GAN Confirms Internet Gambling in the State of Michigan
March 27 2020 - 6:00AM
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).
For more information please visit www.GAN.com.
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