Popular casino services provider GameAccount Network (GAN) Limited released a press statement on July 8, 2022, announcing that it had reclaimed shares on the open market. In the second quarter, under the Share Repurchase Authorization, the company repurchased 303 thousand shares at an average cost of $3.30 per share, for a total of approximately $1 million.
Based out of Irvine, California, GAN is a leading supplier of internet gambling software. It provides B2B games to the North American gaming and casino industry and operates an international B2C internet sports betting in the Latin American and European markets.
Apart from being a supplier of B2B gambling software and no deposit bonus codes for online casinos, GAN also provides its patented online sports betting technology across Europe and Latin America.
The Repurchase: As It Happened
Under the current authorization, which expires on November 30, 2022, approximately $4 million is still remaining. This was set to expire on May 31, 2022. However, in June, the company got approval to extend it to the month of November.
For the recently repurchased shares, cash from operations and cash on hand will be applied for any future purchases. Any shares that are repurchased will be returned to the treasury for cancellation. For any such shares, the company will pay the price that is the prevailing market price at the time of acquisition and will be subject to the limitation fixed by the applicable security laws.
The management team and the board control of the GAN will decide the timing, manner, and total amount of shares repurchased under the program. This will depend on many factors, including general market and economic conditions at that time, the price in the market of GAN’s common shares, other investment opportunities, and other considerations depending on the exchange rules and security laws.
The authorization doesn’t compel GAN Ltd. to obtain any certain number of shares. Along with this, the company has the right to suspend any repurchases or terminate them completely at any time.
GameSTACK Launch In Ontario
Back in April, the company launched its own iGaming enterprise software system called GameSTACK. It is a technology that supports its operating partner to enable both sports betting and iGaming in Ontario. Following the launch of the product, Dony Ryan, President Enterprise Solutions of GAN thanked the team for working hard and making it easy for all of their operating partners to be ready to start accepting players from Ontario.
The Ontario online gaming and sports betting market went live earlier this year and is set to become one of the fastest growing markets in North America. Some of the operators that GAN has partnered with include bet365, Wynn Resorts and FanDuel.
GAN is also making a mark in Ontario with the launch of its Coolbet website after getting approval from the Alcohol and Gaming Commission of Ontario.
GAN Limited was established in 1999 and has been listed on the market (NASDAQ: GAN) since 2019. According to Bloomberg, it is a B2B provider of internet gambling software-as-a-service (SaaS) or simply online casino solutions, majorly to the land-based casino industry in the United States of America.
The organization is currently headed by Dermot Stopford Smurfit Jr, who is donning the hats of President, CEO, and Executive Director, while the operations department is helmed by Jan Roos, CTO. Currently, GAN provides solutions to casinos based out of California, Nevada, and Florida in the US, along with establishing a presence in the United Kingdom, Bulgaria, Estonia, and Israel as part of their global venture. Now, Canada has joined the list.