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Gan Shares Surge On Sports Betting, iGaming Partnership With Wynn In Michigan

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Gan Shares Surge On Sports Betting, iGaming Partnership With Wynn In Michigan

Shares of GAN Limited (NASDAQ: GAN) are higher Monday after announcing a partnership in the state of Michigan.

What Happened: Gan announced a 10-year partnership with Wynn Resorts (NASDAQ: WYNN) to be the enterprise software platform for its online sports betting and iGaming operations in Michigan.

The companies expect to launch the app in November.

Back in April, Gan announced a partnership with Kewadin Casinos, owner of five land-based casinos in the Upper Peninsula of Michigan.

“We are pleased to onboard Wynn, with its national casino brand and substantial Michigan-region patron base, as a major operator client and are excited at the opportunity presented by potential roll-outs in multiple additional states in the future,” said Gan Chief Commercial Officer Jeffrey B. Berman.

See Also: Great Expectations Bolster This Sports Betting ETF's Case

Why It’s Important: Michigan is expected to see $377 million in gross online sports betting and iGaming revenue in its first 12 months and $836 million by its fourth year.

This could act as a big catalyst for Gan, a stock that has been beaten down after being confirmed as left out of the Barstool Sportsbook app, despite a partnership with Penn National Gaming (NASDAQ: PENN).

Barstool Sportsbook is expected to roll out in Michigan in 2020 thanks to Penn National’s ownership of the state’s Greektown Casino.

GAN Price Action: Shares of Gan Limited are up 17% to $19.05 in early Monday trade.

 

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Posted-In: Barstool Sportsbook Greektown Casino iGaming Kewadin CasinosNews Contracts Sports General Best of Benzinga

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