GAN Repurchases $1M of Common Shares
North American online gambling giant GAN, which specializes in the B2B (Business-to-Business) software niche, has made a splash in the opening market of the second quarter.
As such, under its share repurchase authorization, GAN has bought back an estimated 303 thousand shares as it looks to significantly strengthen its grip on the industry. Under the current authorization that expires in November 2022, there is approximately $4 million remaining under contract.
This, though, puts the company under zero obligation to make a further acquisition of stock, with this latest agreement concluding at an estimated figure of $3.30/share.
Progressive Month for GAN
It has been somewhat of a positive month for the software provider, who recently revealed a partnership between themselves and the Nuvei Corporation. This will mean that operators will be able to gain access to Nuvei's comprehensive suite of payment options.
These will, as such, integrate with GAN's software-as-a-service gaming platform technology.
Offering gaming operators a fully customizable payments platform, including local acquiring solutions and a full suite of payment methods through a single integration, is at the heart of our vision for the future of payments in gaming.
All this momentum for GAN could help to position itself as a major force in the software sector of the industry, especially with many looking to compete and challenge across the ever-growing US market.
The GAN technology platform is another indicator that the company is scaling significantly, and with the groundwork having already been put into this over the last few years, GAN could certainly reap its rewards.
While perhaps not one of the most recognized in the European markets, the software provider has made great strides in the US and has a sterling reputation. It is perhaps on the same level as a native firm, Scientific Games, which is considered a leader in the US market for software.
GAN and Nuvei have strong reputations for delivering best-in-class solutions for operators. This strategic partnership takes our combined proposition to the next level. I'd like to thank the team for their diligent work to power our operating partner on the market on the first day of operations. We expect the Ontario iGaming and online sports betting market to be a key growth driver given the province's population density.
Multi-Location Prime for Clever Positioning
The fact that the company has offices all around the US makes it ideally placed for the opening up of new markets in the form of states, with more and more approving legislation recently.
Geographically well-spread across the country, perhaps the potentially most important state is that of California, the most populous in the union with 40 million people.
With a bill set to be voted on in November of this year and is likely to be pushed through, it means that GAN's headquarters offices in Irvine, California, could well prove fruitful. Their understanding of the local market could lead to them holding an advantage over competitors when it comes to landing operator clients in the state, which could well set the tone for years to come.
As far as GAN are concerned, the next few months will certainly be interesting, especially with a deadline looming to buy back their remaining shares.