Enterprising Investor
1年前
SEGA SAMMY Nears Completion of Regulatory Approvals to Acquire GAN (5/19/25)
Closing of Merger expected May 27, 2025
LAS VEGAS--(BUSINESS WIRE)--GAN Limited (the “Company” or “GAN”) (NASDAQ: GAN), a leading North American B2B technology provider of real money internet gaming solutions and a leading International B2C operator of Internet sports betting, today announced that SEGA SAMMY HOLDINGS INC. (“SEGA SAMMY HOLDINGS”) through its affiliated entity SEGA SAMMY CREATION INC. (“SSC”) is nearing completion of procurement of all gaming regulatory approvals necessary to complete its planned acquisition of GAN.
GAN and SSC are parties to an Agreement and Plan of Merger dated November 7, 2023 (the “Merger Agreement”) pursuant to which GAN would merge into and become a wholly owned subsidiary of SSC (the “Merger”).
The closing of the Merger is expected to occur on or about May 27, 2025. The closing remains subject to final gaming regulatory approvals and satisfaction of conditions to closing set out in the Merger Agreement. If the Merger is completed, each ordinary share of GAN issued and outstanding immediately prior to the effective time of the Merger will be cancelled and converted into the right to receive $1.97 in cash, without interest and less applicable withholding taxes. If the Merger is completed, GAN will cease to be a publicly traded company.
About GAN
GAN is a leading business-to-business supplier of internet gaming software-as-a-service solutions predominantly to the U.S. land-based casino industry. Coolbet, a division of GAN, is a market-leading operator of proprietary online sports betting technology with market leadership positions in select European and Latin American markets. GAN has developed a proprietary internet gaming enterprise software system, GameSTACK™, which it licenses to land-based casino operators as a turnkey technology solution for regulated real money internet gaming, encompassing internet gaming, internet sports gaming, and virtual Simulated Gaming. Additional information about GAN can be found online at www.GAN.com.
About SEGA SAMMY HOLDINGS
SEGA SAMMY HOLDINGS is the holding company of the SEGA SAMMY Group, a group of companies comprising the Entertainment Contents Business, which offers a diversity of fun through consumer and arcade game content, toys and animation; the Pachislot and Pachinko Machines Business, which conducts everything from development to sales of Pachinko/Pachislot machines; and the Gaming Business, which operates integrated resorts and develops casino gaming products and software.
SSC is a wholly-owned subsidiary of SEGA SAMMY HOLDINGS. SSC, together with its wholly-owned subsidiary SEGA SAMMY CREATION USA Inc., develop, manufacture and distribute land-based and online/social casino gaming products and software.
https://www.businesswire.com/news/home/20250519157289/en/SEGA-SAMMY-Nears-Completion-of-Regulatory-Approvals-to-Acquire-GAN
aries4747
6年前
GAN Launches Real Money Internet Gambling in Pennsylvania for Cordish Gaming Group
LONDON
8/17/2020
GAN Limited (the “Company” or “GAN”) (NASDAQ: GAN), a leading business-to-business supplier of internet gambling software-as-a-service solutions to the U.S. land-based casino industry, today announced the launch of the new “PlayLive!” branded Internet gambling business in the Commonwealth of Pennsylvania for Cordish Gaming Group (“Cordish”), the gaming division of The Cordish Companies.
GAN successfully deployed the real money gaming operation in just 72 days following the execution of a definitive agreement, once again validating GAN’s rapid delivery process. This launch, which leverages the “Live! Rewards” customer rewards program, enables residents of Pennsylvania to enroll in advance, online, for their Live! Rewards Players Card and engage with a full range of gambling content including Internet slots, table games and non-traditional online gambling games. This launch comes ahead of two new Live!-branded gaming facilities in Pittsburgh and Philadelphia, expected to open in late 2020 and early 2021, respectively.
Live! is an existing client of GAN’s Simulated Gaming, which launched online in 2015 as an amenity complementing the Live! Casino & Hotel at Arundel Mills in Hanover, Maryland, and is GAN’s third client of real money Internet gambling enterprise software in the State of Pennsylvania.
Dermot Smurfit, CEO of GAN Limited, stated:
“We are pleased to have launched ‘PlayLive!’ on behalf of Cordish, one of the nation’s leading casino and entertainment companies and an existing GAN client, and look forward to continuing to support the growth of their business by providing a seamless and entertaining online experience for their users.”
About GAN Limited
GAN is a leading business-to-business supplier of internet gambling software-as-a-service solutions to the U.S. land-based casino industry. GAN has developed a proprietary internet gambling enterprise software system, GameSTACK™, which it licenses principally to land-based U.S. casino operators as a turnkey technology solution for regulated real-money internet gambling, encompassing internet gaming, internet sports gaming and virtual Simulated Gaming.
Forward-Looking Statements
This press release contains forward-looking statements that are subject to the safe harbors created under federal securities laws. Words such as “anticipate,” “believe,” “expect,” “intend,” “may,” “will,” and similar expressions are intended to identify forward-looking statements. The forward-looking statements in this press release include statements about the Company’s expectations regarding the closing of its proposed initial public offering and the anticipated use of proceeds from the offering. These statements involve risks, estimates, assumptions and uncertainties that could cause actual results to differ materially from those expressed in these statements, including, among others, risks and uncertainties associated with market conditions and the satisfaction of customary closing conditions related to the proposed offering, as well as risks and uncertainties associated with the Company’s business and finances in general. Because the risks, estimates, assumptions and uncertainties referred to above could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements, readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update or revise any forward-looking statements for any reason, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200817005126/en/
Investor Contacts:
GAN
Jack Wielebinski
Head of Investor Relations
(214) 799-4660
jwielebinski@GAN.com
The Equity Group
Adam Prior
(212) 371-8660
aprior@equityny.com
Carolyne Sohn
(415) 568-2255
csohn@equityny.com
Copyright Business Wire 2020
News Provided by Business Wire via QuoteMedia
aries4747
6年前
Churchill Downs Readying For BetAmerica Switch To GAN, Kambi Software
https://www.onlinepokerreport.com/42921/betamerica-gan-kambi-sports-betting/
Churchill Downs Readying For BetAmerica Switch To GAN, Kambi Software
Brad Allen Posted on Jun 26, 2020 05:49 PDT
BetAmerica GAN Kambi
Churchill Downs has a provisional agreement in place to move its BetAmerica online gambling brand onto a GAN platform and a Kambi sportsbook.
GAN noted in its Q1 earnings call this month it has secured an “agreement in principle” for a “Tier 1” client to move onto its GameStack platform. Online Poker Report understands that client to be Churchill Downs, though the deal is not yet signed and may still be subject to change.
GAN would provide the wider player account management (PAM) platform, and Kambi the sportsbook technology within that.
Both companies declined to comment.
A fresh start for BetAmerica
Churchill Downs previously used the SBTech platform and sportsbook for its BetAmerica brand. However the brand has made relatively limited headway to date in New Jersey and Pennsylvania.
It also suffered a multi-week outage in April.
SBTech is furthermore owned by DraftKings now, meaning any growth from BetAmerica would also benefit a rival operator.
Churchill Downs and DraftKings also declined to comment.
GAN predicts big things for its ‘Tier 1’ client
At its Q1 earnings call, GAN said the incoming Tier 1 client could generate $300-400 million in annual revenue within three years.
“We’ve been working on this deal for an extended period of time,” said CEO Dermot Smurfit during the presentation. “We’re already burning calories and procuring the necessary infrastructure and getting ready to deploy, but we look forward to updating you and everybody else at the right time.”
Smurfit also said the deal would displace an existing US B2B provider, and the new product could be deployed in Michigan, Tennessee, and Illinois.
Churchill Downs’ footprint matches that description, prompting speculation from investors.
aries4747
6年前
GAN (19.92): PlayLive! Casino Comes to Life Online Ahead of Land-Based Live! Casinos in Pennsylvania
https://www.playpennsylvania.com/live-online-casino-app-pa-ahead-of-retail/
PlayLive! Casino has arrived in Pennsylvania months ahead of its brick-and-mortar counterparts. The newest PA online casino will conduct a mandated three-day soft launch on Tuesday, 2 p.m.-midnight, Wednesday 2-midnight and Thursday 12-midnight.
Pending the completion of the test phase and Pennsylvania Gaming Control Board approval, the site will operate 24/7 starting Friday, Aug. 14.
Live! online casino app is available on Android and desktop at playlive.com. However it is not yet available in the App Store for iOS.
An iGaming platform coming before the physical casino is a first. The Cordish Gaming Group plans to open Live! Casino Philadelphia and a mini-casino in Westmoreland, PA in 2021.
PlayLive! Casino offerings at launch
The addition of PlayLive! makes PA home to eleven online casinos. To start, it didn’t waste time presenting a substantial (for Pennsylvania) library of games.
GAN and Cordish in PA
In May 2020, GAN announced that Cordish Group chose them to supply the software platform for their new PlayLive! online casino in Pennsylvania. At the time, the anticipated arrival was Fall 2020.
Dermot Smurfit, CEO of GAN commented:
“Bringing Pennsylvania’s newest casino online later this year will be a genuine privilege, and we look forward to supporting their on-property gaming business by leveraging our U.S. patented iBridge Framework, bridging the Internet gambling experience with that of retail gaming. Online will remain the growth driver of this Industry for decades to come, not just in Pennsylvania but across the nation.”
In the still-early stages of the pandemic in May, Cordish seemed to have an eye on blending the online/in-person gaming experience.
Robert J. Norton, President of Cordish Gaming Group said:
“With our established relationship, GAN was the logical provider of our enterprise platform for launching real money Internet gambling and offers Cordish the ability to extend on-property rewards into the online channel, which has been shown to increase loyalty amongst players of simulated Gaming.”
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