GAN, the gaming software company led by Dermot Smurfit Jnr, has today announced details of a proposed equity subscription of £7.5m (€8.6m)

The decision follows the US Supreme Court’s ruling to overturn the federal ban on sports betting, which has been restricted in the country, since 1992.

In a statement released today, the company indicated its plans to use the proceeds to increase software engineering resources to serve existing major US clients’ services such as the WinStar.com Overseas Internet Casino.

The proceeds will also be used to repay in full a £2m loan note issued in April 2017 The subscription is subject to approval by shareholders and upon admission of subscription shares to trading on AIM and the ESM.

Chief executive of GAN, Dermot Smurfit, said: “This strategic capital raising exercise positions GAN to consolidate its US market position and capture substantial incremental revenue opportunities available resulting from both internet gaming and sports betting regulation in New Jersey, Pennsylvania and other US states expected to regulate Internet gambling in the near future.”

Source: www.businessworld.ie