Jans Svendsen, the founder of Coolbet, a company acquired by GAN last year, is very upset with Dermot Smurfit and the gambling software he leads. In a LinkedIn post, Svendsen complained about being pushed out of the business, about what he considers overpaid managers, about the dispersed nature of the business, about what he called bad deals with casinos, about the practice of paying bonuses to customers which he believes encourages addiction, and about the board, which he says is too close to the CEO. Surely Svendsen’s biggest gripe is with his portfolio of GAN shares. GAN part-paid for his…

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GAN paid for Coolbet in shares that subsequently tanked, and the Coolbet founder is angry about it

Through the alchemy of the stock market, GAN was able to acquire Coolbet, a large company. But unfortunately for the owners of Coolbet, the stock market has taken back much of the value it ascribed to GAN only a year ago.

17th Jun, 2022 - 4 min read

Sean Keyes

Finance Columnist

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