London-based GAN Plc., a developer and supplier of enterprise-level B2B internet gambling software, services and online gaming content, has filed for an initial public offering with the U.S. Securities and Exchange Commission, hoping to raise up to $35 million. The company is making the move to capitalize on the fact that internet gaming revenues are growing in the wake of the shutdown of U.S. casinos due to the Covid-19 crisis.
The company is currently listed on London’s AIM exchange under the symbol GAN.
GAN reported $30 million in revenue for the 12 months ended December 31, 2019. It plans to list on the Nasdaq under the symbol GAN.
The company maintains online-only gaming operations, and the successful implementation of “Work from Home” was completed on March 13. As a wholly digital business, GAN has not experienced any interruption in technical development, and/or technical operations conducted to support its clients.
The company has already been gathering U.S.-based clients, the latest being a deal with Michigan’s Sault Tribe of Chippewa Indians. GAN will provide its online gaming platform and services to the tribe’s five Kewadin casinos in Michigan, which legalized iGaming in December. Michigan online gaming and sports betting were projected to generate revenue of $377 million in the first year and $836 million by the fourth year—before the current industry shutdown began.
“We chose GAN and our mutual partner based on their market-leading technology and combined substantial experience serving gaming clients both online and offline,” said Allen Kerridge, CEO of Kewadin Gaming Authority.
