GAN Receives Regulatory Approval from the Nevada Gaming Commission

Rhea-AI Summary

GAN receives regulatory approval from Nevada Gaming Commission to commence operations in Nevada.

Positive

• GAN can now launch its GAN Sports betting platform in Nevada, which is one of the largest and most recognizable gaming markets in the world.
• This approval expands GAN's presence in the B2B sports betting market, allowing them to offer their technology and trading solution in three states.
• GAN is excited to bring a unique and fun wagering experience to the growing market in Nevada.

Negative

• None.

Approval allows GAN to commence operations in Nevada

IRVINE, Calif.--(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 it has received regulatory approval from the Nevada Gaming Commission. The approval allows GAN to commence field trial operations of its GAN Sports betting platform with its Nevada customers after the platform is certified and approved.

GAN Sports has built the infrastructure to deploy into the Nevada market, including mobile applications and retail sports betting.

Seamus McGill, Chairman and Interim CEO of GAN, commented:

“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 3rd 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.”

About GAN Limited

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.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the Company’s strategic review, potential transactions, the Company’s anticipated trends in revenues (including new customer launches) and operating expenses, the anticipated improvement in profitability, the anticipated launch of regulated gaming in new U.S. states, the continued integration of Coolbet’s sports betting technology and international B2C operations, as well as statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate” and similar statements of a future or forward-looking nature. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements including those risks detailed under “Risk Factors” in our Annual Report on Form 10-K and subsequent periodic reports. 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/20231020203392/en/

Investor Contacts:

GAN

Robert Shore

Vice President, IR and Capital Markets

(610) 812-3519

rshore@GAN.com

Alpha IR Group

Ryan Coleman or Davis Snyder

(312) 445-2870

GAN@alpha-ir.com

Source: GAN Limited

FAQ

What is the news about?

GAN has received regulatory approval from the Nevada Gaming Commission to commence operations in Nevada.

What does this approval allow GAN to do?

The approval allows GAN to launch its GAN Sports betting platform in Nevada.

What is significant about the Nevada market?

The Nevada market is one of the largest and most recognizable gaming markets in the world.

How many states will GAN be operational in with its B2B sports betting technology?

GAN will be operational in three states with its B2B sports betting technology.

What does GAN hope to bring to the Nevada market?

GAN hopes to bring a unique and fun wagering experience to the growing market in Nevada.