LONDON, January 15, 2018 /PRNewswire/ --
SBTech, the leading supplier of sports betting solutions to the online betting and gaming industry in regulated markets worldwide, has launched a strategic relationship with GAN, a major B2B supplier of internet gaming enterprise software-as-a-service solutions to the US land-based casino industry.
SBTech will now supply real money sports betting services to GAN's diverse portfolio of US casino operator clients.
SBTech's sports betting solution will be integrated with GAN's GameSTACK™ enterprise software platform and delivered to players through both online and retail channels. GAN's clients in the US represent more than 70 casino properties from coast to coast, generating annual revenues in excess of US$8bn in land-based casino gaming.
The partnership places both SBTech and GAN in a strong position in the event that the Supreme Court of the United States ("SCOTUS") overturns or otherwise modifies the current federal prohibition on sports betting, enshrined in the Professional and Amateur Sports Protection Act 1992 ("PASPA"), following the sports betting hearing (NCAA v. Christie) headed up by the state of New Jersey on December 4.
Richard Carter, CEO of SBTech, commented:
"GAN is a licensed, trusted partner to more than a dozen US casino operators, and is equipped with unique intellectual property and a proven track record in delivering and growing internet gaming businesses in the United States. This partnership is a logical step for SBTECH and allows the company to rapidly introduce its sports betting technology and services to a wide range of US casinos with a view to being the first provider to settle a US sports bet online and on-property in States such as New Jersey and Pennsylvania, in close collaboration with GAN."
Dermot Smurfit, CEO of GAN, commented:
"GAN has been asked by several Clients to review, procure and support the delivery of a sports betting solution both online and in the on-property retail channel in the event PASPA is overturned. We have conducted a lengthy diligence process in Europe to identify a preferred sports betting partner based on their technical capability, US licensing suitability, ability to integrate seamlessly with GAN's enterprise software platform and the sophistication of their managed sports services. We are delighted to announce this strategic relationship with SBTech."
FAQs about US regulation & GAN's real money online regulated gaming business:
- In the event PASPA is overturned by SCOTUS in H1 2018, the US market opportunity for retail, online and mobile sports betting deployed on-property and online is expected to exceed US$6bn by 2023 (source: Eilers & Krejcik Gaming, LLC November 2017).
- Internet gaming was effectively outlawed in the United States in October 2006 by the Unlawful Internet Gaming Enforcement Act, prohibiting financial institutions from processing internet gaming payments.
- In 2013, three US States passed laws to regulate internet gaming within their borders: Nevada (pop. 2.8m), Delaware (<1m) and New Jersey (8.9m) comprising a total of 12.6m people and representing less than 4% of the US population (324m). In the neighbouring State of New Jersey (pop. 9m), the internet gaming market commenced in November 2013 and generated US$197m in gross revenues in calendar year 2016, representing 8.2% of the US$2.4bn in land-based gross gaming revenues generated by New Jersey's eight casino properties operational, in full or in part, throughout 2016.
- Both New Jersey and Pennsylvania have passed legislation enabling existing internet gaming operators to launch online sports betting in the event PASPA is overturned by SCOTUS.
- Pennsylvania has a population of 12.8m, which more than doubles the number of Americans who will be legally permitted to wager real money on internet casino games following the commencement of Regulated Gaming in the State of Pennsylvania, anticipated in the first half of 2018.
- Real money online Regulated Gaming for GAN comprises wholly regulated and US-compliant internet gaming where end-user players resident in wholly legal jurisdictions deposit and wager real money while playing casino games online.
- GAN received its first full US gaming licence in April 2017, awarded by the State of New Jersey.
SBTech is the leading B2B supplier to the online betting and gaming industry in regulated markets worldwide. Its award-winning sportsbook platform is widely acknowledged as the industry's leading solution, offering operators best-in-class technology. SBTech is also recognised as one of the foremost innovators when it comes to ground-breaking betting products and features.
As a member of the American Gaming Association's sports betting taskforce, SBTech is proud to support the US gaming industry's efforts to regulate its sports betting sector and work towards the best possible legal framework in the country. Defined by technical excellence, a powerful sportsbook engine and informed by deep market knowledge, SBTech's innovative solutions deliver competitive edge and rapid growth for its clients.
For more information, please visit www.sbtech.com
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 Irish Stock Exchange and the AIM Market of the London Stock Exchange under the ticker: GAN.
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 thirteen (13) casino operators as clients of Simulated Gaming coast to coast across the US and internationally; two (2) clients of real money Regulated Gaming in New Jersey; one (1) client of real money Regulated Gaming in Pennsylvania and ten (10) clients of real money Regulated Gaming in Europe.
The Internet Gaming System, developed in London under a UK Gambling Commission license, is certified to the highest technical standards currently required by gaming regulators. In April 2017, GAN was granted a Casino Service Industry Enterprise license by the New Jersey Division of Gaming Enforcement being GAN's first privileged gaming license in the United States.
For more information, please visit www.GAN.com