GAN to Deliver Sports Betting for Parx Casino via Its Award-Winning Platform
July 30, 2018
Multiyear partnership extension includes delivery of Sports betting in both Retail and Online channels for Pennsylvania’s largest casino, a material increase in revenue opportunity
On
Highlights
- GAN will participate in the incremental Sports betting revenues generated both in the Retail channel (i.e. on-property within the casino) and in the Online channel.
- Multi-year contract extension secured, proving the strategic merit of developing Simulated Gaming with US casino operators in advance of real money intra-State regulation.
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Pennsylvanian regulated
Retail Sports betting is forecast to generate in excess of$100m 1 in gross win in the first 12months andInternet Sports betting is forecast to generate a further$189m 2 in the same period, in addition to the Pennsylvanian regulated Internet Gaming market forecast to generate$200m 3 in gross gaming revenue online during the first twelve months of operation. -
Parx owns and operates the #1 land-based casino property in
Pennsylvania located a short distance fromPhiladelphia , Pennsylvania’s largest City. In the most recent fiscal year endedJune 30, 2018 Parx Casino generated$570m from slot machines and table games on-property representing a 18% share of the Pennsylvania’s$3.2bn gaming market. -
GAN’s US-patented technology will enable
Parx Casino patrons enrolled in the on-property loyalty program, to sign up online and instantly link their reward cards to their online account permitting those guests to trade in their reward points earned from on-property gaming for cash online and/or to earn rewards points from Internet gaming and/or sports betting, to be subsequently redeemed on-property.
Management Commentary
“Following the execution of this extension and amendment, GAN now offers clients a Platform equipped with multiple options for integrated Sports betting to be launched seamlessly alongside GAN’s market-leading Internet casino product. We welcome the opportunity to deliver Sports betting in the retail channel, as well as online, through GAN’s unique Platform containing patented technology.”
“GAN has ably demonstrated it abilities with both its overall
Platform and its integration capability for existing major clients. By
leveraging GAN’s Platform,
Notes
1 US Industry analyst
2
3
Frequently Asked Questions (FAQ’s)
-
For investors and Industry analysts: The core of a “Platform” from
both a technical and regulatory standpoint is the Player Account
Management System i.e. where highly sensitive customer and player
activity data is stored and processed. Other elements of Platform can
include a sportsbook transaction engine, gaming content integrations,
payment services, marketing services, trading services and other
ancillary activities. However, the core functionality to describe B2B
systems and services as a 'Platform' is the Player Account Management
System. This is also the layer of B2B activity which tends to require
regulatory approval as a 'Platform' since it is the focal point of
data and player security. Therefore, without the Player Account
Management System, a service provider might be offering very valuable
B2B functionality but not in the strictest sense a 'Platform' (source:
Regulus Partners ). - Pennsylvania’s population of 12.8m is +42% larger than New Jersey’s population of 8.9m.
-
There are currently twelve (12) land-based casino properties in
Pennsylvania which together generated$3.2bn in land-based gross gaming revenue in fiscal year 2017/18 endingJune 30, 2018 . -
Internet casino gaming in the neighbouring
State of New Jersey is a fast-growing market which generated$221m in Gross Gaming Revenue in CY2017 (+30% Year on Year) and is anticipated to grow +20% Year on Year to~$266m in CY2018E. -
Patent 8,821,296 was issued to
GAN plc inSeptember 2014 and governs the automated authentication, card linkage and intra-system messaging between the on-propertyCasino Management System and GAN’s Internet gaming system. Already proven for Simulated Gaming, the launch of the real money Internet casino gaming forParx Casino is anticipated to generate new on-property visitation by Internet-first players as well as increase visitation rates among patrons who first engage on-property withParx Casino then subsequently play online from home, accumulating reward points from online play. -
GAN has licensed its US Patent fourteen (14) times to major US casino
operators and
Parx Casino is the third land-based casino operator to license the Patent for real money Online Gaming following the licensing & services agreements between GAN andGreenwood Gaming & Entertainment, Inc. announcedNovember 2014 ; MDDC (The Borgata) announcedDecember 2016 ; andOcean Resort Casino announcedJuly 2018 . -
The Federal ban on sports betting enshrined within Professional and
Amateur Sports Protection Act 1992 (“PASPA”) was repealed by the
Supreme Court of the United States onMay 14, 2018 permitting individual US States to pass their own sports betting laws. -
Pennsylvania passed legislation bill HB 271 onOctober 26, 2017 (signed into law onOctober 30, 2017 ) enabling land-based casinos in theState of Pennsylvania to launch real money Internet gaming and (subject to the repeal of PASPA) Internet sports betting.
GAN | Overview
GAN is a leading B2B supplier of Internet gaming enterprise
software-as-a-service solutions to the US land-based casino Industry.
GAN is listed on the ESM Market of the
The Company has developed an Internet gaming enterprise software system,
GameSTACK™, which it licenses principally to land-based US casino
operators as a turnkey technology solution for both regulated real-money
and/or virtual Simulated Gaming. GAN has fourteen (14) casino operators
as clients of Simulated Gaming coast-to-coast across the US and
Internationally; two (2) clients of real money Regulated Gaming in
The Internet Gaming System, developed in
For more information please visit www.GAN.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20180730005211/en/
GAN
Chief
Executive Officer
[email protected]
or
US
Investors: The Equity Group
[email protected]
or
[email protected]
or
Davy
(Nominated Adviser, ESM Adviser and Joint Broker)
or
Liberum (Joint Broker)
Source:
