GAN Completes the Purchase of Coolbet

The previously announced acquisition of online gambling operator Coolbet by US-based online gambling solutions provider GAN has been finalized.

GAN acquired the quickly expanding digital gambling and sports betting company for €149.1 million (about $175.9 million) in cash and stock.

Having been introduced in 2016, Coolbet has grown its market share over the past several years, concentrating especially on the Nordics, Canada, and Latin America. It uses own software to power its sports betting and casino operations. The Malta Gaming Authority has granted the brand a license.

In November, GAN disclosed its intentions to purchase Coolbet. Back then, the business claimed that the operator of online gambling would assist it in breaking into the rapidly expanding US B2C online gaming and sports betting industries. Due to the fact that it provides technology solutions to several brick-and-mortar casinos around the country, GAN already has a burgeoning presence in the regional B2B industry.

GAN stated in a press release announcing the deal's completion on Monday that the process of integrating Coolbet's exclusive betting technology into GAN's own B2B technology stack had already started.

By the third quarter of the year, GAN stated, it anticipates the newly integrated product to be widely accessible in the US market.

Transaction to Be Accretive Right Away

Jan Svendsen, the creator of Coolbet, will continue to work for the operator and be in charge of managing its iGaming and sports betting activities in Northern Europe, Canada, and Latin America. He will also provide technical integration advice and trading service recommendations to GAN's clients across the US.

GAN stated that it anticipates Coolbet's integration into their processes to boost profits right now.

Dermot Smurfit, CEO of GAN, commented on their merger with Coolbet by stating that it combined "two best-in-class services" in the online gambling industry and produced a completely integrated offering that is adaptable to the needs of each of their clients.

Mr. Smurfit continued by saying he anticipates a smooth integration process and that GAN has already started to welcome Coolbet's personnel into the wider business. Prior to being acquired by GAN, the online gaming company employed more than 175 workers.

The latest major announcement made by the IT company in recent months was its partnership with Coolbet. According to a story from Casino News Daily from the beginning of October, GAN signed a multi-year agreement with US casino and resort behemoth Wynn Resorts to support its launch of digital sports betting and online gambling in Michigan.

Later this month, online betting is expected to launch in the state. Through GAN's current collaboration with the Sault Ste. Marie Tribe of Chippewa Indians, which runs five casinos throughout the state under the Kewadin Casinos name, Wynn and GAN will be able to offer online gambling services to Michigan citizens.