Benzinga | Feb 9, 2021 07:15AM EST

GAN Announces Agreement With Parx To License GAN's iBridge Integration Framework; Agreement Involves Parx To Pay $3M Licensing Fee

GAN delivers uninterrupted technical performance with over 14 million bets processed on the day of Super Bowl LV and secures $3 million patent license revenue

GAN Limited (the "Company" or "GAN") (NASDAQ:GAN), a leading full-service internet gaming software-as-a-service provider to the real money internet gaming and online sports betting industries, today announced that it delivered an all-time record 14.6 million settled online bets the day of Super Bowl LV, up 186% vs. last year's event. Additionally, the Company reached an agreement with current customer Greenwood Gaming & Entertainment, Inc., trading as 'Parx Casino' ("Parx Casino" or "the Client"), to license GAN's patented iBridge integration framework for 10 years.

Reflecting the strength and value of GAN's intellectual property ("IP"), the agreement calls for Parx Casino to pay a total licensing fee of $3 million and implies a patent license of roughly $75 per reward card, validating a 'per unit' value of the patent. GAN has also agreed to amend its existing contract with Parx Casino, and will release the Client from exclusivity moving forward.