GAN signs-up tenth simulated gaming partner
Supplier continues to grow its US footprint after reaching agreement with unnamed major casino operator Â
GAN has struck an agreement to supply an unnamed major casino operator with its simulated gaming platform, its tenth such deal in the US market. [private]
The supplier, formerly known as GameAccount Network, said the multi-year deal had been signed with an established casino that generates annual gross gaming revenues in excess of $500m.
GAN said the name of its partner would be revealed once the deal had been given the green light by regulators, but plans to launch on desktop, mobile and tablet later this year.
The news comes after GAN raised $4.2m through the issue of new shares to fund its expansion in the US market, for both its social and real-money gaming platforms and products.
GAN recently scored a major win after it was awarded the contract to replace bwin.party as the Borgataâs casino platform supplier in New Jersey.
The supplier, however, posted a 22% decline in FY15 net revenues to $8.4m with clean EBITDA falling to a loss of $4.3m more than double the $2m loss it made last year.
But net revenues from its simulated gaming platform increased 377% YoY due to launching with five additional casino operators during the period.
Recurring net revenues from regulated gaming continued to grow in New Jersey â where it powers the BetfairCasino.com site â and Italy, offset by declines in other European markets.
GAN said its simulated gaming platform was generating average revenues per daily active user in excess of $2, which it believes is âsubstantially aheadâ social casino metrics.