GAN plc, a developer and supplier of enterprise-level B2B Internet gaming software, services and online gaming content in the U.S., announced the signing of a material long-term deal with the FanDuel Group (FDG) to be FDG’s platform for rapid deployment of Internet casino, and account services for Internet sports betting in Pennsylvania and West Virginia, in addition to the existing services provided since 2013 by GAN to FDG in the state of New Jersey. This expanded contract represents a material increase in the value of the partnership to GAN across revenue share, professional services and patent licensing fees, according to a recent press release.
As part of the contract expansion FDG has agreed to license GAN’s U.S. Patent. GAN’s patented technology allows land-based casino patrons enrolled in on-property loyalty programs to link existing loyalty cards to Internet gambling accounts and receive loyalty points in exchange for online gambling. Management believes that the recognition of GAN’s U.S. Patent significantly underpins GAN’s intangible asset value and could potentially lead to further client partnerships and U.S. Patent licensing revenue opportunities
~Second client in the state of Pennsylvania (FanDuel Group) in addition to Parx Casino;
~Two additional U.S. states (PA, WV) represent a combined population of approximately 14.8M;
~Licensure of strategic U.S. Patent for linking U.S. casino patrons’ loyalty cards to their online gambling accounts, greatly enhancing GAN’s IP licensing and enforcement program;
~Initial rapid deployment of FanDuel into both West Virginia and Pennsylvania; and
~Five-year contract term extension commencing in 2019 and ending in 2024.
“The contract extension combined with US Patent licensing represents a significant milestone in GAN’s U.S. evolution and reinforces our view that in the heavily regulated U.S. online gambling market, effective and compliant ‘platforms’ are a premium component of the supply chain rather than a commodity, said Dermot Smurfit, CEO of GAN. “GAN is therefore very well placed to capitalize on the growth in U.S. online gambling markets in terms of new operator clients, new states and underlying growth momentum.”
For more information, visit www.GAN.com.