GAN highlights online gambling growth in New Jersey

16th Oct 2019 15:21

(Sharecast News) - Shares in gambling software provider GAN climbed on Wednesday after the company highlighted growing internet gambling in New Jersey, one of the company's key markets.
According to figures released on Tuesday by New Jersey's Division of Gaming Enforcement, the gross amount accepted in internet sports wagers during September reached approximately $374.2m.

That was 50% higher than in August.

Following payouts, gross revenues from internet sports wagering were $29.4m, marking a year-over-year increase of 134% and coming in 53% ahead of the prior month as the company benefited from the start of a new season of American football.

Meanwhile, internet gaming wins increased by 60% year-on-year to reach $41.1m.

Gambling through online casinos became legal in that US state back in February 2013, though sports betting was only legalised in June of last year following a long-running court battle with the National Collegiate Athletic Association, the National Basketball Association, the National Football League, the National Hockey League, and Major League Baseball.

GAN shares were up 8.50% at 96.02p at 1526 BST.