A cool deal for GAN Limited. It has acquired Vincent Group (Coolbet) for approximately €149 million.
The deal will conclude during the first quarter of 2021 if certain conditions are met. First there will be a regulatory review. According to CEO Dermot Smurfit,
“From the onset of our IPO we have continued to enhance and perfect
our internet gaming software-as-a-service solutions for the U.S. market.”
Clearly, the partnership is part of GAN’s growth strategy. Smurfit noted that the company needed to add a best-in-class sportsbook engine to round out its real money iGaming platform.
“We believe Coolbet is the perfect fit for both GAN and our customers. Coolbet launched in early 2016 in a hypercompetitive online market in Northern Europe…
Coolbet’s sportsbook is said to be one of the best in the market today with its award winning user interface and proprietary technical platform.
“This will enable us to quickly introduce the sportsbook to our land-based casino customers across the U.S., who need a flexible and customizable solution…
The hallmark of Coolbet is its experienced team of engineers. They have succeeded in build technology akin to that of GAN, making the deal that much more attractive as the integration process will be fairly seamless.
The timing of the acquisition positions GAN to leverage its growing customer base. It intends to take advantage of the momentum that sports legislation has seen in Maryland, Louisiana, South Dakota, and Tennessee.
Coolbet is more than just the best sportsbook platform vetted by GAN. It has a well-established global business, a strong and loyal B2C customer base, and a diversified revenue stream.
Per Smurfit, they are expert marketers and have grown their top-line over 46% in highly competitive and established markets in Northern Europe, Latin American and Canada. He said that GAN will achieve scale and diversity across its revenue streams.
“We see a strong opportunity to leverage Coolbet’s expertise and relationships
in other markets where our industry-leading B2B SaaS platform can be deployed.”