GAN Limited (the "Company" or "GAN") (GAN) , a leading full-service internet gaming software-as-a-service provider to the real money internet gaming and online sports betting industries, announced that today is the commencement date for Michigan's internet gambling market and GAN's three related client launches: Churchill Downs, Wynn Resorts, and FanDuel Group. Earlier this week, the Michigan Gaming Control Board approved nine Business-to-Consumer ("B2C") operators to launch today, in time for the Super Bowl. GAN is powering three of those nine, which are all leveraging GAN's technical platform for internet sports betting and/or internet casino gaming. According to Regulus Partners and Macquarie Research, the state of Michigan is expected to generate $439 million in Gross Operator Revenue during the balance of 2021, increasing to $724 million in 2022 and $969 million in 2023.
Today GAN simultaneously launched three operator clients online in Michigan, including FanDuel Group's online casino and two new GAN clients, Churchill Downs and Wynn Resorts, secured in June and September 2020, respectively.
- Churchill Downs (CHDN) - Get Report ("CDI") launched its online Sportsbook and iGaming via simultaneous launch of desktop web, mobile web, Apple iOS Native App and Android App under the operation of their nationwide racing and wagering brand TwinSpires. Michigan is the first of several states to launch TwinSpires Casino & Sports on GAN's platform with the states of Colorado and Tennessee to follow upon regulatory approval. CDI's existing New Jersey, Pennsylvania and Indiana offering will be rebranded from BetAmerica to TwinSpires and will be migrated to GAN's platform in the first half of 2021. GAN will deploy the ' single app, multiple states' capability for CDI, enabling TwinSpires' online sports and casino consumers to use a single account and single app to place online bets across all supported states. This technical capability was pioneered by GAN in July 2019 and proved highly successful. GAN and CDI will continue to explore adding new capabilities in order to leverage TwinSpires' existing advance deposit wagering consumer offering to augment and streamline the online TwinSpires Casino & Sports account creation process.
- Wynn Resorts (WYNN) - Get Report launched their 'WynnBET' branded internet sportsbook and internet casino leveraging GAN's Platform, via desktop web, mobile web and native Apple iOS and Android apps in association with the Sault Ste. Marie Tribe of Chippewa Indians, which operates five casinos under the 'Kewadin' brand throughout northern Michigan.
- FanDuel Group (a division of Flutter Entertainment plc) launched GAN's 'SuperRGS' aggregating a market-leading portfolio of U.S. relevant online casino gaming content assembled from third party providers IGT, Scientific Games, NET Entertainment, and Everi. The SuperRGS is now available to third party Michigan operators of internet casino gaming, subject to commercial agreements, as a single technical integration representing hundreds of U.S. relevant online casino games.
Dermot Smurfit, President & Chief Executive Officer of GAN commented:
"The long-awaited Michigan market commencement is upon us. Today, ten million residents of Michigan will finally be enabled to bet on sports and play casino games online, ushering into existence the next large intrastate market for internet gambling here in the United States. Following our success in New Jersey and Pennsylvania, GAN is proud to enable these giant national gaming brands to move online on 'day one' of Michigan's market commencement. These launches further validate our industry leading platform for internet gambling and get-to-market capability, which resulted from the hard work our team did to significantly expand our engineering capabilities throughout 2020. Back in 2019, our engineering capability was configured to bring new clients online in a serial manner. Now we are launching multiple clients in parallel in a single state. It's a huge accomplishment to bring multiple major clients of GAN's Platform services online simultaneously in a complex regulated market such as Michigan. We look forward to expanding our engineering base further in 2021 in order to deliver on the expansionary objectives for these, and other, clients here in the U.S. as more states continue to rapidly regulate internet gambling."
About GAN Limited
GAN is a leading business-to-business supplier of internet gambling software-as-a-service solutions predominantly to the U.S. land-based casino industry. GAN has developed a proprietary internet gambling enterprise software system, GameSTACK™, which it licenses to land-based casino operators as a turnkey technology solution for regulated real money internet gambling, encompassing internet gaming, internet sports gaming and virtual Simulated Gaming.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including statements regarding the timeline for launching the Michigan internet gambling market, anticipated business developments in Michigan with Churchill Downs, Wynn Resorts and FanDuel Group including the timeline for launching such customers online in Michigan, the expansion of GAN's engineering base to deliver on GAN's expansionary objectives, and future business opportunities, as well as statements that include the words "expect," "intend," "plan," "believe," "project," "forecast," "estimate," "may," "should," "anticipate" and similar statements of a future or forward-looking nature. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update or revise any forward-looking statements for any reason, except as required by law.
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