GAN Shares Increase After Michigan Legalizes Sports Betting

• GAN is fully embracing the legalization of Michigan sports betting.
• Michigan sports betting will operate very similarly to states like New Jersey and Pennsylvania.
• GAN expects more states to legalize online gambling and online sports betting in 2020.

DETROIT – GAN is fully embracing Michigan sports betting and their total shares increased by 8.2 percent on Monday.

Gearing Up For New Operations Potential

GAN is a developer and supplier of gambling technologies. Many sportsbooks rely on companies like GAN to give them the sports betting technology that they need. GAN is based out of the United Kingdom, and the company is already operating in different states.

Thanks to its operations in New Jersey and Pennsylvania, GAN has been seeing a healthy profit in 2019.

With Michigan legalizing sports wagering, GAN seems to be wanting to move to a new state. Michigan sports betting shares many similarities with New Jersey and Pennsylvania. Both retail and online sports wagering are completely legal. Statewide mobile betting and remote registration for online accounts are allowed.

The tax rate in Michigan is 8.4 percent which will allow sportsbooks to operate at a profit. All of these facts make Michigan look a good state to operate in for GAN.

“This also signals States’ increased appetite for enabling Internet casino gaming, as opposed to just Internet sports betting, in order to logically maximize the incremental State tax opportunity. GAN is the only fully licensed B2B-only platform vendor operating in New Jersey, Pennsylvania and Indiana with the requisite technical expertise and ‘day one’ experience in multiple US Internet gambling markets to credibly serve one or more of Michigan’s 26 land-based casinos,” said Dermot Smurfit, CEO of GAN.

A New Market To Consider

As Smurfit stated, there are 26 brick-and-motor casinos in Michigan. Three of the casinos are state-licensed while the other casinos are operated by the native tribes in the state. Every single one of these casinos is allowed to operate an online sportsbook. This gives GAN plenty of opportunities to operate in Michigan.

There is plenty of sports betting potential in Michigan as well. The state has nearly 10 million people living in the state and that number is slowly increasing. With so much potential in Michigan, there is a strong chance that GAN will make deals with casinos to begin operation. Michigan sports betting is expected to start before March Madness in 2020.

News tags: Dermot Smurfit | GAN | Michigan | New Jersey | Pennsylvania | United Kingdom