iGaming and Online Sports Betting Software & Services
Strategic Profile
GAN is a B2B supplier of enterprise Software-as-a-Service solutions for online casino gaming and sports betting applications, while also operating as a B2C developer and operator of an online sports betting and casino platform offering access to digital portals for sports betting, online casino games and poker. SEGA SAMMY acquired all outstanding securities of GAN for $1.97 per share in cash, representing a premium of over 121% to GAN's closing stock price on November 7, 2023.
Cyborg Score Rationale
GAN has strong B2B positioning in North American iGaming with proprietary GameSTACK technology and regional market leadership through Coolbet operations. However, the company's transition to private ownership under SEGA SAMMY (completed May 2025) removes public market liquidity and trading opportunities, impacting overall valuation dynamics.
Top Insights
Completed acquisition by SEGA SAMMY in May 2025, transitioning from public to private ownership
Operates Coolbet brand sports betting platform internationally while serving regional and tribal casino operators in North America
B2B segment develops and markets GameSTACK technology, GAN Sports, and iSight Back Office with player registration and account management tools
Strategic acquisition by SEGA SAMMY positions GAN within major Japanese gaming and entertainment conglomerate with arcade, pachislot, and integrated resort operations
Named Competitors
Everi Holdings — Gaming technology and financial services provider
Light & Wonder — Land-based and iGaming gaming software and services
Bragg Gaming Group — iGaming platform and content provider
Rush Street Interactive — Online sports betting and iGaming operator
Recent Developments
(May 2025) SEGA SAMMY completed acquisition of GAN for $1.97 per share cash
(May 2025) GAN shares ceased trading on NASDAQ Global Stock Market
(Q1 2025) Continued improvement in operating performance and cost structure with B2C revenue growth
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