Dermot Smurfit’s Game Account Network (GAN) has signed a $1.4m deal with a billion-dollar US casino giant to launch a real money, regulated online casino in Europe.
GAN will receive an upfront $1.4m cash payment to launch the Overseas Internet Casino on behalf of an unnamed casino business the company calls “the client”, but which it describes as a major multi-property casino operator in the regional US gaming market with revenues of over $1bn.
After a due diligence exercise, GAN has been selected to power the website and the mobile app behind the Overseas Internet Casino.
There is serious money behind the new Overseas Internet Casino, with an annual marketing budget estimated at $10m per year for the first seven years.
Virtual gaming gets very real
Dermot Smurfit, a nephew of Michael Smurfit Jr, has been steaming ahead with GAN in the US, winning major deals with casino giants, including MPTN, the owners of the Foxwoods Resort Casino.
The company has also struck a deal with Australian firm Reel Time Gaming – to bring online slot machine games into the US market – as well as Japanese arcade gaming giant Konami. GAN is also working on bringing virtual reality casino gaming to the online world.
The Overseas Internet Casino is expected to launch online in the first half of 2017.
GAN’s GameSTACK internet gaming system is integrated with remote gaming servers from major internet gaming content vendors, including US casino equipment makers.
“GAN’s unique casino product is performing strongly in New Jersey’s regulated market and is anticipated to perform equally well in Europe’s fast-growing markets,” Smurfit said.
“Enabled by the US casino operator’s brand, US casino property facilities, balance sheet and marketing investment, we anticipate our B2B turnkey services delivered to this US casino operator to contribute material revenue and earnings commencing in the first half of 2017.
“This contract is a material long-term revenue opportunity for GAN and an exciting opportunity for the client to expand their land-based US gaming operations into the online channel, overseas.”
Casino image via Fer Gregory/Shutterstock