GAN Limited is set to make its mark in Nevada’s sports betting landscape in the coming months. This promising development follows the company’s recent regulatory approval from the Nevada Gaming Commission.
With the essential infrastructure in place for a successful integration into the Silver State’s betting market, GAN is now poised to initiate field trial operations of its sports betting platform (GAN Sports) for Nevada customers, having received the necessary certification and approval.
Upon its launch, the North American B2B gambling technology provider aims to cater to customers through a combination of retail venues and mobile sports betting applications.
The Chair and interim Chief Executive Officer, Seamus McGill, expressed his enthusiasm about this new development.
“We are very pleased and humbled to have received regulatory approval from the State of Nevada to hold a gaming license. We are excited that we will be launching our leading-edge GAN Sports product in Nevada in the next few months. The Las Vegas Locals market is one of the largest and most recognizable gaming markets in the world and we are incredibly excited to be entering it.”
“This is the third state where our B2B sports betting technology and trading solution, GAN Sports, will be operational and we look forward to bringing a unique and fun wagering experience to a large and growing market,” he said.
The regulatory green light to operate in Nevada marks a crucial victory for GAN, especially after a challenging year. The departure of the long-serving CEO, Dermot Smurfit, in Sept. 2023, who had dedicated over 21 years to the iGaming software provider, was a momentous change.
Furthermore, GAN faced adversity in August when one of its key partners, WynnBET, declared its intention to halt sports betting activities in eight US states.
GAN Continues to Consider Partial or Complete Sale
After reporting a reduced net loss of $18.4 million compared to the $38.6 million pre-tax loss in 2022, GAN announced its plans to explore a potential sale of the company. In August, the company confirmed discussions with numerous prospective bidders keen on acquiring a portion or the entirety of its business.
“We have received indications of interest from prospective bidders interested in acquiring all or part of our business,” GAN announced.
“A special committee of our board of directors, comprised of non-executive directors, is evaluating those alternatives.”
Following the publication of its Q1 review, GAN initially disclosed its search for a “range of strategic alternatives” with the goal of enhancing shareholder value. A special committee consisting of non-executive directors was established to review and evaluate potential options for the company.
These options include the possibility of selling the entire company or a portion thereof. While GAN acknowledged discussions with multiple interested parties, formal agreements have not been reached yet.
The provider previously stated its intentions to continue evaluating its options while the review is ongoing, emphasizing that there are no specific timelines in place.
“The indications of interest are non-binding; no definitive agreements for a strategic transaction have been reached at this time,” GAN added.
“There is no assurance that a transaction will take place and no timetable for completion of any transaction.”
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