settle a US sports bet online and on-property in States such as New Jersey and Pennsylvania, in close collaboration with GAN.”

FAQs about US regulation & GAN’s real money online Regulated Gaming

  • In the event PASPA is overturned by SCOTUS in H1 2018 the US market opportunity for retail, online and mobile sports betting deployed on-property and online is expected to exceed $6bn by 2023 (source: Eilers & Krejcik Gaming, LLC November 2017).
  • 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.
  • Both New Jersey and Pennsylvania have passed legislation enabling existing Internet gaming operators to launch Internet sports betting in the event PASPA is overturned by SCOTUS.
  • 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 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 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.

SBTECH | Overview

SBTech is the leading B2B supplier to the online betting and gaming industry in regulated markets worldwide. Its award-winning sportsbook platform is widely acknowledged as the industry’s leading solution offering operators best-in-class technology. SBTech is also recognised as one of the leading innovators when it comes to ground-breaking betting products and features.

The company’s recently-launched Managed Services offers gaming companies the opportunity to choose the services they want to manage or leave to SBTech; such as CRM, compliance or risk management.

As a member of the American Gaming Association’s sports betting taskforce, SBTech is proud to support the US gaming industry’s efforts to regulate its sports betting sector and work towards the best possible regulatory framework in the country. Defined by technical excellence, a powerful sportsbook engine and informed by deep market knowledge, SBTech’s innovative solutions deliver competitive edge and rapid growth for its clients.

For more information on SBTECH please visit www.SBTECH.com.

© Business Wire 2018
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Financials ( GBP)
Sales 2017 8,24 M
EBIT 2017 -1,70 M
Net income 2017 -
Finance 2017 0,95 M
Yield 2017 -
P/E ratio 2017 -
P/E ratio 2018
EV / Sales 2017 2,69x
EV / Sales 2018 2,33x
Capitalization 23,1 M
Chart GAN
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GAN Technical Analysis Chart | GAN | GB00BGCC6189 | 4-Traders
Technical analysis trends GAN
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Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 2
Average target price 0,64  GBP
Spread / Average Target 94%
EPS Revisions
Dermot Stopford Smurfit Chief Executive Officer & Executive Director
Seamus M. McGill Non-Executive Chairman
Simon Knock Chief Operating Officer
Karen Ashcroft Head-Finance
Michael William Joseph Smurfit Non-Executive Director
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