GAN extends iGaming deal with Paddy Power Betfair in New Jersey
Multi-year Extension by Key Client of GAN's iGaming Platform Services
London & Dublin | April 18, 2018: GAN plc ("GAN" or the "Company") a leading B2B supplier of Internet gaming enterprise software-as-a-service solutions to the US land-based casino Industry, today announces that key client Paddy Power Betfair Plc has entered into a multi-year extension with GAN for the continued provision of Platform Services in New Jersey's fast-growing Internet gaming market.
Paddy Power Betfair Plc and GAN collaborated in 2013 to launch www.BetfairCasino.com reliant on GAN's Internet gaming system and associated services and has since established a significant and profitable Internet casino in New Jersey.
Dermot Smurfit, CEO of GAN commented:
"We're privileged to renew and extend our agreement with Paddy Power Betfair in the United States, one of the largest Internet sports betting and gaming operators in the world today. Our respective teams have performed well over an extended period in order to establish BetfairCasino.com as the leading independent Internet casino in New Jersey. We look forward to continued shared success."
Kip Levin, CEO of Betfair US commented:
"BetfairCasino.com offers a unique iGaming product experience for customers in New Jersey. The extension of this agreement is a reflection of GAN's flexible technology system, 'can-do' attitude and their overall commitment".
FAQ's about US regulation & GAN's real money online Regulated Gaming
· Internet gaming was effectively out-lawed in the United States during October 2006 by the Unlawful Internet Gaming Enforcement Act by prohibiting financial institutions from processing Internet gaming payments.
· In 2013 three (3) US States passed laws to regulate Internet gaming within their borders: Nevada (pop. 2.8m), Delaware (1m) and New Jersey (8.9m) comprising a total of 12.6m people representing less than 4% of the US population (324m). In the State of New Jersey (pop. 9m) the Internet gaming market commenced in November 2013 and generated $197m in gross Internet gaming revenues in calendar year 2016 representing 8.2% of the $2.4bn in land-based gross gaming revenues generated by New Jersey's eight (8) casino properties operational in full or in part throughout 2016.
· Both New Jersey and Pennsylvania have passed legislation enabling existing Internet gaming operators to launch Internet sports betting in the event PASPA is overturned by SCOTUS.
· Pennsylvania has a population of 12.8m, which more than doubles the number of Americans, who will be legally permitted to wager real money on Internet casino games following the commencement of Regulated Gaming in the State of Pennsylvania, anticipated in the first half of 2018.
· Real money online Regulated Gaming for GAN comprises wholly-regulated and US-compliant Internet gaming where end user players resident in wholly-legal jurisdictions deposit & wager real money while playing casino games online.
· GAN received its first full US gaming licence in April 2017 awarded by the State of New Jersey.