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GAN extends iGaming deal with Paddy Power Betfair

Released 07:00 18-Apr-2018

RNS Number : 2289L
GAN PLC
18 April 2018
 

 

LONDON STOCK EXCHANGE (LSE): GAN  | IRISH STOCK EXCHANGE (ISE): GAME

 

GAN extends iGaming deal with Paddy Power Betfair in New Jersey

 

Multi-year Extension by Key Client of GAN's iGaming Platform Services

 

London & Dublin | April 18, 2018: 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 that key client Paddy Power Betfair Plc has entered into a multi-year extension with GAN for the continued provision of Platform Services in New Jersey's fast-growing Internet gaming market.

 

Paddy Power Betfair Plc and GAN collaborated in 2013 to launch www.BetfairCasino.com reliant on GAN's Internet gaming system and associated services and has since established a significant and profitable Internet casino in New Jersey.

 

Management Commentary

 

Dermot Smurfit, CEO of GAN commented:

 

"We're privileged to renew and extend our agreement with Paddy Power Betfair in the United States, one of the largest Internet sports betting and gaming operators in the world today. Our respective teams have performed well over an extended period in order to establish BetfairCasino.com as the leading independent Internet casino in New Jersey. We look forward to continued shared success."

 

Kip Levin, CEO of Betfair US commented:

 

"BetfairCasino.com offers a unique iGaming product experience for customers in New Jersey. The extension of this agreement is a reflection of GAN's flexible technology system, 'can-do' attitude and their overall commitment".

 

 

FAQ's about US regulation & GAN's real money online Regulated Gaming

 

·     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 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

 

 

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

 

 

 

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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GAN extends iGaming deal with Paddy Power Betfair - RNS