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Gan Trades Higher On Favorable New Jersey Gaming Data, Peer Strength

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Gan Trades Higher On Favorable New Jersey Gaming Data, Peer Strength

Gan Ltd (NASDAQ: GAN) shares were sharply higher Thursday. The stock move is potentially due to New Jersey's Division of Gaming Enforcement, which released the latest numbers of the state's gaming results.

What To Know: At the beginning of July, casinos in Atlantic City, as well as retail sportsbooks at casinos and racetracks, began reopening with operating restrictions due to COVID-19. New Jersey's Division of Gaming Enforcement Industry reports the total gaming revenue for July was $264.5 million compared to $334.4 million in July 2019, reflecting a 20.9% decrease. Internet gaming win increased by 98.7% to $510.2 million when compared to the prior period.

Gan's CEO Dermot Smurfit also gave a presentation at the Canaccord Genuity conference on Wednesday.

About Gan: Gan, which IPO'd in May, operates in the sports gaming space. 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.

One of the company’s more notable elements is that it owns a patent on the ability for a casino that has an offline brick-and-mortar presence with an offline loyalty program to merge that with an online loyalty program.

Price Action: Gan shares were trading up 13.2% at $22.55 on Thursday at the time of publication. The stock has a 52-week high of $28.95 and a 52-week low of $10.60.

Meanwhile, Penn National Gaming (NASDAQ: PENN) shares were trading up 8.16% at $53.82 and DraftKings (NASDAQ: DKNG) shares were also trading up 5.51% at $35.60.

Related Links:

Analyst: Regional Casino Stocks 'Uniquely Positioned To Enjoy The Most Upside'

Gan Rips Higher On New Online Gambling Deal

 

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