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GAN PLC - GAN Confirms Internet Gambling in Michigan State

RNS Number : 8408H
GAN PLC
27 March 2020
 

 

LONDON STOCK EXCHANGE (LSE): GAN

 

GAN Confirms Internet Gambling in the State of Michigan

London | March 27, 2020: GAN plc ("GAN" or the "Company"), an award-winning developer and supplier of enterprise-level B2B Internet gambling software, services and online gaming content in the United States, today provides more information on the previously confirmed closure of certain market access arrangements with the Sault Tribe of Chippewa Indians ("Tribe") in the State of Michigan, following the December 23, 2019, passage into Michigan law HB 4311, a bill that includes provisions for the legalization of full real money Internet casino gaming in the State of Michigan as well as Internet sports betting.

 

In Michigan, GAN will be providing its technology Platform together with certain operational services to both the Tribe's five land-based Kewadin casino properties and an existing major U.S. casino operator client of GAN ("Client") that has requested anonymity pending certain regulatory approvals.

 

With a population of 10.0 million (3.1% of the U.S. population), the Michigan Internet gambling market is forecast to generate $377 million in Gross Operator Revenue in the first 12 months of operations, increasing to $836 million in the fourth operating year (source: Regulus Partners, an International gambling consultancy).

 

Due to the extent of the Client's substantial assets, this Client's Internet gambling business is currently anticipated to be a significant contributor to GAN's full year revenues in 2021.

 

Management Commentary

 

Jeff Berman, Chief Commercial Officer of GAN, commented:

 

"Michigan has long represented an attractive market with both Internet sports and Internet casino gaming now regulated. Our technical expertise and 'day one' experience in multiple U.S. Internet gambling markets will enable the Sault Tribe to capture their share of the online opportunity and we thank them for their trust in forming this relationship with GAN and our major U.S. casino operator client whose identity will be confirmed in due course. We are incredibly excited to bring real money Internet gambling to Michigan, which remains at the core of our mission, strategy and purpose in the United States."

 

Allen Kerridge, CEO of Kewadin Gaming Authority, commented:

"The Sault Tribe of Chippewa Indians is excited to take this important step with GAN and our mutual partner to bring both retail sports to our consumers at our five casino locations in short course, in addition to Internet gaming casino on day-one when first allowed by the State of Michigan. We chose GAN and our mutual partner based on their market-leading technology and combined substantial experience serving gaming clients both online and offline."

 


About GAN Plc

GAN is a leading business-to-business ("B2B") supplier of internet gambling software-as-a-service solutions ("SaaS") to the US land-based casino industry. The Company has developed a proprietary internet gambling enterprise software system, GameSTACK™, which it licenses principally to land-based US casino operators as a turnkey technology solution for regulated real-money internet gambling, encompassing internet gaming, internet sports gaming and virtual Simulated Gaming. 

 

GAN is listed on the London Stock Exchange (LSE: GAN).

 

For more information please visit www.GAN.com.

 

 

 

For further information please contact:

 

GAN

US Investors: The Equity Group

Jack Wielebinski

Adam Prior

Head of Investor Relations

[email protected]

+1 214 799 4660

+1 212 371 8660

[email protected]

 

Carolyne Sohn

[email protected]

+1 415 568 2255

 

 

UK & Ireland Investors: Newgate Communications

 

Adam Lloyd

Giles Croot

 

[email protected]

 

+44 (0) 20 3757 6880

 

 

Davy (Nominated Adviser and Joint Broker)

 

 

John Frain / Barry Murphy

 

 

+353 1 679 6363

 

 

 

Liberum (Joint Broker)

 

 

Neil Patel / Cameron Duncan

 

 

+44 (0) 20 3100 2000

 

 

 

 

 


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Market: AIM
Market Cap: £191.72 m
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