LONDON & DUBLIN--(BUSINESS WIRE)--GAN plc (“GAN” or the “Company”), an award-winning developer and supplier of enterprise-level B2B Internet gaming software, services and online gaming content in the United States, today announces the Company is preparing to launch Internet sports betting in New Jersey for FanDuel.
Highlights
- FanDuel Group is a subsidiary of Paddy Power Betfair PLC, a leading international sports betting and gaming operator. The agreement with GAN allows FanDuel Group to integrate its sports betting solution to the GAN Platform which is already certified for iGaming in the state of New Jersey.
- GAN is working to complete the integration into the GAN Platform of FanDuel’s nominated Internet sports betting software which is a combination of IGT’s sports platform and Paddy Power Betfair’s leading pricing, trading and risk management technology, along with a user interface designed for the US customer by the FanDuel team.
- FanDuel expects to launch a FanDuel-branded website and accompanying mobile app offering Internet sports betting that leverages GAN’s enterprise software later this year.
Sports betting will be delivered as an integrated extension into GAN’s enterprise software platform and GAN will participate in the incremental sports betting revenues.
Management Commentary
Dermot Smurfit, CEO of GAN commented:
“Online sports betting ‘go-live’ preparations for FanDuel are well advanced and we remain confident in launching integrated sports betting alongside our existing Internet casino later this year.”
Matt King, CEO of FanDuel commented:
"The integration by GAN of our sports betting system is a reflection of GAN’s flexible technology platform, ‘can-do’ attitude and their overall commitment.”
FAQ’s about Internet Gambling ‘Platform’ & US sports betting regulation
- For investors and Industry analysts: The core of a “Platform” from both a technical and regulatory standpoint is the Player Account Management System i.e. where highly sensitive customer and player activity data is stored and processed. Other elements of Platform can include a sportsbook transaction engine, gaming content integrations, payment services, marketing services, trading services and other ancillary activities. However, the core functionality to describe B2B systems and services as a 'Platform' is the Player Account Management System. This is also the layer of B2B activity which tends to require regulatory approval as a 'Platform' since it is the focal point of data and player security. Therefore, without the Player Account Management System, a service provider might be offering very valuable B2B functionality but not in the strictest sense a 'Platform' (source: Regulus Partners, an international gambling advisory group).
- The Federal ban on sports betting enshrined within Professional and Amateur Sports Protection Act 1992 (“PASPA”) was repealed by the Supreme Court of the United States on May 14, 2018 permitting individual US States to pass their own sports betting laws.
- New Jersey passed legislation bill A4111 on June 7, 2018 enabling land-based casinos and racetrack operators in the State of New Jersey, together with existing Internet gaming operators in New Jersey, to launch sports betting in retail properties and online.
- On June 7, 2018 GAN’s client Paddy Power Betfair announced2 a relationship with a New Jersey racetrack identified as ‘Meadowlands Racetrack’ which (subject to regulatory consents) permits the launch of Internet sports betting, comprising the full range of US sporting events for New Jersey residents alongside their existing Internet casino gaming business operating on GAN’s enterprise-level B2B Internet gaming software.
- GAN and Paddy Power Betfair launched Internet casino gaming on November 21, 2013 in the State of New Jersey. On April 18, 2018, the parties announced3 a multi-year extension of GAN’s Platform Services which will now encompass the delivery by GAN of Internet sports betting, integrated into GAN’s enterprise-level Internet gaming software platform.
Notes:
1 https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/PPB/13713019.html
3 http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/GAN/13608385.html
GAN | Overview
GAN is a leading B2B supplier of Internet gaming enterprise software-as-a-service solutions to the US land-based casino Industry. GAN is listed on the ESM Market of the Irish Stock Exchange and the AIM Market of the London Stock Exchange under the ticker: GAN
The Company has developed an Internet gaming enterprise software system, GameSTACK™, which it licenses principally to land-based US casino operators as a turnkey technology solution for both regulated real-money and/or virtual Simulated Gaming. GAN has fourteen (14) casino operators as clients of Simulated Gaming coast-to-coast across the US and Internationally; two (2) clients of real money Regulated Gaming in New Jersey; one (1) client of real money Regulated Gaming in Pennsylvania and ten (10) clients of real money Regulated Gaming in Europe.
The Internet Gaming System, developed in London under a UK Gambling Commission license, is certified to the highest technical standards currently required by gaming regulators. In January 2018 GAN announced a strategic partnership with SBTECH, a leading European B2B sports betting technology provider. In April 2017 GAN was granted a Casino Service Industry Enterprise license by the New Jersey Division of Gaming Enforcement being GAN’s first privileged gaming license in the United States. In May 2018, the US Supreme Court repealed PASPA and GAN confirmed the H2 launch of sports betting for US clients integrated into GAN’s enterprise software platform.
For more information please visit www.GAN.com
FanDuel Group overview
FanDuel Group is an innovative sports-tech entertainment company that is changing the way consumers engage with their favorite sports, teams, and leagues. The premier gaming destination in the United States, FanDuel Group consists of a portfolio of leading brands across gaming, sports betting, daily fantasy sports, advance-deposit wagering, and TV/media, including FanDuel, Betfair US, DRAFT, and TVG. FanDuel Group has a presence across 45 states and 8 million customers. The company is based in New York with offices in California, New Jersey, Florida, Oregon, and Scotland. FanDuel Group is a subsidiary of PaddyPower Betfair plc, a leading international sports betting and gaming operator and a constituent of the FTSE 100 index of the London Stock Exchange.
