The iGaming software supplier, GAN, will buy Coolbet for €150 million from its operating firm Vincent Group Malta. Coolbet will take over the operator’s brand IP, trading and proprietary software assets.
Speaking to investors, GAN branded Coolbet one of the fastest-growing European B2C operators, with 12-month revenue of €26 million (US$30.9 million), according to SBCNews.
“From the onset of our IPO we have continued to enhance and perfect our internet gaming software-as-a-service solutions for the U.S. market,” GAN Chief Executive Dermot Smurfit said. “As a part of that growth strategy, we have been clear that we needed to add a best-in-class sportsbook engine to round out our real money iGaming platform, and we believe Coolbet is the perfect fit for both GAN and our customers.”
Coolbet has also established its presence in Canada and Latin America.
GAN will integrate Coolbet’s proprietary sportsbook platform within its B2B turnkey solution to support commercial and partnership opportunities in the U.S., with betting technologies added in the latter part of next year.
GAN expected to close the deal by the first quarter of 2021 subject to regulatory review.
“We expect to achieve significant revenue synergies across both platforms over the long-term and have structured the deal to be immediately accretive,” Smurfit said.
