GAN has raised £7.5m in an effort to address sports betting opportunities in the US, following the US Supreme Court's decision to lift the Federal Ban on sports betting delivered on May 14, 2018.
The company plans to use the net proceeds to "substantially increase" its software engineering resources to better serve existing US clients' services, such as the WinStar Overseas Internet Casino, and launch new clients and services.
The company has conditionally raised the money through an over-subscribed subscription of 15 million new ordinary shares of £0.01 each per share, at an issue price of 50p per ordinary share. The subscription shares will represent approximately 17.6 per cent of the enlarged issued share capital of the company.
Dermot Smurfit, CEO of GAN, said: "This strategic capital raising exercise positions GAN to consolidate its US market position and capture substantial incremental revenue opportunities available resulting from both internet gaming and sports betting regulation in New Jersey, Pennsylvania and other US States expected to regulate Internet gambling in the near future."
