Gan Ltd GAN skyrocketed 20% Thursday morning amid news the company brought on Codrish Gaming Group as a new client.
The two organizations have teamed up for the creation of a new "PlayLive!" branded internet gambling business in Pennsylvania.
What To Know About Gan
Gan's core business centers around a subscription revenue model. Its software allows it to take a piece of the action on every bet or gamble for the gaming companies that it works for. Its most notable client is FanDuel, an international competitor to DraftKings DKNG.
Just Wednesday, Benzinga reported on the stock's breakout prospects.
"Offline casino and sportsbook platforms seeking to migrate their brands to online and mobile gaming offerings will find themselves in need of specialized technology, marketing and ops to navigate complex state-specific compliance standards," Chris Camillo, founder of TickerTags and host of Dumb Money LIVE, told Benzinga, "not to mention combating player fraud while competing for new player activation against fierce and deep-pocketed competition."
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The new deal for Gan will help further its technological reach in establishing usable gambling software. As online betting becomes more legal and popular, the company's trend towards powering these sorts of platforms may only go upward.
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