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Gan reports online sports betting surge in key New Jersey market

Gan, a U.K.-based developer of B2B software for online sports betting, said online wins rose 53 percent in January in the key New Jersey market, based on data from state regulators.

Gaming wins in New Jersey rose to $33 million in January, compared with $22 million in the year-ago period, according to a press release.

Total internet sports wagering handle, which is the gross amount accepted for sports betting, jumped sharply from the end of last year, reaching $305 million in January, compared with $241 million in December 2018.

The data comes from New Jersey’s Division of Gaming Enforcement.

Last month Gan reported gross operator revenue doubled during the fourth-quarter to $41.8 million, compared with the year-ago period.

"Internet sports betting in New Jersey drove exceptional growth of gross operator revenue in the last quarter of 2018 with a significant positive impact on casino revenue from cross-selling casino games to sports gamblers,"  Dermot Smurfit, CEO of Gan said in a quarterly earnings announcement.

Gan in January announced a five-year agreement with the FanDuel Group to expand online sports betting to West Virginia and Pennsylvania. FanDuel is one of the largest fantasy sports gaming apps in the U.S.  

Earlier this week, FanDuel reported very strong month in January, saying that more than half of New Jersey’s total handle through retail and online was generated by FanDuel Sportsbook The company said FanDuel Sportsbook’s online revenue rose for the fourth month in a row, and that revenue was driven by NFL and NCAA football playoffs and noted that the Australian Open was available for live in-app streaming for the first time.