GAN to raise GBP 3 million through share issue

Gaming software provider GAN will look to raise gross proceeds of around GBP 3 million through an issue of new Ordinary Shares at a price of 28 pence each.

The company intends using the proceeds to fund its continued expansion of real-money regulated gaming and simulated gaming in the US.

GAN’s focus in 2016 will be on growing its market share in the New Jersey market through continued growth of BetfairCasino.com, the imminent launch of Borgata on GAN’s regulated platform and through additional Regulated Gaming client wins.

It also sees further opportunity in increasing aggregate Simulated GamingTM net revenues which it expects to be driven by a combination of the seven operators live entering 2016, the launch of Simulated GamingTM offerings for Borgata and major multi-State operators Isle of Capri and Rock Gaming in the first half of 2016 and anticipated Simulated GamingTM client wins across the US.

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