GAN is still well positioned near-term and Michigan will be a truly important market for the company. A bit crazy the stock has rallied +500% since we (/@Bullx33) initiated our diligence on the company last summer. Don't own anything today (and never reaped the full+500% incr).
If someones interested to learn more about the company, here is our non-published deck last year. We took our first call with Dermot when the stock traded @ ~60p (~EV/S 2x) & conducted the analysis @ 145p. Today after Nasdaq-listing it trades @ astonishing ~400p (~EV/S 15x). 
The patent is still valid ofc but licence deals a disappointment tbh, haven't accelerated after Boyd $3m license deal. Let's see if MGM etc follows as states regulate.. Did a lot of job on this patent but Syncros system and potential short cuts around alt. codes was never clear.
Let's say the bull case played out.. But the main risk with Flutter dependency is still very much valid and have probably increased because of (1) size (2) time
Cordish Live! Casino & Hotel in PA was eventually signed in H1-20
Nasdaq listing completed in May
Actual 2019 came in close
~EV/S 15x today..
Fanduel still onboard and +60% of rev today. Customer dependency still very high and Achilles heel as Flutter has signaled increased focus on own tech stack over time.
