Company: GAN

Date: January 2020


Whilst GAN may not have come to investor’s attention until recently its history dates back to 2002, when it commenced trading as the Game Account Network. During the early 2000s it provided B2B services to betting companies such as SkyBet, Paddypower, William Hill and Lottomatica in Italy. In 2011 it reached 29th place in the Sunday Times ‘Tech Track’ Top 100 UK’s fastest-growing technology companies, and since then has expanded its international reach to include the high-growth Simulated Gaming market in the U.S.

The U.S. is now GAN’s primary market, where it is recognised as a leading business-to-business (“B2B”) supplier of internet gambling software-as-a-service solutions (“SaaS”) to the US land-based casino industry. The Company has developed a proprietary internet gambling enterprise software system, GameSTACK™, which it licenses principally to land-based US casino operators as a turnkey technology solution for regulated real-money internet gambling, encompassing internet gaming, internet sports gaming and virtual simulated gaming.

The Market Opportunity

Sports Betting

Following New Jersey's Supreme Court victory in May 2018, any state that wishes can legalize sports betting. Combined with a sizeable population base and a strong interest in sport, this development produces a recipe for the US to become the most lucrative sports betting market in the world. Although estimates vary, the industry research firm, Gambling Compliance, values the market at up to $8.1bn in revenue by 2024.

Recent data from the Federal Sports Betting Report for the United States is summarised in the chart below, and indicates the high rates of growth in revenues between 18Q1 to 19Q4.


To measure the change in the landscape, ESPN has produced a graphic, ranking 50 states and the District of Columbia in terms of how likely it is for each jurisdiction to offer full-scale legal sports betting. A brief synopsis for the active states is included, with updates to follow. See link for more detail.

Last updated on Dec. 30, 2019.


By end of 2019, 13 other states had joined Nevada to permit a wide variety of legal sports betting. Nevada is a mature market that has existed for decades. Many states might look to Nevada for the best practices in the regulation of sports betting.

An additional 7 states have passed recent…

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