Gan Gambling
GAN is to replace the existing simulated gaming solution with a bespoke product for the operator, which runs three of New York’s leading casino establishments on behalf of the Seneca Nation of Indians.
Gan Gambling
The B2B software supplier will rebrand SGC’s social play-for-fun offering for both desktop and mobile via its core Simulated Gaming software, and supply customer services for the platform’s users. GAN will also provide marketing services, which includes acquisition and retention marketing for SGC.
Jeff Berman, chief commercial officer of GAN, said: “We are very excited about the continued adoption of our Simulated Gaming software and eager to work in close concert with Seneca Gaming Corporation to further enhance the user experience for their players. This partnership and integration of GAN’s software will allow SGC to develop more.”
SGC is a leading casino operator in New York state, running Seneca Niagara Resort & Casino in Niagara Falls, Seneca Buffalo Creek Casino in downtown Buffalo, and Seneca Allegany Resort & Casino in Salamanca.
- On this Wildcard Wednesday, host Emily Flippen and Motley Fool analyst Clay Bruning talk about a small, under-the-radar play on digital gaming: GAN Limited (NASDAQ:GAN). Find out why this company.
- GAN clearly sees potential in the state’s online gambling market. It will be working with a major casino operator on this online gambling offering in the state. However, the casino operator wishes to remain anonymous until regulations for the sector have been approved.
By Amber Deter
Originally posted
Updated on May 11 at
GAN Limited Ordinary Shares (GAN) Stock Quotes - Nasdaq offers stock quotes & market activity data for US and global markets. Engages in the provision of enterprise solutions for online casino gaming. It operates through the Real Money Gaming Operations and Simulated Gaming Operations segments.
On May 5, 2020, a GAN IPO hit the Nasdaq market. Investors thought they knew what to expect. However, GAN stock launched with a home run that surprised everyone.
It isn’t too late for investors to get in on this successful IPO. And if you’re looking for information, you’re in the right place. Here’s what we know…
GAN IPO: The Business
GAN started as GameAccount Network in 2001. The London-based company provides betting and gambling software as a service (SaaS). It works with casinos in the U.S. and around the world. The company also works with sports-gaming site FanDuel and its associates, Paddy Power and Betfair.
Over the years, GAN launched many successful platforms and received awards for its services. But GAN hasn’t stopped looking for ways to improve its platform and technology. It’s the market leader for online gambling SaaS.
With this leading position, management has raised money to expand further. That includes trading shares on alternative exchanges. But the GAN IPO brought those shares to the Nasdaq.
GAN Stock Comes to U.S. Investors
Gan Plc Gambling
Before the IPO on the Nasdaq, GAN had two listings. The first was the Alternative Investment Market (AIM) in London. The other offered over-the-counter (OTC) shares in the U.S. under the ticker symbol GMMNF. There are two main reasons why GAN decided to add its listing to the Nasdaq.
The first reason is that about 80% of the company’s 2019 revenue came from the U.S. GAN’s services are largely used by casinos in the U.S. But as the online gambling and sports betting markets grow, so will GAN’s opportunities to expand.
The second reason is that GAN believes it will be easier to raise capital on a major American exchange. Since the majority of customers and revenue comes from the U.S., more U.S. investors could be interested in GAN stock. A larger exchange often leads to a wider audience.
But GAN also chose the timing carefully. There’s a reason the GAN IPO hit the market when it did.
Why GAN Went Public Now
Gan Casino
On April 24, DraftKings went public. The DraftKings IPO was a long-awaited and successful event. And it proved now was a good time for online betting and gaming companies to go public.
The coronavirus shut down multiple countries. People were told to stay home as restaurants, malls and schools were closed. Online activity became more popular as a way for people to communicate and pass the time – and that includes online betting. As it grows, companies like GAN, DraftKings and FanDuel grow their consumer base.
This is good news for GAN. Before the IPO, the company was classified as a microcap. After raising money with the GAN IPO, it’s now considered a small cap. But GAN wants to continue to grow its market capitalization in the hopes of bringing in more investors and raising more capital.
But as an investor, it’s good to know…
GAN IPO: The Details
GAN trades under the ticker symbol GAN. Originally, GAN planned to offer 4.05 million shares, priced between $6.50 and $8.50. That means on the high end, GAN could raise about $34.5 million. At midrange, analysts determined GAN’s value would be $192 million.
The company found high demand for GAN stock during its IPO roadshow. Shares were priced at $8.50 and opened on the Nasdaq at $10.60 a share. Since then, it reached a high of $14.90 on May 7 before falling down again.
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Some analysts believe the GAN IPO is a good investment opportunity. The increase in share price shows strong demand from investors. However, other analysts think investors should wait until after the lockdown period. If early investors cash out, it could be a bad sign. And as always, GAN stock is at the mercy of the market.
But whether GAN is a good investment or not, the success of the GAN IPO is a good sign that the IPO market could be recovering.