Gambling Supplier GAN Sees Record Quarter, Boosted By US Sports Betting

• GAN has had partnerships with casinos across the US prior to the repeal of the federal ban on sports betting known as PASPA.
• GAN previously signed a partnership with sports betting supplier SBTech in 2018.
• The first quarter of New Jersey sports betting was primarily fueled by the NFL Playoffs, Super Bowl, and the NCAA March Madness tournament.

TALLAHASSEE, Fla. – The popularity and acceptance of sports betting across the US is more evident now than ever. Sports leagues, state legislators, casinos, and sports bettors themselves have all begun to cash in on the activity. European-based internet gambling company GAN is no different, having reported a record high quarterly revenue.

In a press release from the company last month, GAN was able to show a total of $59.1 million dollars in gross operator revenue and a +148.3% change in revenue year-over-year.

“We are very pleased with our performance through the first three months of 2019 with a record top-line figure,” said Dermot Smurfit, Chief Executive Officer of GAN. “We knew that the initiatives set in place throughout 2018 positioned the company for a strong first quarter and fiscal year 2019.”

Much of the success comes from the growth of the US sports betting market, particularly in New Jersey where GAN currently operates.

Sports betting in New Jersey saw record numbers in the first quarter of 2019 primarily due to the NFL Playoffs in January, the Super Bowl in February, and March Madness betting. According to the New Jersey Division of Gaming Enforcement, the month of March alone saw approximately $370 million wagered on sports, with about a third coming from March Madness betting alone.

Part of those 2018 initiatives includes GAN’s partnerships with Borgata, Ocean Resort Casino, and Paddy Power Betfair which runs the Betfair NJ online casino.

The company also entered into a strategic partnership with sports betting provider SBTech at the beginning of 2018 before PASPA was repealed. This gave GAN access to additional partnerships and a head start on the growing sports wagering industry we see in the US today.

What The Future Holds For GAN

As far as what’s next for GAN, the company is entering a neighboring market by handling online sports wagering at Parx Casino, Pennsylvania’s best casino in terms of revenue.

GAN announced back in July of 2018 that they would work as the enterprise software platform provider for both the retail sportsbook and the online Parx Casino sports wagering site or app.

While it has been months since that announcement, the Pennsylvania Gaming Control Board (PGCB) announced last month that online sportsbooks in the state are close to launching.

“I really believe that within the next two to three weeks, we will see the first of the sports wagering internet sites go up for testing,” said Doug Harbach, spokesman for the PGCB.

Parx Casino already has a mobile betslip builder, but with GAN by its side, the gaming operator has already positioned itself to be a pioneer in the upcoming online Pennsylvania sports betting market.

News tags: GAN | New Jersey sports betting