{"id":139087,"date":"2020-06-18T11:01:52","date_gmt":"2020-06-18T18:01:52","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=139087"},"modified":"2020-06-18T11:54:37","modified_gmt":"2020-06-18T18:54:37","slug":"gan-ceo-smurfit-excites-investors-with-mystery-client-talk","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/gan-ceo-smurfit-excites-investors-with-mystery-client-talk\/","title":{"rendered":"GAN Tantalizes Investors With Talk of Lucrative Mystery Client"},"content":{"rendered":"

GAN Ltd. (NASDAQ:GAN) delivered its first earnings report as a Nasdaq-listed entity on Tuesday. But the nugget investors are talking about is a mystery \u201cTier 1\u201d client that could represent $300 million to $400 million in annual revenue.<\/p>\n

\"Gan
GAN is wowing investors with talk of a mystery client that could mean big revenue. (Image: Nasdaq)<\/figcaption><\/figure>\n

The gaming software maker, which debuted on the Nasdaq in early May<\/a>, didn’t identify the source of the new business. But on a conference call with analysts, CEO Dermot Smurfit provided some clues.<\/p>\n

For real money internet gambling, we’ve reached an agreement in principle with a Tier-1 client that is looking to deploy our game stack technology in new addressable states, such as Illinois, Tennessee, as well as Michigan and other states in which GAN offers considerable existing operating experience, such as New Jersey, Pennsylvania, and Indiana,\u201d said Smurfit.<\/p><\/blockquote>\n

The GAN boss said the deal isn’t final and there are still regulatory hurdles to be cleared. But he added, \u201cWe are working hard to bring it across the line.\u201d Smurfit didn’t give a time line regarding when the company will update the investment community on the agreement<\/strong>.<\/p>\n

Not Kind of a Big Deal, It Is a Big Deal<\/h2>\n

Smurfit notes that, assuming the pact with the mystery client comes to fruition, it would, at maturity, generate \u201c$300 million to $400 million in gross operated revenue annually.\u201d<\/p>\n

Even at the low end of that range, that’s a massive sum for a company with a market value of just $1.94 billion that notched first-quarter turnover of $7.7 million.<\/p>\n

\n

\u201cThis is a very large retail and also online gambling enterprise,\u201d said Smurfit. \u201cIt’s been a multi-month dialogue to reach the point we did yesterday with the execution of preliminary documents, and we will, of course, update the market in full with both identity and scope and expectations, as and when we execute definitive agreements.\u201d<\/p>\n<\/div>\n

Since becoming a public company, GAN announced agreements with Cordish Companies to provide iGaming services related <\/a>to two land-based casinos the real estate developer is opening in Pennsylvania.<\/p>\n

Rumor Mill Gets Rolling<\/h2>\n

For now, GAN is mum on the identity of the client. But that’s not stopping some gaming industry observers from speculating. Smurfit offered another clue by telling analysts his company will be taking business from a rival with an established US presence.<\/p>\n

\u201cAnd yes, we will be displacing an existing provider that has been active in the US.,\u201d said the CEO. \u201cSo we’re extremely happy that we can talk about it in principle. But I’m just dreadfully sorry that we can’t give any more color above and beyond what’s already been given.\u201d<\/p>\n

Given the states mentioned by Smurfit on the conference call, one Twitter sleuth speculated that the company GAN could be pilfering business from is SBTech, which is part of DraftKings<\/a> (NASDAQ:DKNG). The same poster pondered that the the source of GAN’s new revenue could be Churchill Downs. But until there’s an official announcement, it’s just conjecture.<\/p>\n

Another Twitter user opined that GAN’s new client could be Penn National Gaming (NASDAQ:PENN), a sensible choice considering the company is boosting its online casino and sports betting presence. But that’s also just a rumor at this point<\/strong>.<\/p>\n

What’s not up for debate is that UK-based GAN derived 81 percent of its first-quarter revenue in the US.<\/p>\n","protected":false},"excerpt":{"rendered":"

GAN Ltd. (NASDAQ:GAN) delivered its first earnings report as a Nasdaq-listed entity on Tuesday. But the nugget investors are talking about is a mystery \u201cTier 1\u201d client that could represent $300 million to $400 million in annual revenue. The gaming software maker, which debuted on the Nasdaq in early May, didn’t identify the source of […]<\/p>\n","protected":false},"author":46,"featured_media":139104,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,1],"tags":[],"acf":[],"yoast_head":"\nGAN CEO Smurfit Excites Investors With Mystery Client Talk<\/title>\n<meta name=\"description\" content=\"GAN Ltd. could soon reveal news about a new client that could be worth up to $400 million in annual revenue, but the company is a mystery.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GAN CEO Smurfit Excites Investors With Mystery Client Talk\" \/>\n<meta property=\"og:description\" content=\"GAN Ltd. could soon reveal news about a new client that could be worth up to $400 million in annual revenue, but the company is a mystery.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/gan-ceo-smurfit-excites-investors-with-mystery-client-talk\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-18T18:01:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-06-18T18:54:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/GAN.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/gan-ceo-smurfit-excites-investors-with-mystery-client-talk\/\",\"url\":\"https:\/\/www.casino.org\/news\/gan-ceo-smurfit-excites-investors-with-mystery-client-talk\/\",\"name\":\"GAN CEO Smurfit Excites Investors With Mystery Client Talk\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/gan-ceo-smurfit-excites-investors-with-mystery-client-talk\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/gan-ceo-smurfit-excites-investors-with-mystery-client-talk\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/GAN.jpg\",\"datePublished\":\"2020-06-18T18:01:52+00:00\",\"dateModified\":\"2020-06-18T18:54:37+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"GAN Ltd. could soon reveal news about a new client that could be worth up to $400 million in annual revenue, but the company is a mystery.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/gan-ceo-smurfit-excites-investors-with-mystery-client-talk\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/gan-ceo-smurfit-excites-investors-with-mystery-client-talk\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/gan-ceo-smurfit-excites-investors-with-mystery-client-talk\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/GAN.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/GAN.jpg\",\"width\":1280,\"height\":720,\"caption\":\"GAN is wowing investors with talk of a mystery client that could mean big revenue. 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