Gan Limited (NASDAQ:GAN) shares have fallen about 15% over the last two days despite a rise in shares from its sector of sports betting and iGaming.
The drop comes with no news out from the company and a big rise in peer stocks like DraftKings Inc. (NASDAQ:DKNG) and Penn National Gaming (NASDAQ:PENN).
What To Know About Gan And Penn: Gan announced in August a partnership with Penn National, which became the largest casino operator in the U.S. to select Gan. The deal was to power the mychoice social casino app from Penn National to integrate the company’s current land-based mychoice player loyalty program, which has 20 million members.
Where Barstool Comes In: Barstool Sports partnered with GTG Network on its new sports betting app. This news came out on Tuesday and started the sharp decline in Gan shares. The soft launch of the Barstool app and lack of Gan’s involvement could correlate or just be a huge coincidence.
GTG is providing sports data and insights for the app. GTG's website also shows it offers trivia and arcade games. Gan is known for providing online social casino-style content.
Benzinga asked the Gan spokesperson about the company's relationship with Penn National.
"I can clarify that GAN is not involved in the PENN/Barstool relationship. GAN is the simulated gaming software provider for Penn, as announced in [the] August 20th press release," the spokesperson said in an email.
Benzinga's Take: Penn has been putting a large emphasis on its Barstool Sports relationship and app, which will likely push focus from the Gan-involved product.
There was a lot of excitement on landing the deal with Penn National. Shareholders may have been excited to see Gan involved with Penn National given its future launch of the Barstool sports betting app.
Gan was discussed on Wednesday morning’s PreMarket Prep show on Benzinga. The movement in stock puzzled co-host Dennis Dick.
“I want to buy it, but I cannot figure out why it is not rallying with the other issues in the sector,” Dick said. “If this is supposed to be the thing behind the thing, then why isn’t it rallying with the others? Either no one knows about it or cares about it."
Price Action: Gan shares were down 4% to $17.02 on Wednesday. Shares hit a high of $28.95 in July. Shares have not traded below their market debut price of $10.60 back in May.
DraftKings shares hit a 52-week high of $53.25 on Wednesday. Penn National Gaming hit new 52-week highs of $71.61 earlier this month.
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