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Online Gambling Company GAN Raises 7.5 Million For US Sports Betting Push

GAN raises money sports <a href= betting' align='left' /> Home / Industry News / Online Gambling Company GAN Raises £7.5 Million For US Sports Betting Push Online Gambling Company GAN Raises £7.5 Million For US Sports Betting Push Eric Ramsey , Jul 9, 2018 07:26 PDT @Eric_Ramsey Internet gaming supplier GAN has raised £7.5 million to support its ambitions in the US sports betting industry.  A notice dated June 7 confirmed the issuance of 15 million new capital shares. The company will use the funding to “substantially increase [its] software engineering and operational resources to better serve existing major US clients…” The capital will also help erase a £2 million convertible note from last year, making GAN debt free. Shareholders considered the proposal during their general meeting in May and gave approval last month. The sudden movement toward legal US sports betting is tempting the industry leaders abroad. Add GAN to the list of large European gambling companies establishing positions in the American market. Here’s CEO Dermot Smurfit on the funding: This strategic capital raising exercise, completed today, positions GAN to consolidate its US market position and capture substantial incremental revenue opportunities available resulting from both Internet gaming and sports betting regulation in New Jersey, Pennsylvania and other US States expected to regulate Internet gambling in the near future. Online gambling legislation is a little sluggish these days, but sports betting bills have dotted the map all year long. Three states have legal wagering right now, and at least four more will join before the end of 2018. Primarily a casino supplier, GAN began to maneuver toward sports betting in advance of the US Supreme Court ruling. Early this year , the company teamed up with SBTech, a fellow B2B giant with an established bookmaking platform.

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