GAN Plans to Offer Online Gambling in Europe and Asia

Published Thursday, August 25, 2016 -
GAN Plans to Offer Online Gambling in Europe and Asia

Investment in the online gambling industry is growing in leaps and bounds as the business of betting becomes more mainstream and accepted. Irish business man Dermot Desmond has just revealed he has invested in the iGaming software and services supplier GAN. Formerly known as the GameAccount Network, the company said in a statement it raised £1.3 million (€1.5 billion / $1.7 million) through the sale of three million new shares to Desmond’s IIU Nominees. 

Mr. Desmond is also a major shareholder in British gambling firm Ladbrokes, and he owned BETDAQ before Ladbrokes acquired it in 2013 for approximately €30 million.

Chief executive officer of GAN, Dermot Smurfit, commented on the investment, "Additional capital allows us to accelerate the development of our technical capability to deliver the product requirements of our growing list of corporate clients and bring new clients online.” Smurfit continued, “The positive and unexpected surge in US corporate demand for GAN’s unique services requires increased delivery capability. We’re happy to respond to this real business need on behalf of all shareholders and welcome Mr Desmond’s investment.”  “Mr Desmond is an astute investor with a long track record participating in the internet gambling market and we believe this investment validates our strategy and technology which will deliver significant incremental value for shareholders over time.”

GAN plans to use the injection of capital to accelerate product development and new customer delivery with an aim to become more involved in the liberalization of the simulated gaming industry in the USA

The Irish Times newspaper revealed that Smurfit said GAN is in “advanced talks” with a major US land casino operator to launch an online gambling site in Europe and Asia for real money.

“We can provide access to countries where there are regulated markets covering 29 per cent of the world’s population,” Smurfit said. “This is a big strategic move for us; the market hasn’t yet seen a major US land casino enter online in Europe.”



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