GAN signs first LOI to supply its newly acquired Coolbet sportsbook engine in Virginia

GAN announced Thursday that it has signed its first Letter of Intent (LOI) with an existing client to provide its new Coolbet sportsbook engine. The product is currently being technically integrated for U.S. deployment by GAN, for operational rollout in Virginia as an internet-only mobile-first sports betting experience, subject to regulatory approvals and operator client licensure.

Jeff Berman, Chief Commercial Officer of GAN, commented: “Since we announced our acquisition of Coolbet in November, we have seen significant interest from both current and prospective clients in our newly acquired sportsbook engine and associated managed trading services. Principle integration of this new offering into our industry-leading B2B technology platform is now underway and expected to be operationally deployed here in the U.S. with the expected launch of online sports wagering in the Commonwealth of Virginia."

"We are excited to further expand our relationship with this current partner, which has applied for an Internet sports betting license in the Commonwealth of Virginia, citing GAN as their nominated platform provider. This agreement further validates our strategic decision to expand our platform capabilities through the acquisition of Coolbet. We look forward to the exciting opportunities we expect to see in 2021 as we bring our augmented platform solution into the U.S. market that now includes one of the best sports betting technologies and end user customer experience operating in the world today," Berman added.

The LOI is non-binding and contingent on the client being awarded an Internet sports betting license in the Commonwealth of Virginia, as well as other factors.