GAN Reports Strong Year
GAN, software service provider for the gambling industry posted its full year 2017 results. The reports show GAN had a strong year seeing an increase in revenues and minimal losses for the company. GAN reported its losses at GBP 4.2 million and its gross income at GBP 41.1 million, a 30% year-on-year increase. Net revenues were up as well by 17% coming in at GBP 9.1 million. GAN also included their five new US land-based clients in their report.
Dermot Smurfit said,
“2017 saw GAN deliver its first full year of positive EBITDA since 2013 following a lengthy investment cycle to position GAN as a market leader in the US casino Industry delivering Internet gaming solutions for real money Regulated Gaming and Simulated Gaming which is deployed in advance of regulation. GAN’s performance to date in 2018 is in line with our expectations. During the year, the firm launched simulated gaming for five new US casino clients and signed up two US casino clients for real money regulated gaming in New Jersey and European markets, respectively. October also saw legislation introduced in Pennsylvania that would allow residents to play real money Internet casino games, starting from the second half of 2018.”