GAN Purchases CoolBet for €149 Million

Online Betting group Game Account Network (GAN) has announced that they've come to terms with betting group CoolBet, and will purchase the company for €149 million.

The deal is being made in an effort to have GAN enter the American betting market, as the CoolBet brand offers both sportsbetting and online casino gaming. CoolBet has its own proprietary sportsbetting software, which will be attractive for GAN moving ahead. CoolBet has a Malta gaming license and operates in Sweden, Finland, Iceland, Norway, Chile, Estonia, Canada, and Peru.

GAN will be using the software to power the Wynn Resorts sportsbetting solution in Michigan, where the activity is going to be going live online in the near future.

Commenting on the deal GAN CEO Dermot Smurfit said, "From the onset of our IPO we have continued to enhance and perfect our internet gaming software-as-a-service solutions for the U.S. market. As a part of that growth strategy, we have been clear that we needed to add a best-in-class sportsbook engine to round out our real money iGaming platform, and we believe Coolbet is the perfect fit for both GAN and our customers. "

No timetable for the completion of the deal was available as of press time.