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GAN Expects 15% Growth In Revenue

February 1, 2019 Alex Hoffmann

GAN Expects 15% Growth In Revenue

Provider of enterprise online gaming software, GAN Plc, formerly known as Game Network, has recently published a financial report, stating that the numbers from 2018 will increase its revenues by 15 percent. The fiscal boost is primarily based on strong growth in the United States, already announced by the company in November last year.

In comparison to 2017, the supplier’s projected revenues of between £10.5 million and £11.3 million in this year, have sured the last year’s £9.1m, primarily due to the real-money internet gambling sector, expanding revenues by more than 40 percent in the past six months.

Moreover, the company’s continuous investing in technical development resources, has reduced the overall loss before interest, taxes, depreciation, and amortization to GBP £1 million. Likewise, the investments have also helped with launching new online gaming services in Mississippi, New Jersey, and Pennsylvania, West Virginia.

GAN Positive About Commercial Growth

In January 2019, GAN entered into an agreement with FanDuel, provider of daily fantasy sports from the United States, based in New York City. The operator will receive a platform and launch two online portals in Pennsylvania and West Virginia.

Thanks to the newly signed partnership, GAN is expecting “mid to high double-digit-percentage year-on-year revenue growth in 2019.” According to chief executive, Dermot Smurfit, the group is “delighted with its performance in 2018, which sets us up for strong growth in our business in 2019.”

Smurfit also adds:

“Internet Sports betting in New Jersey drove exceptional growth of Gross Operator Revenue in the last quarter of 2018 with a significant positive impact on Casino revenues from cross-selling casino games to sports gamblers.”

Key Financial Highlights of Q4

As a leading business-to-business (B2B) supplier to the land-based casino industry, GAN PLC has developed numerous gaming systems, including the well-established GameSTACK, a turnkey technology solution for “regulated real-money internet gambling.”

Earlier in December, the group also announced partnership with SYNOT, European slot manufacturer, launched a sportsbook in Michigan, and appointed David Goldberg as new non-executive director.

Fourth quarter highlights disclose gross operator revenue, active player-days and average revenue per active player-day. The first category has increased for 103.9 percent year-over-year and 56.4 percent quarter-over-quarter. A surge of 50.6 percent year-over-year has been measured in the second category, whereby the exceptional growth in New Jersey is mainly driven by regulated online sports betting.

GAN is a publicly traded company and it is listed on both London Stock Exchange as well as Irish Stock Exchange.

Source:

“GAN Quarterly Q4 2018 Key Performance Indicators”, gan.com, January 17, 2019.

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