Gan Gambling
By Amber Deter
GAN plc., the London-based developer of online gaming software, has provided more details on the previously confirmed closure of certain market access arrangements with the Sault Tribe of Chippewa Indians in Michigan. In Michigan, GAN will be offering its technology Platform in partnership with certain operational services to both the Tribe’s five land-based Kewadin. The online gambling operator employed more than 175 people prior to its acquisition by GAN. GAN’s tie-up with Coolbet was the latest of a series of big announcements made by the technology provider in recent months. GAN said back then that the digital gambling operator would help it venture into the fast-growing US B2C online gaming and sports betting markets. In a press release, GAN stated that integration of Coolbet’s proprietary betting technology started ahead of the finalization of transaction. About GAN Ltd GAN Limited is a business-to-business supplier of internet gambling software-as-a-service solutions predominantly to the US land-based casino industry.
Originally posted
Updated on May 11 at
Gan Gambling Software
On May 5, 2020, a GAN IPO hit the Nasdaq market. Investors thought they knew what to expect. However, GAN stock launched with a home run that surprised everyone.
Gan Online Gambling
It isn’t too late for investors to get in on this successful IPO. And if you’re looking for information, you’re in the right place. Here’s what we know…
GAN IPO: The Business
GAN started as GameAccount Network in 2001. The London-based company provides betting and gambling software as a service (SaaS). It works with casinos in the U.S. and around the world. The company also works with sports-gaming site FanDuel and its associates, Paddy Power and Betfair.
Over the years, GAN launched many successful platforms and received awards for its services. But GAN hasn’t stopped looking for ways to improve its platform and technology. It’s the market leader for online gambling SaaS.
Gan Gaming
With this leading position, management has raised money to expand further. That includes trading shares on alternative exchanges. But the GAN IPO brought those shares to the Nasdaq.
GAN Stock Comes to U.S. Investors
Before the IPO on the Nasdaq, GAN had two listings. The first was the Alternative Investment Market (AIM) in London. The other offered over-the-counter (OTC) shares in the U.S. under the ticker symbol GMMNF. There are two main reasons why GAN decided to add its listing to the Nasdaq.
The first reason is that about 80% of the company’s 2019 revenue came from the U.S. GAN’s services are largely used by casinos in the U.S. But as the online gambling and sports betting markets grow, so will GAN’s opportunities to expand.
The second reason is that GAN believes it will be easier to raise capital on a major American exchange. Since the majority of customers and revenue comes from the U.S., more U.S. investors could be interested in GAN stock. A larger exchange often leads to a wider audience.
But GAN also chose the timing carefully. There’s a reason the GAN IPO hit the market when it did.
Why GAN Went Public Now
On April 24, DraftKings went public. The DraftKings IPO was a long-awaited and successful event. And it proved now was a good time for online betting and gaming companies to go public.
The coronavirus shut down multiple countries. People were told to stay home as restaurants, malls and schools were closed. Online activity became more popular as a way for people to communicate and pass the time – and that includes online betting. As it grows, companies like GAN, DraftKings and FanDuel grow their consumer base.
This is good news for GAN. Before the IPO, the company was classified as a microcap. After raising money with the GAN IPO, it’s now considered a small cap. But GAN wants to continue to grow its market capitalization in the hopes of bringing in more investors and raising more capital.
But as an investor, it’s good to know…
Gan Casino
GAN IPO: The Details
GAN trades under the ticker symbol GAN. Originally, GAN planned to offer 4.05 million shares, priced between $6.50 and $8.50. That means on the high end, GAN could raise about $34.5 million. At midrange, analysts determined GAN’s value would be $192 million.
The company found high demand for GAN stock during its IPO roadshow. Shares were priced at $8.50 and opened on the Nasdaq at $10.60 a share. Since then, it reached a high of $14.90 on May 7 before falling down again.
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Some analysts believe the GAN IPO is a good investment opportunity. The increase in share price shows strong demand from investors. However, other analysts think investors should wait until after the lockdown period. If early investors cash out, it could be a bad sign. And as always, GAN stock is at the mercy of the market.
Gan Gambling Company
But whether GAN is a good investment or not, the success of the GAN IPO is a good sign that the IPO market could be recovering.