Sega Sammy Completes $96 Million Acquisition of Tech Firm GAN Limited

Lucas Dunn
By: Lucas Dunn
05/29/2025
World
Two People Shaking Hands in Agreement

Photo by Pexels, CC0 1.0

Key Takeaways

  • Sega Sammy purchased GAN Limited at $1.97 per share
  • GAN has since been delisted on NASDAQ
  • Sega Sammy will have access to GAN’s GameStack platform and Coolbet

Japanese gaming conglomerate Sega Sammy has completed its acquisition of GAN Limited, a prominent North American B2B technology provider focusing on real money online gaming solutions. The company is also a significant player in international B2C sports betting operations. Sega Sammy dished $96 million for the finalized deal, exceeding the estimated $95.8 million; this equates to $1.97 per share, a premium surpassing 121% over GAN’s closing share price on November 7th, 2023.

GAN’s ordinary shares ceased trading on NASDAQ following the deal’s closure on May 27th. The company has since transitioned into a subsidiary of Sega Sammy, solidifying the Japanese firm’s expansion into regulated digital gaming markets outside Asia.

GAN’s Industry Contributions

Launched in 1999 and headquartered in Las Vegas, GAN Limited has established itself as a leading B2B supplier of gaming software and technology platforms. Its flagship GameSTACK platform powers regulated real-money gaming (RMiG) and simulated gaming for casinos across the US and Europe.

GAN’s comprehensive suite includes online casino games, sports betting solutions, and the Super RG remote game server, enabling content distribution by developers across a vast operator network. Its technology has also driven the digital transformation of traditional casinos, allowing operators to launch and manage online casinos and sportsbooks legally.

A Welcome Subsidiary

Seamus McGill, GAN’s CEO, described the acquisition as a “pivotal advancement,” highlighting years of efforts to craft exceptional gaming experiences. He noted the company’s board evaluated multiple options to maximize shareholder value and expressed confidence in Sega Sammy’s appreciation of GAN’s assets and team. McGill stated, “We look forward to seeing the company continuing to grow with the guidance of a global gaming and entertainment leader.”

Sega Sammy’s Vision

Sega Sammy considers the deal a critical step that rewards shareholders while providing a solid foundation for GAN’s expansion under its stewardship. Senior Executive Vice President and Group CFO Koichi Fukazawa praised GAN’s team for its extensive experience in the competitive US market and technical resources. In a press release, Fukazawa noted, “This marks a new chapter in Sega Sammy’s operations, and we look forward to serving our customers with increased product offerings and resources.”

The deal grants Sega Sammy access to GAN’s proprietary GameSTACK platform—a scalable solution widely adopted by US operators. The Japanese firm will also acquire its B2C brand Coolbet, which operates across Europe, Latin America, and Canada. This significantly broadens Sega’s international consumer reach, boosted by its April 2025 purchase of B2B supplier Stakelogic.

Lucas is a New Jersey-born and raised copywriter. His content encompasses casino, software provider, and game reviews, news, and blogs. Lucas’ professional writing experience spans more than six years. He works globally with clients from the US, the UK, New Zealand, Australia, South Africa, and Canada. Before he started writing gambling content, Lucas went to Rutgers University to pursue a bachelor’s degree in psychology. Just to shake things up, he became a painter, following in his father’s footsteps. He now writes full-time and doubles in painting now and then.