Another sports betting company is turning into an IPO, as GAN Ltd. made the first shares available for public sale on Monday, November 2nd. As COVID-19 continues to wreck havoc on the sports world and other industries, GAN is making their brand public.

Shares of the company can be publicly traded and sold on the stock exchange. GAN Ltd, designs sports
betting software, and the company has grown by leaps and bounds in a short period of time.

GAN Ltd has their main headquarters in London, with offices in Los Angeles and New York City as well. They have been a major player in online gaming since 2010. The company moved into producing sports betting software in 2015, and have become one of the largest sports betting software developers in the world.

GAN Ltd. offered a limited amount of shares to a select number of buyers in May, selling almost 7 million shares. That sale put the company value at $371 million, and paved the road for the company to now go public before the end of 2020. The company had a 56% surge after the first shares were made available in May.

Company Value Has Tripled

According to new reporting from Bloomberg, the July 2nd surge hit record value from the May IPO price. GAN has long called itself ‘the number 1 online gambling platform in America.’

The company has experienced a huge growth spurt after the 2018 Supreme Court ruling lifted a nationwide ban on sports betting. Gan Ltd. and several other companies experienced enormous growth as a result of states legalizing sports betting.

As the U.S. and other countries are experiencing a second surge of COVID-19, brick and mortar betting locations have had sales stalled a bit. States with online betting options are experiencing a measurable amount of increased wagers being placed. Penn National Gaming Inc., is also publicly traded, and has experienced a sizable increase in value of their shares.

Monday is expected to produce a surge in trading volume, as individual investors hold about 30% of the GAN stock. A key person at GAN Ltd., is Dermot Smurfit Jr., who is the CEO and has been with the company since 2002, according to sources he owns 7% of GAN Ltd stock.

GAN Ltd Has Meticulously Transitioned To NYSE

The financial team of advisers at GAN Ltd. has been engaged in the process of transferring their interests from London to the U.S stock exchange ahead of Monday. Smurfit Jr. is also a member of the board of directors.

Smurfit’s uncle, Michael Smurfit Jr. also serves as a member of the board of directors. According to Bloomberg sources, Michael Smurfit is the single largest shareholder at GAN, owning a 9.4% stake in the company. GAN Ltd, has been making strategic business arrangements in the U.S. since early October, when they signed a 10 year deal with Wynn Resorts.

The GAN Ltd deal with Wynn appoints them as the official sports betting platform provider in Michigan. GAN signed a similar deal with Churchill Downs Inc. in August 2020 to provide the software for all of the online sports betting and online casinos through BetAmerica.

Sports betting analyst Chad Beynon said in early October, “The Wynn Resorts deal that GAN Ltd embarked upon was paramount to their going public. The sports fan base in Michigan and the population of almost 10 million people solidified their footprint in the US.”

Some sports betting companies that went public, like DraftKings, have experienced growing pains with underperforming numbers. Beynon said that was to be expected however, since everything is so new, and dealing with a worldwide pandemic has not helped the numbers.

Once all the issues are ironed out, and the pandemic is more under control, the numbers will continue to grow.