US featured supplier of online betting solutions GAN has finished the previously proclaimed acquisition of virtual and digital gaming operator Coolbet. GAN paid almost $176 million in total cash for the rapidly growing online gaming and sports gambling brand.
Coolbet was initiated in 2016 and has spread its footprints across several markets over the past few years, with a particular focus on Canada, Nordics, and Latin America. It’s sports gaming and casino operations are backed by the famous in-house software. The brand is totally licensed by the Malta Gaming-Authority.
GAN announced objectives to attain Coolbet in November. The company said that the virtual gambling operator would assist it in venturing into the fast-growing US B2C virtual betting and sports gaming markets. GAN already takes pride in its growing presence in the regional B2B market as it gives all its technologies and solutions to a number of brick-and-mortar casinos around the country.
The transaction is to Immediately Accretive
Jan Svendsen, the founder of Coolbet, will stay with the operator and will receive tasks with overseeing its virtual gaming and sports betting operations in Northern Europe, Latin America, and Canada. In addition, the founder will also have the responsibility to advise and support technical integrations and trading services with GAN’s clients all around the US.
GAN said that it expected the synchronization of Coolbet to its operations to get an instant accretion to the business. Remarking on their Coolbet combination Dermot Smurfit, CEO of GAN said that the contract has brought two best-in-class offerings together in the virtual gaming space and has also created an entirely integrated proposal that is quite customizable for all of their clients’ needs.
Mr. Smurfit said that he expected the integration procedure to be relentless and that GAN had started Coolbet’s workers to the massive and large organization.