GAN Discusses Leveraging US Sports Betting Industry In Annual General Meeting

• GAN plc is a London-based developer and supplier of B2B online gambling software.
•  In July of 2018, GAN announced that the company would be providing the sports betting platform used in Parx Casino, the largest retail gaming outlet in PA.
• Gross operator revenue was up 148% from the first quarter of 2018 to the first quarter of 2019.

LONDON – The growth of the US sports betting industry is a substantial financial factor for gaming companies across the world. That is especially true for GAN plc, a London-based internet gambling software provider. During the company’s Annual General Meeting, CEO Dermot Smurfit reiterated this sentiment.“Since last year’s AGM, GAN has been firmly focused on taking advantage of the incremental US internet sports betting opportunity which we launched online in New Jersey in September 2018,” said Smurfit during the AGM.

GAN’s Quarterly Report for the first quarter of 2019, which was released in April, affirms the company’s US sports betting strategy. The report showed a whopping 148% growth in year over year gross operator revenue.

“Internet sports betting in New Jersey by national events such as the Super Bowl (American Football) and NCAA college basketball’s ‘March Madness’ continued to fuel exceptional growth of Gross Operator Revenue in this first quarter of 2019, as well as amplify the positive impact to Casino revenues from the cross over of sports gamblers to casino player,” said Smurfit in the report.

New Jersey now features over a dozen online sports betting sites and mobile apps, proving to be a crowded market. Although, GAN was able to secure a head start in the Pennsylvania Market by partnering with Parx Casino in July of 2018.

Parx was previously approved to run a state-wide mobile sports betting app by the Pennsylvania Gaming Control Board (PGCB) in 2018. The PGCB announced the testing of the state’s first online sports betting platform in last month with the PlaySugarHouse app. Parx Casino is set to be next in line to do the same.

“We also prepared to launch internet gambling in Pennsylvania for the largest operator, Parx Casino, as well as extending our relationship with FanDuel Group, the US arm of Flutter Entertainment plc (formally Paddy Power Betfair plc) to rapidly deploy our platform in selected additional states,” said Smurfit.

Several states in the US have officially legalized sports betting in 2019 including Montana, Iowa, Indiana, and Tennessee. Each state included the ability to place sports bets over the internet and Tennessee even passed an online-only sports betting bill.

Other state’s such as New York and Arkansas previously approved sports betting in their state and are aiming to open their first licensed sportsbooks sometime this year.

There are a few more states who may possibly pass legislation this year and many others who will be looking to join in on the action in 2020.

“Furthermore, industry analysts believe more than half of all Americans will be permitted to gamble online as a result of accelerating incremental state-by-state regulation within just a few more years. We firmly believe 2019 will be another year of tremendous operation and financial progress,” said Smurfit.

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