Stay Informed.News

Launch of GAN Limited Road Show

27 April, 2020
For immediate release
27 April 2020
Launch of GAN Limited U.S. Roadshow
GAN plc (“GAN” or the “Company”) today announces the launch of the roadshow in relation to the GAN Limited U.S. fundraise and the filing of an amended Form F-1 registration statement with the SEC confirming an offering of 4,055,000 ordinary shares of GAN Limited with an expected price range of $6.50 to $8.50 per share. GAN Limited is expected to become the GAN holding company following pricing of the U.S. fundraise and the Scheme becoming effective and also expects to grant the underwriters a 30-day option to purchase up to an additional 608,250 ordinary shares at the initial public offering price less the underwriting discounts and commission.

The amended filing includes preliminary estimates of financial results for the three months ended March 31, 2020 and revenue guidance for the full year 2020, which is summarized below:
Unaudited preliminary financial estimates for Q1 2020:
  • Total revenue will be in the range of approximately $7.5 to $8.0 million.
  • Adjusted EBITDA will be in the range of approximately $1.8 to $2.2 million.
  • Total cash balance will be approximately $6.0 million.
In Q1 2020, revenue from Internet sports betting, although impacted by COVID-19, appears to be more resilient than originally anticipated by management and the Company expects gross operator revenue to be approximately $141 million, up from $120.8 million in the fourth quarter of 2019, with gross operator revenues from Internet casino gaming in the United States increasing by 279% year-over-year, in part due to the impact of COVID-19 on the period beginning on March 12, 2020.
For 2020, the Company expects revenue to be in the range of $37 million to $39 million. This estimate is based on management’s assessment of existing and anticipated customer opportunities, evaluated on a contract by contract basis, and discounted for probability of success.
A copy of the Form F-1 registration statement (as amended) has been filed with the SEC and can be sourced at  The registration statement will shortly be available on the Company’s website The registration statement has not yet become effective. The securities offered pursuant to the registration statement may not be sold, nor may offers to buy be accepted, nor may any portion of the purchase price be received, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Expected timetable of principal events
It is anticipated that pricing of the U.S. fundraise will occur on or around next Tuesday 5 May 2020, subject to market and regulatory conditions. Subject to the market and regulatory conditions regarding the pricing and closing of the U.S. fundraise and contingent on the Scheme becoming Effective, the following is the expected timetable of principle events:
  • Pricing of the U.S. fundraise
7:30p.m ET on 5 May 2020
  • Scheme Record Time
6.00p.m. BST on 5 May 2020
  • Announcement of results of U.S. fundraise
7.00a.m. BST on 6 May 2020
  • Suspension of trading of GAN plc on AIM
7.30a.m. BST on 6 May 2020
  • Commencement of trading of GAN Limited on NASDAQ
9.30a.m. ET on 6 May 2020
  • Scheme becomes Effective
  on 6 May 2020
  • Cancellation of trading of GAN plc on AIM
7.00a.m. BST on 7 May 2020

Each of the dates in the above timetable is subject to change. All times are London times unless otherwise stated, and are approximates. If for any reason it becomes necessary to adjust the expected timetable, the Company will make an appropriate announcement through a Regulatory Information Service giving details of the revised dates. The Longstop Date for the Scheme is 14 May 2020.


Terms and expressions used in this announcement shall, unless the context otherwise requires, have the same meanings as given to them in the Scheme Document.

GAN PLC is a leading business-to-business supplier of internet gambling software-as-a-service solutions to the US land-based casino industry. GAN PLC has developed a proprietary internet gambling enterprise software system, GameSTACK™, which it licenses principally to land-based US casino operators as a turnkey technology solution for regulated real-money internet gambling, encompassing internet gaming, internet sports gaming and virtual Simulated Gaming.
For further information please contact: 
GAN US Investors: The Equity Group
Jack Wielebinski Adam Prior
Head of Investor Relations [email protected]
+1 214 799 4660 212.371.8660
[email protected]  
Carolyne Sohn
[email protected]
  UK & Ireland Investors: Newgate Communications
  Adam Lloyd
Giles Croot
  [email protected]
  +44 (0) 20 3757 6880
  Davy (Nominated Adviser and Joint Broker)  
  John Frain / Barry Murphy  
  +353 1 679 6363  
Liberum (Joint Broker)
  Neil Patel / Cameron Duncan  
  +44 (0) 20 3100 2000  

 Forward-Looking Statements

This announcement may contain certain forward-looking statements. These forward-looking statements include all matters that are not historical facts. These forward-looking statements involve risks and uncertainties that could cause the actual results of operations, financial condition, prospects and the development of the sector in which GAN PLC operates to differ materially from the impression created by these forward-looking statements. GAN PLC does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Do not place undue reliance on forward-looking statements, which speak only as of the date of this announcement.

Recent News

2 February, 2021
GAN Announces New Simulated Client: Seneca

GAN announces new simulated gaming client, Seneca Gaming Corporation. 

Dowload the full release in PDF here:

GAN _ Seneca SIM GAM Launch - FINAL CLEAN.pdf

Read Full Article
22 January, 2021
GAN Announces Multiple Client Launches in Michigan

Irvine, California | January 22, 2021: GAN Limited (the “Company” or “GAN”) (NASDAQ: GAN), a leading full-service internet gaming software-as-a-service provider to the real money internet gaming and online sports betting industries, announced that today is the commencement date for Michigan’s internet gambling market and GAN’s three related client launches: Churchill Downs, Wynn Resorts, and FanDuel Group. Earlier this week, the Michigan Gaming Control Board approved nine Business-to-Consumer (“B2C”) operators to launch today, in time for the Super Bowl. GAN is powering three of those nine, which are all leveraging GAN’s technical platform for internet sports betting and/or internet casino gaming. According to Regulus Partners and Macquarie Research, the state of Michigan is expected to generate $439 million in Gross Operator Revenue during the balance of 2021, increasing to $724 million in 2022 and $969 million in 2023.
Today GAN simultaneously launched three operator clients online in Michigan, including FanDuel Group’s online casino and two new GAN clients, Churchill Downs and Wynn Resorts, secured in June and September 2020, respectively.

Read Full Article
15 January, 2021
GAN To Participate in Needham Virtual Growth Conference

Irvine, California | January 15, 2021: GAN Limited (the “Company” or “GAN”) (NASDAQ: GAN), a leading full-service internet gaming software-as-a-service provider to the real money Internet gaming and online sports betting industries, today announced that senior management will participate in the 23rd Annual Needham Virtual Growth Conference on Friday, January 15, 2021. The team will be conducting one-on-one and group meetings with investors that attend the conference. All support materials, including an investor presentation that will be used at the conference, will be available to investors on the investor relations section of the Company’s website before the conference begins.

Read Full Article
Top of page