GAN PLC GAN Confirms Internet Gambling in Michigan State (8408H)
March 27 2020 - 2:00AM
UK Regulatory
TIDMGAN
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(TM), 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 aprior@equityny.com
+1 214 799 4660 +1 212 371 8660
jwielebinski@GAN.com
Carolyne Sohn
csohn@equityny.com
+1 415 568 2255
UK & Ireland Investors: Newgate
Communications
Adam Lloyd
Giles Croot
GAN@Newgatecomms.com
+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
This information is provided by RNS, the news service of the
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END
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