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FanDuel Proposes Exit from DC Lottery Contract for Lower Tax Rate
GAN Takes Advantages of US Regulation Expansion, Profit Surges Rapidly
June 16, 2019 Aleksandra Zolotic
GAN, one of the most renowned software, services, and web-based gaming content providers, has held its annual general meeting. One of the major topics discussed was the organization’s continuous growth, as a result of the increased acceptance…
…of various forms of betting in the US. Thanks to numerous successful alignments, such as with FanDuel Group, the US arm of Flutter Entertainment, and Parx Casino, the firm reported substantial gains for the 2018 and Q1 2019 (£4.6m).
Using Opportunities Wisely
According to Dermot Smurfit, GAN’s CEO, since last year’s AGM, the company has put the main focus on taking advantage of the additional US internet sports wagering opportunity. This was reflected in the company’s online launch in New Jersey in September 2018. As he stated:
“Since launch, sports betting has driven substantial increases in our clients’ revenues, in which GAN participates. We also prepared to launch internet gambling in relationship with FanDuel Group, the US arm of Flutter Entertainment plc (formerly Paddy Power Betfair plc) to rapidly deploy our platform in selected additional US states. 2018 was clearly, therefore, a pivotal year for GAN.”
Providing
As far as the latest financial reports claim, the particular boost took place with New Jersey, as the company beat financial predictions. But, what also played an important role regarding the corporation’s notable growth is the fact that GAN provided much-needed for welcoming the spread of regulation across the country. The most recent examples are the legislation of sports gambling…
…in Iowa, Tennessee and Illinois. As far as the numbers express, 58 million Americans, (nearly 20 percent of the entire US population) is permitted to participate in one or more forms of internet gambling. The company believes that…
… if the trends continue this way, more than half of all Americans will be allowed to gamble online as a result of accelerating incremental state-by-state regulation.
Looking Forward to Future Results
The firm is more than Parx Casino in Pennsylvania. As far as Smurfit concludes:
“In conclusion, 2018 was a pivotal year for GAN, and we firmly believe 2019 will be another year of tremendous operational and financial progress, and I look forward to updating shareholders with our financial results for the first half of the current financial year in due course.”
Source:
“Spread of US regulation paying dividends for Gan”, casinobeats.com, June 12, 2019.
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It seems to me that the company is more than aware of how important regulation is. After all, it’s a win-win situation both for them and the players, and good profit is a logical result.