Gan Shares Surge On Sports Betting, iGaming Partnership With Wynn In Michigan

Shares of GAN Limited GAN are higher Monday after announcing a partnership in the state of Michigan.

What Happened: Gan announced a 10-year partnership with Wynn Resorts WYNN to be the enterprise software platform for its online sports betting and iGaming operations in Michigan.

The companies expect to launch the app in November.

Back in April, Gan announced a partnership with Kewadin Casinos, owner of five land-based casinos in the Upper Peninsula of Michigan.

“We are pleased to onboard Wynn, with its national casino brand and substantial Michigan-region patron base, as a major operator client and are excited at the opportunity presented by potential roll-outs in multiple additional states in the future,” said Gan Chief Commercial Officer Jeffrey B. Berman.

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Why It’s Important: Michigan is expected to see $377 million in gross online sports betting and iGaming revenue in its first 12 months and $836 million by its fourth year.

This could act as a big catalyst for Gan, a stock that has been beaten down after being confirmed as left out of the Barstool Sportsbook app, despite a partnership with Penn National Gaming PENN.

Barstool Sportsbook is expected to roll out in Michigan in 2020 thanks to Penn National’s ownership of the state’s Greektown Casino.

GAN Price Action: Shares of Gan Limited are up 17% to $19.05 in early Monday trade.