GAN acquires Coolbet for €149m

By Peter Lynch

Game Account Network (GAN) has reached an agreement to acquire Coolbet for €149.1m ($176.9m), with the deal expected to close in the first quarter of 2021.

Based in Estonia, Coolbet offers online real-money gaming in sports, esports, poker and casino, and has gambling licenses in Estonia, Malta and Sweden.

Coolbet’s sports betting technology is expected to be integrated into GAN’s turnkey technology solutions for launch in the US online gaming market by the second half of 2021.

The deal is subject to closing conditions such as regulatory approvals, but has already been approved by GAN’s board of directors.

The agreement will also see GAN welcome over 175 global employees and over 84,000 active customers.

“From the onset of our IPO we have continued to enhance and perfect our internet gaming software-as-a-service solutions for the US market,” said GAN CEO Dermot Smurfit.

“As part of that growth strategy, we have been clear we needed to add a best-in-class sportsbook engine to round out our real money online gaming platform, and we believe Coolbet is the perfect fit for both GAN and our customers.

“We are excited to welcome the Coolbet team to GAN and look forward to building one of the most complete solutions in our industry. We view this acquisition as part of our unwavering commitment to shareholder value and our long-term growth strategy.”

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