Internet gambling software developer GAN plc has updated investors at its annual general meeting today on US activities, highlighting the swift pace of regulatory change in the American sports betting sector.
Chief Executive Officer Dermot Smurfit advised: “Since last year’s AGM, GAN has been firmly focused on taking advantage of the incremental US internet sports betting opportunity which we launched online in New Jersey in September 2018. Since launch, sports betting has driven substantial increases in our clients’ revenues, in which GAN participates.
“We also prepared to launch internet gambling in Pennsylvania for the largest retail operator, Parx Casino, as well as extending our relationship with FanDuel Group, the US arm of Flutter Entertainment plc (formerly Paddy Power Betfair plc) to rapidly deploy our platform in selected additional US states. 2018 was clearly therefore a pivotal year for GAN.”
Addressing the growing scale of US sports wagering, he added: “Since the beginning of 2019, we have witnessed the rapid and accelerating regulation of Internet gambling in other US states including Montana, Indiana, Iowa, Tennessee and Illinois. Today, fifty-eight million Americans, representing nearly 20% of the entire US population now have legislation in place permitting one or more forms of Internet gambling.
“Furthermore, industry analysts believe more than half of all Americans will be permitted to gamble online as a result of accelerating incremental state-by-state regulation within just a few more years.”
Smurfit told the meeting that this regulatory driver creates a unique opportunity for GAN to leverage years of investment developing and optimizing its technology. It also provides, he said, an environment to maximize the equity value of its US industry position as a unique enterprise software technology platform enabling regulated intra-state online gambling across America.
“Finally,” he noted, “we are especially pleased with our financial performance to date, building on the momentum achieved during the first quarter, during which we generated record revenues. All the company’s operational KPI’s continue to trend positively and therefore remain excited by the potential for the remainder of the year, starting with the imminent launch of Parx Casino in Pennsylvania.
“In conclusion, 2018 was a pivotal year for GAN, and we firmly believe 2019 will be another year of tremendous operational and financial progress and I look forward to updating shareholders with our financial results for the first half of the current financial year in due course.”
