GAN Announces Extension of Parx Casino Contract into New Jersey; Awarded US Gaming License Award from Pennsylvania Gaming Control Board
Maintains CY2019 Guidance of mid-high double-digit percentage revenue growth and positive EBITDA
London & Dublin, March 11, 2019: GAN plc ("GAN" or the "Company"), an award-winning developer and supplier of enterprise-level B2B Internet gaming software, services and online gaming content, today announced that GAN and Greenwood Gaming & Entertainment, Inc. trading as 'Parx Casino' ("Parx Casino") have extended their relationship and Parx intends to offer Internet sports betting and casino gaming in the State of New Jersey subject to approval by the relevant NJ regulatory authority, as well as in the State of Pennsylvania as previously announced on July 30, 2018 with commercial launch expected in 2019.
US Gaming License Award
On March 6, 2019, the Pennsylvania Gaming Control Board ("PGCB") conditionally approved GAN plc as an Interactive Gaming Manufacturer, a key step for GAN which reflects the Company's reputation and long-held commitment to transparency, compliance and probity. This license is GAN's second gaming license in the US following the receipt of a full Casino Service Industry Enterprise license in the neighbouring State of New Jersey in April 2017.
The Pennsylvania licensing fee now payable of $10,000 is significantly lower than the Company's previous expectations for $1M in direct licensure costs for delivering interactive gaming services to clients in Pennsylvania.
GAN further notes the conditional license by the PGCB of Betfair Interactive US, LLC ("Betfair") for a Sports Wagering Operator License. Betfair and its parent company FanDuel Group is a client of GAN for Internet gambling services in the State of Pennsylvania as previously announced on January 10, 2019.
Maintains CY2019 Guidance As Pennsylvania Internet Gaming Market Expected to Commence in Summer 2019
Following discussions with its clientele, GAN expects the Internet gambling market in Pennsylvania to commence in Summer 2019. Based on current strong trading conditions experienced year to date and lower Pennsylvanian licensing costs, the Company remains confident in the CY2019 full year guidance provided on January 25, 2019.
The Company expects mid-to-high double-digit percentage year on year revenue growth in FY 2019 and full year positive EBITDA1, based on the current fixed cost base. The Board does not anticipate any additional capital requirement on the current business plan and the Company is therefore fully funded.
GAN: Overview
GAN is a leading business-to-business ("B2B") supplier of internet gambling software-as-a-service solutions ("SaaS") to the US land-based casino industry. The Company has developed a proprietary internet gambling enterprise software system, GameSTACK™, which it licenses principally to land-based US casino operators as a turnkey technology solution for regulated real-money internet gambling, encompassing internet gaming, internet sports gaming and virtual Simulated Gaming. The Company has also launched digital user acquisition & retention marketing in support of the Internet Casino (https://casino.winstar.com) provided by GAN's Digital Marketing Agency in Tel Aviv, Israel.
GAN is listed on the London Stock Exchange (LSE: GAN) and on Euronext Dublin (Euronext Growth: GAME).
For more information please visit www.GAN.com
References
1 Clean EBITDA is a non-GAAP Company specific measure and excludes interest, tax, depreciation, amortisation, share based payment expenses and other items which the directors consider to be non-recurring and one time in nature.
London & Dublin, March 11, 2019: GAN plc ("GAN" or the "Company"), an award-winning developer and supplier of enterprise-level B2B Internet gaming software, services and online gaming content, today announced that GAN and Greenwood Gaming & Entertainment, Inc. trading as 'Parx Casino' ("Parx Casino") have extended their relationship and Parx intends to offer Internet sports betting and casino gaming in the State of New Jersey subject to approval by the relevant NJ regulatory authority, as well as in the State of Pennsylvania as previously announced on July 30, 2018 with commercial launch expected in 2019.
US Gaming License Award
On March 6, 2019, the Pennsylvania Gaming Control Board ("PGCB") conditionally approved GAN plc as an Interactive Gaming Manufacturer, a key step for GAN which reflects the Company's reputation and long-held commitment to transparency, compliance and probity. This license is GAN's second gaming license in the US following the receipt of a full Casino Service Industry Enterprise license in the neighbouring State of New Jersey in April 2017.
The Pennsylvania licensing fee now payable of $10,000 is significantly lower than the Company's previous expectations for $1M in direct licensure costs for delivering interactive gaming services to clients in Pennsylvania.
GAN further notes the conditional license by the PGCB of Betfair Interactive US, LLC ("Betfair") for a Sports Wagering Operator License. Betfair and its parent company FanDuel Group is a client of GAN for Internet gambling services in the State of Pennsylvania as previously announced on January 10, 2019.
Maintains CY2019 Guidance As Pennsylvania Internet Gaming Market Expected to Commence in Summer 2019
Following discussions with its clientele, GAN expects the Internet gambling market in Pennsylvania to commence in Summer 2019. Based on current strong trading conditions experienced year to date and lower Pennsylvanian licensing costs, the Company remains confident in the CY2019 full year guidance provided on January 25, 2019.
The Company expects mid-to-high double-digit percentage year on year revenue growth in FY 2019 and full year positive EBITDA1, based on the current fixed cost base. The Board does not anticipate any additional capital requirement on the current business plan and the Company is therefore fully funded.
GAN: Overview
GAN is a leading business-to-business ("B2B") supplier of internet gambling software-as-a-service solutions ("SaaS") to the US land-based casino industry. The Company has developed a proprietary internet gambling enterprise software system, GameSTACK™, which it licenses principally to land-based US casino operators as a turnkey technology solution for regulated real-money internet gambling, encompassing internet gaming, internet sports gaming and virtual Simulated Gaming. The Company has also launched digital user acquisition & retention marketing in support of the Internet Casino (https://casino.winstar.com) provided by GAN's Digital Marketing Agency in Tel Aviv, Israel.
GAN is listed on the London Stock Exchange (LSE: GAN) and on Euronext Dublin (Euronext Growth: GAME).
For more information please visit www.GAN.com
References
1 Clean EBITDA is a non-GAAP Company specific measure and excludes interest, tax, depreciation, amortisation, share based payment expenses and other items which the directors consider to be non-recurring and one time in nature.
