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GAN pens first Coolbet sportsbook deal in Virginia


iGaming solutions provider GAN has secured the first deal for its new Coolbet sportsbook after signing Letter of Intent (LoI) with an existing client in Virginia.

GAN did not disclose the identity of the customer, but did confirm the LoI covers the provision of an online, mobile-first sports betting experience in the US state.

The LoI is non-binding and contingent on the unnamed client securing an online sports betting license in the Virginia, as well as other regulatory approvals.

Virginia legalised sports betting in April last year after lawmakers voted to adopt a number of legislative amendments from Governor Ralph Northam.

However, the state is yet to launch its regulated sports wagering market.

The LoI comes after GAN last week completed its acquisition of Vincent Group, the parent company of operator Coolbet, for $175.9m in cash and stock, after a deal was initially agreed in November 2020.

GAN peviously said acquiring Coolbet would provide additional opportunity to leverage its B2B experience and proprietary technology into Coolbet’s core markets and across its existing relationships with casino operators around the world.

Confirming the acquisition last week, GAN said the integration process would see Coolbet’s proprietary sports betting technology incorporated into its own  B2B technology stack, with the aim of making it available to clients in the US by the third quarter of this year.

“Since we announced our acquisition of Coolbet in November, we have seen significant interest from both current and prospective clients in our newly acquired sportsbook engine and associated managed trading services,” GAN chief commercial officer Jeff Berman said.

“Principle integration of this new offering into our industry-leading B2B technology platform is now underway and expected to be operationally deployed here in the US with the expected launch of online sports wagering in Virginia.”