GAN awarded New Jersey license

B2B internet gaming firm, GAN (formerly GameAccount Network), has been awarded its first gaming license in the U.S. by the New Jersey Division of Gaming Enforcement (NJDGE) after an almost four year application process.

GAN considers the award an important milestone placing the company in a strong position to obtain licenses in other US States that elect to regulate real money Internet gaming in the future.

Dermot Smurfit, CEO of GAN commented:

“GAN has been thoroughly and professionally investigated by the NJDGE and we welcome the grant of our first privileged gaming license in the United States.

“In the heavily regulated world of Internet gaming, the significance of this gaming license cannot be underestimated and is a major asset for our Company and will deliver our shareholders significant value over time.”

In related news, earlier this month GAN raised GBP 2 million by way of a conditional Placing and Open Offer of 9 percent Convertible Unsecured Loan Notes 2022. The Company conditionally placed all of the Convertible Notes with Sir Michael Smurfit.

The Board placed the offer to raise additional capital which will enable it to respond to opportunities that arise in newly regulated intra-State internet gaming markets in the U.S., specifically identifying Pennsylvania.

GAN will also use the funds to embark on a U.S. patent licensing program.

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