Gan seeks Nasdaq listing in US amid surge in online sports betting
GAN plc, a London-based developer of online gaming software, said it was filing with U.S. Securities and Exchange Commission for permission to begin trading on the Nasdaq as a foreign private issuer.
GAN officials also said the company expects its earnings report to beat market expectations, with revenue growth of between 115% and 120%. The company cited higher-than-expected growth in online gambling in New Jersey and Pennsylvania after the start of the National Football League season last September and higher-than-expected cross selling of sports to casino gambling.
The company also cited faster-than-expected ramping up of sports betting in Pennsylvania and the launch of online sports betting in Indiana starting in October 2019
"We are delighted with our full-year performance in 2019, which proved the long theorized margin opportunity available to GAN as a specialized enterprise software provider and provides a solid foundation for 2019 and beyond," Dermot Smurfit, CEO of GAN, said in a company release. "Our intellectual property and technical expertise put us at the forefront of the internet sports betting and casino gaming market as demonstrated by our diverse and expanding client base."
GAN is currently listed on the London Stock Exchange.