GAN edges higher as March Madness boosts New Jersey sports betting

Millions of Americans try to predict the outcome of the 64-strong college basketball tournament which happens every March

march madness
The absence of the NFL is still hitting gambling revenues

Shares in gaming software maker GAN PLC (LON:GAN) edged higher on Monday morning on the back of a pick-up in online sports betting in New Jersey last month.

The total amount wagered online on sports matches in New Jersey rose to US$298.3mln in March.

That figure is up from US$259.0mln in February, although it is below the US$305.0mln racked up in January when the NFL playoffs were taking place.

READ: GAN reports growth in New Jersey internet gambling market

Last month’s figures were boosted by March Madness – a huge college basketball tournament that sees many Americans fill out a ‘bracket’ as they attempt to predict the outcome.

After payouts, revenue came in at US$24.3mln last month, up significantly from February's US$12.8mln and January's US$15.5mln.

Internet gaming win was US$39.1mln in March compared to US$25.6mln in the prior year period, reflecting a year-over-year increase of 52.7%.

GAN shares rose 0.5% to 51.8p at the opening bell on Monday.

Quick facts: GAN PLC

Price: 142.5 GBX

Market: AIM
Market Cap: £121.42 m

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