The online sports betting agreement between the companies has been extended.
US.- GAN announced on Thursday that it has signed a material long-term deal with FanDuel to be the group’s platform for rapid deployment of Internet casino, and account services for Internet sports betting in Pennsylvania and West Virginia.
The new signing also adds to the existing services provided since 2013 by GAN to FanDuel in New Jersey. “This expanded contract represents a material increase in the value of the partnership to GAN across revenue share, professional services and patent licensing fees,” explained GAN.
The company also explained that as part of the contract expansion FanDuel has agreed to license GAN’s US Patent. The five-year contract term extension starts this year and ends in 2024.
Dermot Smurfit, CEO of GAN commented: “The contract extension combined with US Patent licensing represents a significant milestone in GAN’s US evolution and reinforces our view that in the heavily regulated US online gambling market, effective and compliant ‘platforms’ are a premium component of the supply chain rather than a commodity. GAN is therefore very well placed to capitalize on the growth in US online gambling markets in terms of new operator clients, new States and underlying growth momentum.”