An all-time record of settled online bets on the day of Super Bowl LV was registered by Game Account Network (GAN), the leading supplier of gaming software-as-a-service (SAAS) announced today. On the big match day, GAN delivered 14.6 million settled online bets, up 186% compared to the amount on Super Bowl LIV last year.
“GAN delivered uninterrupted performance for all our U.S. clients during Super Bowl LV, just as we did last year and the year before that.”Dermot Smurfit, CEO, GAN
All-Time Record Transaction Volumes
With regards to the betting action, Smurfit said the company “experienced record all-time transaction volumes before, during and after the Super Bowl”, and acquired technical data, knowhow and experience to prepare itself for next year’s event, as GAN’s platform is expected to deal with Super Bowl betting activities taking place simultaneously across more than a dozen states.
GAN also announced it reached an agreement with Greenwood Gaming & Entertainment, the operator company behind Parx Casino, for a 10-year license of GAN’s patented iBridge integration framework.
“This is the second time GAN has licensed its patented iBridge Framework on a standalone basis and we believe the opportunity to leverage our intellectual property here in the U.S. remains large.”Dermot Smurfit, CEO, GAN
Dermot Smurfit noted the company was in partnership discussions with small and large casino operators regarding connecting their loyalty reward-card, setting GAN on track to license the iBridge patented integration framework to other casinos in the US for the remainder of its 13-year patent duration and drive long-term shareholder value.
Loyalty Reward Card Importance
The intellectual property (IP) deal requires Parx Casino to pay a licensing fee of $3 million, plus a patent license of $75 per reward card, implementing the patent ‘per unit’ value. The agreement with Parx Casino involves an amendment of the current contract between the parties, under which Parx Casino will be released from exclusivity moving forward.
“We’ve started the year with strong business and financial momentum and this patent licensing deal further validates our industry leading IP and sets a new bar for its value per reward card.”Dermot Smurfit, CEO, GAN
The reward gaming card functionality, since deployed by GAN for online gaming in the US, allowed customers to generate in excess of 160% more gross gaming revenue from online casino games and 140% more gross sports win from sports betting, compared to customers without the loyalty card, GAN’s CEO continued, highlighting the direct value of the company’s technology and intellectual property, as well as the “stickiness” of its platform to customers.
The functionality revolves around reported 80 million American adults who regularly visit casinos. These adults hold collectively 150 million individual reward cards issued by more than 1,000 casino and gaming properties across 48 states, creating databases of tens of millions of gaming patrons, databases which provide competitive advantage for their casino operators.