{"id":174462,"date":"2021-05-24T08:24:53","date_gmt":"2021-05-24T15:24:53","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=174462"},"modified":"2021-05-24T12:08:13","modified_gmt":"2021-05-24T19:08:13","slug":"gan-stock-surges-on-soaring-eagle-casino-resort-deal","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/gan-stock-surges-on-soaring-eagle-casino-resort-deal\/","title":{"rendered":"GAN Stock Soars as Company Lands Michigan Tribal Deal, Analyst Waxes Bullish"},"content":{"rendered":"

GAN Ltd. (NASDAQ:GAN) stock is surging Monday. That’s after the gaming technology provider said it inked a deal with the Saginaw Chippewa Indian Tribe of Michigan to deploy its cloud computing services at a casino owned by the tribe.<\/p>\n

\"GAN
Giant eagle sculptures greet guests at the entrance of the Soaring Eagle Casino & Resort in Michigan. The venue is a new client of GAN. (Image: The Morning Sun<\/em>)<\/figcaption><\/figure>\n

GAN will provide its GameSTACK enterprise software to the tribe’s existing technology infrastructure at the Soaring Eagle Casino & Resort, the largest gaming venue in Michigan. The agreement is the fourth of its kind for GAN in that state, which is one of the fastest-growing<\/a> online casino and sports wagering markets in the US.<\/p>\n

“For investors, this new GAN client represents the core customer constituency in the US — major regional casino operators, both tribal and commercial — seeking access to a fast-to-market deployment of a proven enterprise technology solution for launching and developing a competitive product offering across both iGaming and sports betting,\u201d according to a statement issued by GAN.<\/p>\n

In early trading, GAN stock is higher by 7.36 percent, good for one of today’s best showings among all gaming equities.<\/strong><\/p>\n

Analyst Like GAN Stock<\/h2>\n

News of the Soaring Eagle Casino agreement sparked some positive commentary from at least one analyst covering GAN stock.<\/p>\n

\n

In a note to clients today, B. Riley’s David Bain reveals a \u201cbuy\u201d rating and a $26 price target on the gaming technology firm. That forecast implies upside<\/a> of nearly 68 percent from the May 24 close and is bold considering GAN came into today saddled with a year-to-date loss of 23.57 percent.<\/p>\n<\/div>\n

\u201cAnchored by its existing leading US iGaming market share presence, we believe GAN’s online sports betting market share is poised to augment significantly through its new, proprietary sports betting platform\/software,\u201d said Bain.<\/p>\n

The analyst also highlighted a deal struck last week between GAN and gaming technology purveyor Ainsworth Game Technology Ltd., saying that the accord could be worth $2 to $6 to GAN’s share price. Bain calls that accord \u201cmisunderstood\/underappreciated.\u201d<\/p>\n

As for Michigan, GAN’s continuing efforts to garner market share could pay off for other investors. As CEO Dermot Smurfit notes, the \u201cMichigan market is off to a great start with expectations that it will surpass $1 billion in gross operator revenue in its first twelve months of operations.\u201d<\/p>\n

State Trends Look Good for GAN<\/h2>\n

The UK-based company, which went public last May<\/a>, provides enterprise software as a service (SaaS) solutions for online casinos and sports betting platforms. That means it’s not a consumer-facing casino or sportsbook brand, but its services are essential for operators to power those platforms.<\/p>\n

As such, GAN, like dedicated gaming companies, is levered to state-level regulatory trends. These days, that’s mostly positive.<\/p>\n

We believe the trending ‘open online market’ regulation\/liberalization framework (such as in Maryland), promoting breadth\/diversity of online operators, greatly favors GAN,\u201d<\/strong> said Bain.<\/p><\/blockquote>\n

\u201cThe open online market model promotes licensing of multiple small and middle-market candidates, commercial and tribal, which will need to meet technical and regulatory requirements for forward go-lives without sacrificing a significant first-to-market presence, opening a wider customer base geared to GAN’s proven software and expertise, in our view,” Bain continued.<\/p>\n","protected":false},"excerpt":{"rendered":"

GAN Ltd. (NASDAQ:GAN) stock is surging Monday. That’s after the gaming technology provider said it inked a deal with the Saginaw Chippewa Indian Tribe of Michigan to deploy its cloud computing services at a casino owned by the tribe. GAN will provide its GameSTACK enterprise software to the tribe’s existing technology infrastructure at the Soaring […]<\/p>\n","protected":false},"author":46,"featured_media":174463,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,16693],"tags":[],"acf":[],"yoast_head":"\nGAN Stock Surges on Soaring Eagle Casino & Resort Deal<\/title>\n<meta name=\"description\" content=\"GAN stock gets big lift from analyst commentary, deal with Soaring Eagle Casino & Resort Deal.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/gan-stock-surges-on-soaring-eagle-casino-resort-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GAN Stock Surges on Soaring Eagle Casino & Resort Deal\" \/>\n<meta property=\"og:description\" content=\"GAN stock gets big lift from analyst commentary, deal with Soaring Eagle Casino & Resort Deal.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/gan-stock-surges-on-soaring-eagle-casino-resort-deal\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-24T15:24:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-24T19:08:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/05\/gan.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1428\" \/>\n\t<meta property=\"og:image:height\" content=\"1071\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/gan-stock-surges-on-soaring-eagle-casino-resort-deal\/\",\"url\":\"https:\/\/www.casino.org\/news\/gan-stock-surges-on-soaring-eagle-casino-resort-deal\/\",\"name\":\"GAN Stock Surges on Soaring Eagle Casino & Resort Deal\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/gan-stock-surges-on-soaring-eagle-casino-resort-deal\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/gan-stock-surges-on-soaring-eagle-casino-resort-deal\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/05\/gan.jpg\",\"datePublished\":\"2021-05-24T15:24:53+00:00\",\"dateModified\":\"2021-05-24T19:08:13+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"GAN stock gets big lift from analyst commentary, deal with Soaring Eagle Casino & Resort Deal.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/gan-stock-surges-on-soaring-eagle-casino-resort-deal\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/gan-stock-surges-on-soaring-eagle-casino-resort-deal\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/gan-stock-surges-on-soaring-eagle-casino-resort-deal\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/05\/gan.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/05\/gan.jpg\",\"width\":1428,\"height\":1071,\"caption\":\"Soaring Eagle Casino & Resort in Michigan. 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