GAN Expecting Record 2019 Due to US Ruling
GAN, an iGaming software and service provider, is looking towards a bright future in terms of the United States gambling market. While the company has been “in-line” with expectations for the first half of this year, they expect record revenues for 2019. This is thanks largely in part to the expansion of sports betting and online casino gaming in the US.
The company benefited in 2018 from the landmark US Supreme Court decision allowing individual states to set up their own gambling laws and regulations. Among the states that currently allow gambling within their borders are Nevada, New Jersey, and Delaware, with other states currently in the process of setting up their own policies.
One of the exciting developments for GAN has come within New Jersey. They have a strategic partnership with SBTech in place. They launched FanDuel online betting in conjunction with Paddy Power Betfair. Since the beginning of September, they indicated the new FanDuel betting already “exceeded initial expectations.” They believe this could encourage more states to get on board with their own online betting or gaming situations.
That's just one development, though, as they also have an online casino as well as a mobile gaming service within New Jersey. Both of these are for the Ocean Resort Casino based in New Jersey. The official mobile launch arrived in early September to help with the offering. Online gaming also appears to be on the way for Pennsylvania but not until 2019. The initial launch was delayed for multiple reasons. Once the commercial launch for the iGaming products is official, GAN will see a boost in their revenue.
GAN is also expanding their operations through ventures outside of the United States. These include projects and operations in Italy, as well as other ventures. Tribal gaming operator Chicksaw Nation will be a part of the expansion in Europe. Various delays have hit this “Europe-facing online casino” project for GAN, but once it launches it should be a boost for GAN's ventures outside of the US.
While a recent ban on gambling advertising has hit Italy, but shouldn't impact GAN's revenue. GAN still works mostly with land-based operators that have the support of online operations. While online-only operators won't be able to advertise, the land-based operations should keep revenue healthy. GAN is even planning a fourth-quarter launch for their ninth client in Italy. In addition to online gaming services, Goldbet provides over 1,000 betting spots on land.
Right now, GAN also provides Simulate Gaming services in 13 different US casinos. With their Club8Casino brand, they are also providing a variety of these services within Queensland, Australia. They're looking to expand their casino software engineering team (based in Bulgaria) by the first half of 2019. This should lead to increased growth within GAN's free-play business.
On September 28th, GAN will provide a report detailing their results for the first half of 2018. Right now, the future is looking quite bright based on all of their emerging projects and developments within the US and elsewhere.