GAN delivers record Super Bowl bets
GAN delivered an all-time record 14.6 million settled online bets the day of Super Bowl LV, up 186% vs. last year’s event.
Additionally, the Company reached an agreement with current customer Greenwood Gaming & Entertainment to license GAN’s patented iBridge integration framework for 10 years.
Reflecting the strength and value of GAN’s intellectual property (“IP”), the agreement calls for Parx Casino to pay a total licensing fee of $3 million and implies a patent license of roughly $75 per reward card, validating a ‘per unit’ value of the patent. GAN has also agreed to amend its existing contract with Parx Casino, and will release the Client from exclusivity moving forward.
Dermot Smurfit, Chief Executive Officer of GAN commented: “GAN delivered uninterrupted performance for all our U.S. clients during Super Bowl LV, just as we did last year and the year before that. Yesterday, we experienced record all-time transaction volumes before, during and after the Super Bowl and look forward to leveraging the experience, technical data and knowhow to prepare for next year’s technical onslaught which we expect will see Super Bowl betting on GAN’s Platform taking place across perhaps more than a dozen States simultaneously.
We’ve started the year with strong business and financial momentum and this patent licensing deal further validates our industry leading IP and sets a new bar for its value per reward card. Since we deployed our patented functionality in the U.S. for online gaming, those online customers who have linked their retail gaming loyalty cards to their counterpart online gambling accounts have generated in excess of 160% more Gross Gaming Revenue (online casino) and 140% more Gross Sports Win (from online sports betting) as compared to those customers who have not linked a loyalty card to their online gambling account. These results demonstrate not only the direct value of our technology and IP, but also the ‘stickiness’ of GAN’s platform to our customers.”