Business-to-business gaming supplier GAN Limited has agreed to acquire Coolbet operator, Vincent Group, for €149M. 

Coolbet was founded by Jan Svendsen, and is an award-winning business-to-consumer igaming operator, with a footprint in Northern Europe, Canada, and Latin America, offering real money online gaming and sports betting.

Between 2018 and 2020, Coolbet achieved trailing-twelve-month revenue of €26M and a 46% revenue CAGR, making it one of Europe’s fastest growing B2C iGaming operators. 

Discussing the acquisition GAN’s CEO, Dermot Smurfit, said:

“From the onset of our IPO we have continued to enhance and perfect our internet gaming software-as-a-service solutions for the U.S. market. As a part of that growth strategy, we have been clear that we needed to add a best-in-class sportsbook engine to round out our real money iGaming platform, and we believe Coolbet is the perfect fit for both GAN and our customers. 

“Coolbet launched in early 2016 in a hypercompetitive online market in Northern Europe and subsequently expanded into Latin America and Canada over the last two years. Since its launch, Coolbet has proven that its sportsbook offering is one of the best in the market today. Coolbet’s award winning user interface and proprietary technical platform will enable us to quickly introduce the sportsbook offering to our land-based casino customers across the U.S., who need a flexible and customizable solution to online gaming. 

“Coolbet brings one of the most experienced teams of engineers in the industry and their technology is built on a similar architectural design as our own, which is anticipated to make the integration process fairly seamless. The timing of the acquisition ideally positions GAN to leverage its growing customer base, as well as the momentum that sports legislation has seen with the election results in Maryland, Louisiana, South Dakota, and Tennessee.”

The acquisition will leverage Coolbet’s proprietary sports betting technology, which is planned to be integrated into GAN’s turnkey tech solutions for launch in the US RMiG market from the second half of 2021. 

It is expected that the deal will see GAN welcome over 175 new global employees, and over 84,000 active customers in the third quarter of 2020. The acquisition is expected to close in the first quarter of 2021, subject to regulatory review and certain closing conditions. 

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