Gan Gambling
Supplying services to numerous casino sites
On this Wildcard Wednesday, host Emily Flippen and Motley Fool analyst Clay Bruning talk about a small, under-the-radar play on digital gaming: GAN Limited (NASDAQ:GAN). Find out why this company. At GAN we leverage our experience and expertise developed online with leading global and U.S. Internet gambling operators. GAN’s universal platform and patented process deliver a competitive advantage, resulting in higher conversion rates, better payment processing success rates, flexible choice of integrated Sports Betting modules, mature and fully-featured Internet casino. GAN Ltd (NASDAQ:GAN) offers software-as-a-service gambling solutions to the lucrative U.S. Online casino and sports betting markets. GAN stock investors could benefit from the big push toward. GAN Limited is a UK-based provider of enterprise Software-as-a-Service solutions for online casino gambling, also known as iGaming, applications, as well as online sports betting. Its 'GameSTACK'.
Online gambling software provider GAN has announced its latest partnership deal in the United States, this time gaining a foothold in the Michigan market.
GAN has secured access to Michigan’s newly regulated iGaming market after negotiating a deal with the Sault Tribe of Chippewa Indians.
GAN will be providing the technology for the tribe to launch its own online gambling services
This announcement follows HB 4311 being passed by lawmakers in Michigan on December 23, 2019. The bill approved the legalization of online casinos and online sportsbooks in the state. GAN will be providing the technology for the tribe to launch its own online gambling services.
The tribe is federally recognized and it has its operations located on the Upper Peninsula of Michigan. Its gaming division is called Kewadin Casinos and it has five gambling facilities dotted across the state.
Rules and regulations to be finalized
The Michigan Gaming Control Board has not yet finalized the rules and regulations for the iGaming sector. Therefore, online gambling operations are not set to launch until 2021. However, operators have been striking partnerships with local operators in anticipation of these new rules.
GAN clearly sees potential in the state’s online gambling market. It will be working with a major casino operator on this online gambling offering in the state. However, the casino operator wishes to remain anonymous until regulations for the sector have been approved.
Response to this deal
Speaking about this new deal was Jeff Berman, the chief commercial officer of GAN. He spoke about the potential of the market in Michigan. He also said that GAN’s “technical expertise and ‘day one’ experience in multiple US Internet gaming markets will enable the Sault Tribe to capture their share of the online opportunity.”
Road to legalization in Michigan
After previous attempts to legalize sports betting fell at the final hurdle under the former state governor, it finally secured passage late in 2019 through recently elected Governor Gretchen Whitmer.
She signed into law a number of bills that made sports betting and online gambling legal in Michigan. The three commercial casinos and the tribes in the state are able to launch online casino gaming platforms.
The first of the state’s retail sportsbooks opened at the start of March in Detroit. However, the timing could not have been much worse.
Just a few days after launch, Governor Whitmer had to issue an order to close gambling venues in the state in an attempt to stop the spreading of the coronavirus. Therefore, new sportsbooks were left in limbo as most major sporting events were either canceled or postponed.
LONDON--(BUSINESS WIRE)--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).
Gan Online Gambling
For more information please visit www.GAN.com.