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Shareholders considered the proposal during their general meeting in May and gave approval last month. The sudden movement toward legal US sports betting is tempting the industry leaders abroad. Add GAN to the list of large European gambling companies establishing positions in the American market. Here’s CEO Dermot Smurfit on the funding: This strategic capital raising exercise, completed today, positions GAN to consolidate its US market position and capture substantial incremental revenue opportunities available resulting from both Internet gaming and sports betting regulation in New Jersey, Pennsylvania and other US States expected to regulate Internet gambling in the near future. Online gambling legislation is a little sluggish these days, but sports betting bills have dotted the map all year long. Three states have legal wagering right now, and at least four more will join before the end of 2018. Primarily a casino supplier, GAN began to maneuver toward sports betting in advance of the US Supreme Court ruling. Early this year , the company teamed up with SBTech, a fellow B2B giant with an established bookmaking platform. The agreement gives GAN the capacity to provide sports betting services to its existing casino clients.
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