GAN Enters New Jersey Market Via Parx Casino Partnership

New Jersey is to become wealthier for another partnership with huge potential. GAN will enter its regulated market via Greenwood Gaming & Entertainment, operator of Parx Casino. In addition to this, the creators of gaming platforms and other solutions also obtained an interactive license in Pennsylvania.

GAN Conquers New Jersey Market

The thriving period for this up and coming market started a while ago, with a grand-style kickoff, when PA got its sportsbook launched by Parx Casino. Gambling enthusiasts got their facility right in Bensalem, which includes 26 self-serve kiosks as well as seven teller windows placed inside the hub.

Following the positive trend from the beginning of this year and before…

…the next stop in their voyage was signing a multi-year contract with NetEnt.

The plan is to have the operator’s bountiful portfolio gradually implemented and expanded in the venue.

Pennsylvania Approves GAN

In order to increase chances of obtaining a sports betting license in the state, Parx Casino and GAN strengthened ties by joining together last year. The facility already has experience with this side of business…

…as they also cooperate with Kambi on sports betting services in Pennsylvania.

Moreover, GAN also inked an important deal with fantasy sports provider and bookmarker, FanDuel Group. The deal was made official at the beginning of the ongoing year, allowing GAN to distribute their software using the Group’s platform.

The Pennsylvania Gaming Control Board (PGCB) has given conditional approval to the operator, meaning they have become official interactive gaming manufactures in this state.

As a matter of fact, this is their second license in the US, preceded by the full casino service industry enterprise license in New Jersey in April 2017.

GAN’s Plans And Expectations

The license fee was significantly lower than the amount they expected to pay as part of the process. Instead of $1m, the cost of $10,000 is much more agreeable. This optimistic start, as well as current strong trading conditions, give them the confidence they will be able to…

…meet the revenue projections for the ongoing year.

Speaking in exact numbers, the company’s income should – by official estimates – come in at between £10.5m and £11.3m. That is a better performance compared to the £9.1m collected in 2017. When wrapping the current year up in financial terms, they expect to report…

…mid-to-high double-digit percentage year-on-year revenue growth, as well as positive EBITDA.

For the time being, officials believe they are fully funded and do not expect any additional capital requirement regarding current business plan. In addition to this, rolling out of gaming services in the state this summer is in plans.

Source:

“GAN extends Parx Casino partnership into New Jersey”, igamingbusiness.com, March 11, 2019.

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