GAN settles 14.6m online bets on Super Bowl Sunday
SAAS provider secures $3m patent license revenue in deal with Greenwood Gaming.
GAN Limited, a California-based provider of internet gaming software-as-a-service to the online gaming and sports betting industries, on Tuesday said it settled 14.6m online bets the day of Super Bowl LV, up 186% from the previous year’s NFL championship game.
Separately, the company reported it reached an agreement with current customer Greenwood Gaming & Entertainment, Inc., trading as Parx Casino, to license GAN’s patented iBridge integration framework for 10 years.
The two companies said Parx Casino will pay a total licensing fee of $3 million, with an implied patent license of approximately $75 per reward card.
GAN agreed to amend its existing contract with Parx Casino, by which GAN releases Parx from exclusivity going forward.
Dermot Smurfit, CEO of GAN, said the technical performance of the company during the Super Bowl, combined with the Parx Casino agreement, is part of its “strong business and financial momentum” so far in 2021.
“This patent licensing deal further validates our industry leading IP and sets a new bar for its value per reward card,” Smurfit said in a statement.
According to Smurfit, since GAN deployed its patented functionality in the US for online gaming, its online customers that linked their retail gaming loyalty cards to their counterpart online gambling accounts have generated in excess of 160% more GGR (online casino) and 140% more gross sports win (from online sports betting) compared to the customers who have not linked a loyalty card to their online gambling account.
The Parx Casino deal marks the second time GAN has licensed its patented iBridge Framework on a standalone basis, Smurfit said, adding the company believes the opportunity to leverage its intellectual property in the US remains large.
“We continue to be engaged in numerous conversations with both large and small casino-operators, and we believe we are on track to license our iBridge patent to additional US casino operator groups in 2021 and throughout the patent’s remaining 13-year duration,” he said.
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