Shares of GAN Limited (NASDAQ:GAN) jumped another 18.8% on Monday as the online gambling platform company continued to attract investor attention. Shares settled slightly late in the day but were still up 10.6% at 3:40 p.m. EDT.
There wasn't any specific news out about GAN Limited today, but there's a drumbeat of potentially positive news from around the U.S. States have not only been moving to open up online gambling, but they seem to have more incentive to do so now that budgets are likely to be under pressure in 2020.
Michigan is the latest to accelerate its online gambling hopes, accepting applications for licenses to operate in the state. Regulators are still saying they'll have online gambling up and running in 2021, but are hoping to complete the process sooner.
High-growth stocks like GAN Limited are attracting a lot of investor attention right now because there are so few of them available. But investors see an opportunity in the growth of online gambling and service providers like GAN, which have the opportunity to generate SaaS-style margins in the gambling business. Right now, it looks like this is more of a momentum play than a company that's moving higher because of tangible news or earnings, but that isn't slowing down the stock today.