Irish gaming software giant raises £7.5m for US expansion
Gaming software company Game Account Network (GAN) has raised £7.5m as it continues its expansion in the US.
The funds have been raised on the back of a US Supreme Court ruling which last week struck down a federal law that has severely restricting sports betting there since 1992.
The ruling is expected to lead to a liberalisation of US betting laws.
The Dublin-based company, led by Dermot Smufit Jr, said that it would use the funds raised through a share issue to "substantially" increase its engineering resources to better serve existing US clients' services, launch new US clients and new services in the US.
Proceeds will also be used to repay a £2m loan note issued in April 2017 "in order to strengthen the company's balance sheet". The company is now debt-free and capitalised to levels the directors of GAN believe "are reasonably required to serve major multi-property and multi-State casino groups in the US."