GAN is a Bermuda-based online gambling technology company with two businesses: a B2B software platform and a B2C gambling operation. The core B2B business sells the GameSTACK platform to U.S. land-based commercial and tribal casino operators, providing a turnkey solution to launch and run online casinos and sportsbooks. GameSTACK handles player account management, payment processing, geolocation compliance, regulatory reporting, and loyalty program integration. GAN also offers GAN Sports, a sportsbook technology product deployed as on-premises kiosks and mobile platforms at U.S. casinos. B2B revenue is primarily driven by a revenue-share model, where GAN takes a percentage of the gross gaming revenue generated on its platform — so GAN's revenue scales with how much its operator customers grow their online businesses. FanDuel was GAN's largest B2B customer at roughly 15% of total revenue in 2024, though that commercial contract expired in January 2025. GAN's B2C segment is Coolbet, a direct-to-consumer online gambling brand acquired in 2021, operating in Northern Europe, Latin America, and Canada with over 1.9 million registered customers. Coolbet offers sports betting, online casino games, and poker, and generates revenue via the house edge. GAN argues Coolbet's live consumer platform keeps its technology current and relevant for B2B clients. In November 2023, GAN entered into a merger agreement to be acquired by SEGA SAMMY CREATION for $1.97 per share, pending gaming regulatory approvals.