GAN Confirms Internet Gambling in the State of Michigan
London | March 27, 2020: GAN plc ("GAN" or the "Company"), an award-winning developer and supplier of enterprise-level B2B Internet gambling software, services and online gaming content in the United States, today provides more information on the previously confirmed closure of certain market access arrangements with the Sault Tribe of Chippewa Indians ("Tribe") in the State of Michigan, following the December 23, 2019, passage into Michigan law HB 4311, a bill that includes provisions for the legalization of full real money Internet casino gaming in the State of Michigan as well as Internet sports betting.
In Michigan, GAN will be providing its technology Platform together with certain operational services to both the Tribe's five land-based Kewadin casino properties and an existing major U.S. casino operator client of GAN ("Client") that has requested anonymity pending certain regulatory approvals.
With a population of 10.0 million (3.1% of the U.S. population), the Michigan Internet gambling market is forecast to generate $377 million in Gross Operator Revenue in the first 12 months of operations, increasing to $836 million in the fourth operating year (source: Regulus Partners, an International gambling consultancy).
Due to the extent of the Client's substantial assets, this Client's Internet gambling business is currently anticipated to be a significant contributor to GAN's full year revenues in 2021.
Management Commentary
Jeff Berman, Chief Commercial Officer of GAN, commented:
"Michigan has long represented an attractive market with both Internet sports and Internet casino gaming now regulated. Our technical expertise and 'day one' experience in multiple U.S. Internet gambling markets will enable the Sault Tribe to capture their share of the online opportunity and we thank them for their trust in forming this relationship with GAN and our major U.S. casino operator client whose identity will be confirmed in due course. We are incredibly excited to bring real money Internet gambling to Michigan, which remains at the core of our mission, strategy and purpose in the United States."
In Michigan, GAN will be providing its technology Platform together with certain operational services to both the Tribe's five land-based Kewadin casino properties and an existing major U.S. casino operator client of GAN ("Client") that has requested anonymity pending certain regulatory approvals.
With a population of 10.0 million (3.1% of the U.S. population), the Michigan Internet gambling market is forecast to generate $377 million in Gross Operator Revenue in the first 12 months of operations, increasing to $836 million in the fourth operating year (source: Regulus Partners, an International gambling consultancy).
Due to the extent of the Client's substantial assets, this Client's Internet gambling business is currently anticipated to be a significant contributor to GAN's full year revenues in 2021.
Management Commentary
Jeff Berman, Chief Commercial Officer of GAN, commented:
"Michigan has long represented an attractive market with both Internet sports and Internet casino gaming now regulated. Our technical expertise and 'day one' experience in multiple U.S. Internet gambling markets will enable the Sault Tribe to capture their share of the online opportunity and we thank them for their trust in forming this relationship with GAN and our major U.S. casino operator client whose identity will be confirmed in due course. We are incredibly excited to bring real money Internet gambling to Michigan, which remains at the core of our mission, strategy and purpose in the United States."
