London-listed iGaming software provider GAN has signed a long-term deal to provide its platform to Paddy Power Betfair’s FanDuel Group in Pennsylvania and West Virginia.
GAN will provide its online casino platform to the operator in both states, as well as account services for online sports betting.
The expanded five-year contract represents a material increase in the value of GAN’s partnership with FanDuel, with the supplier also providing its services to the operator in New Jersey since 2013.
As part of the contract expansion, FanDuel has agreed to license GAN's US patent, which allows land-based casino customers enrolled in on-property loyalty programs to link existing loyalty cards to online gambling accounts.
"The contract extension combined with US patent licensing represents a significant milestone in GAN's US evolution and reinforces our view that in the heavily regulated US online gambling market, effective and compliant 'platforms' are a premium component of the supply chain rather than a commodity,” said GAN chief executive Dermot Smurfit.
“GAN is therefore very well placed to capitalize on the growth in US online gambling markets in terms of new operator clients, new states and underlying growth momentum."
FanDuel’s launch in Pennsylvania will be GAN’s second platform partnership in the state after Parx Casino, which this week soft-launched its new Kambi-powered sports betting offering.
Following a 48-hour testing period required under state gambling regulations, the sportsbook is expected to officially open later today.
Shares in GAN plc (LSE:GAN) jumped 14.15 per cent higher on the news to 60.50 pence per share in London Thursday morning.