GAN has raised £7.5m as it takes aim at sports betting opportunities in the US, following the US Supreme Court’s decision to lift the Federal Ban on sports betting delivered on May 14, 2018.
The developer and supplier of B2B internet gaming software, services and online gaming content in the US, said it has conditionally raised the money through an over-subscribed subscription of 15 million ordinary shares of £0.01 per share, at an issue price of £0.50 a share. The new shares will represent 17.6 per cent of the enlarged issued share capital of the company.
The firm is planning to use the money to “substantially increase” its software engineering resources to better serve existing US clients’ services, such as the WinStar Overseas Internet Casino, and launch new clients and services.
Dermot Smurfit, chief executive, said: “This strategic capital raising exercise 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.”