GAN Positioned for Strong Revenue Growth Commencing in 2018 as Bill to Legalize Real Money Internet Gaming in Pennsylvania Be...
October 31 2017 - 1:34PM
Business Wire
GAN plc (“GAN” or the “Company”) a leading B2B supplier of
Internet gaming enterprise software-as-a-service solutions to the
US land-based casino Industry, today announces that HB 271, a bill
that includes provisions for the legalisation of full real money
Internet gaming in Pennsylvania, was signed into law by the
Governor of Pennsylvania yesterday. HB 271 was passed by the Senate
in Pennsylvania on October 25, by the House of Representatives on
October 26 and signed into law by Governor Tom Wolf on October
30.
Pennsylvania is the second largest casino market in the United
States and becomes the fourth State where Americans will be
permitted to undertake Internet gaming. The Pennsylvanian regulated
Internet gaming market is now expected to commence in H1 2018 and
GAN is positioned for strong revenue growth from that market
commencing in 2018.
Management Commentary
Dermot Smurfit, CEO of GAN commented:
“The signing into law yesterday of House Bill 271 provides full
certainty that real money Internet gaming is coming to Pennsylvania
in 2018. Governor Tom Wolf elected to sign this major gaming
expansion bill in order to start the clock ticking as soon as
possible. GAN is positioned for strong revenue growth in 2018 both
prior to and following the commencement of the new Pennsylvanian
Internet gaming market in H1 2018 as the first land-based casino
operators ‘ready to go’ are likely permitted to move online first.
GAN is very well prepared for Pennsylvania to regulate. We have a
full Internet gaming system already deployed inside a leading
Pennsylvania casino, hold a full gaming license in New Jersey as
well as being a registered authorized gaming services provider in
Pennsylvania since 2014.”
FAQ’s about US regulation & GAN’s real money online
Regulated Gaming
- Internet gaming was effectively
out-lawed in the United States during October 2006 by the Unlawful
Internet Gaming Enforcement Act by prohibiting financial
institutions from processing Internet gaming payments.
- In 2013 three (3) US States passed laws
to regulate Internet gaming within their borders: Nevada (pop.
2.8m), Delaware (<1m) and New Jersey (8.9m) comprising a total
of 12.6m people representing less than 4% of the US population
(324m). In the neighbouring State of New Jersey (pop. 9m) the
Internet gaming market commenced in November 2013 and generated
$197m in gross Internet gaming revenues in calendar year 2016
representing 8.2% of the $2.4bn in land-based gross gaming revenues
generated by New Jersey’s eight (8) casino properties operational
in full or in part throughout 2016.
- Pennsylvania has a population of 12.8m,
which more than doubles the number of Americans, who will be
legally permitted to wager real money on Internet casino games
following the commencement of Regulated Gaming in the State of
Pennsylvania, anticipated in the first half of 2018.
- Real money online Regulated Gaming for
GAN comprises wholly-regulated and US-compliant Internet gaming
where end user players resident in wholly-legal jurisdictions
deposit & wager real money while playing casino games
online.
- GAN received its first full US gaming
licence in April 2017 awarded by the State of New Jersey.
GAN | Overview
GAN is a leading B2B supplier of Internet gaming enterprise
software-as-a-service solutions to the US land-based casino
Industry. GAN is listed on the ESM Market of the Irish Stock
Exchange and the AIM Market of the London Stock Exchange under the
ticker: GAN
The Company has developed an Internet gaming enterprise software
system, GameSTACK™, which it licenses principally to land-based US
casino operators as a turnkey technology solution for both
regulated real-money and/or virtual Simulated Gaming. GAN has
thirteen (13) casino operators as clients of Simulated Gaming
coast-to-coast across the US; two (2) clients of real money
Regulated Gaming in New Jersey; and ten (10) clients of real money
Regulated Gaming in Europe.
The Internet Gaming System, developed in London under a UK
Gambling Commission license, is certified to the highest technical
standards currently required by gaming regulators. In April 2017
GAN was granted a Casino Service Industry Enterprise license by the
New Jersey Division of Gaming Enforcement being GAN’s first
privileged gaming license in the United States.
For more information please visit www.GAN.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20171031006320/en/
GANDermot Smurfit, +44 (0) 20 7292 6262Chief Executive
Officerdsmurfit@GAN.comorUS Investors:The Equity
GroupAdam Prior, 212-371-8660aprior@equityny.comorUK &
Ireland Investors:Walbrook PRPaul Cornelius, +44 20 7933
8780GAN@WalbrookPR.comorDavy (Nominated Adviser, ESM Adviser and
Joint Broker)John Frain / Barry Murphy, +353 1 679
6363orLiberum (Joint Broker)Neil Patel / Cameron Duncan, +44
(0) 20 3100 2000
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