GAN Announces Multi-Year Agreement with Ainsworth Game Technology for Exclusive U.S. Online Rights to Leading Casino Portfolio
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, online sports betting, and simulated gaming industries, today announced it has reached an agreement with Ainsworth Game Technology Limited ("Ainsworth") (ASX: AGI) to obtain the exclusive online rights to all current and future Ainsworth online games, today comprising over seventy unique games, for an undisclosed amount.
We believe established and recognizable U.S. retail slot machines converted for online play will logically out-perform international online games also available in the United States, providing Business-to-Consumer ("B2C") Operators of iGaming with a competitive advantage in enhanced customer lifetime values, user acquisition and retention marketing.
For GAN, this deal delivers on the long-stated content acquisition strategy to increase the Company's overall 'take rate' on B2B Gross Operator Revenue from iGaming as well as securing a fast-growing share of existing iGaming revenues from B2C Operators who are not already clients of GAN. GAN will begin deriving online content licensing fees from Ainsworth for their existing online operations in New Jersey, with immediately planned expansion to Michigan and Pennsylvania in 2021.
For Ainsworth, who possess an industry-leading library of land-based casino games present on retail casino gaming floors nationwide across the United States, this enables them to work with a single long-term online partner with an existing major distribution network in the United States while focusing resources to rapidly increase their online portfolio. As part of today's announced deal, Ainsworth will grow their online library with an additional 110 games, providing GAN's Platform and Super RGS clients' with an exclusive and substantial portfolio of online casino gaming experiences today and over the coming years. Ainsworth will now distribute their entire online games library only through the GAN Platform or Super RGS in the United States.
"Today's announcement recognizes the benefit of marrying our distribution to Ainsworth's content and is an imporant step toward disrupting existing distribution channels in the U.S. online gaming space. This agreement ensures that GAN possesses differentiated and exclusive access to what we believe will be an ever-growing focus on recognized retail gaming content naturally sought-after by Americans engaged in playing online casino games. Our goal is to continue to build a leading portfolio of U.S. casino games to benefit our diverse clients and establish ourselves as exclusive providers of premier U.S. content. We are excited to extend our long-standing relationship with Ainsworth, as they have built a global reputation for developing award-winning games for both the online and land-based channels."
Jason Lim, General Manager - Online of Ainsworth, added:
"Our agreement with GAN is a testament to their leading online distribution across the U.S. iGaming States as well as our industry-leading collection of slot games and emphasizes the importance of exclusive gaming content in a competitive industry. Games such the QuickSpin brand of wheel games, Pan Chang, Lucky Break and Kanga Cash offer exciting and unique experiences for our players around the world. We are thrilled to be partnering with GAN to further solidify each of our leading positions in the industry."
About GAN Limited
GAN is a leading business-to-business supplier of internet gambling software-as-a-service solutions predominantly to the U.S. land-based casino industry. Coolbet, a division of GAN, is a market-leading operator of proprietary online sports betting technology with market leadership positions in selected European and Latin American markets. GAN has developed a proprietary internet gambling enterprise software system, GameSTACK™, which it licenses to land-based casino operators as a turnkey technology solution for regulated real money internet gambling, encompassing internet gaming, internet sports gaming and virtual Simulated Gaming. Additional information about GAN can be found online at www.GAN.com.
About Ainsworth Game Technology
Ainsworth Game Technology Limited (ASX:AGI) ("Ainsworth") is a Australian publicly listed company headquartered in Sydney, Australia. Ainsworth offices are located around the world including the U.S. and Latin America. With a fully integrated operation including design, development, assembly, testing, sales and field service; Ainsworth encompasses the entire product development cycle from conception through to installation, service and support.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including statements regarding future business opportunities as well as statements that include the words "expect," "intend," "plan," "believe," "project," "forecast," "estimate," "may," "should," "anticipate" and similar statements of a future or forward-looking nature. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update or revise any forward-looking statements for any reason, except as required by law.
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