The Game Account Network (GAN) has deepened its ongoing relationship with Parx Casino of Greenwood Gaming and Entertainment, which for 10 years has licensed the iBridge integration system for the classes.
The property will cost a cumulative licensing fee of $3 million and will include a patent license of approximately $75 per loyalty card, validating the patent ‘per device’ value. GAN has also decided to amend its current deal with Parx Casino, which will step forward by freeing the company from exclusivity.
Simplify marketing processes
The iBridge System, which seeks to bridge the experience of internet gambling with that of retail gaming, allows operators to simplify marketing processes between online and offline spaces, with online customers earning additional in-casino loyalty points, and more.
GAN’s CEO, Dermot Smurfit, explained: “This is the second time GAN has licensed its patented iBridge Framework on a standalone basis and we believe the opportunity to leverage our intellectual property here in the US remains large.
“We continue to be engaged in numerous conversations with both large and small casino operators to partner with GAN in order to seamlessly connect their loyal reward card carrying customers to their various online offerings.
“As a result, we believe we are on track to license our iBridge patent to additional US casino operator groups in 2021 and throughout the patent’s remaining 13-year duration, which should help us drive long-term value for our shareholders.”
GAN’s Super Bowl Success
In addition, GAN has also recorded its technical success for the Super Bowl on the weekend, with over 14.6 million online bets, an 186 percent rise year-on-year, and $ 3 million in patent license revenue obtained.
Added Smurfit: “GAN delivered uninterrupted performance for all our US clients during Super Bowl LV, just as we did last year and the year before that.
“Yesterday, we experienced record all-time transaction volumes before, during and after the Super Bowl and look forward to leveraging the experience, technical data and knowhow to prepare for next year’s technical onslaught which we expect will see Super Bowl betting on GAN’s Platform taking place across perhaps more than a dozen States simultaneously.
“We’ve started the year with strong business and financial momentum and this patent licensing deal further validates our industry leading IP and sets a new bar for its value per reward card.”