Strong growth in New Jersey helped GAN record a positive end to 2018 with gross operator revenue more than doubling for the three months ended December 31st.
The online gaming technology supplier said gross operator said revenue for the fourth quarter of 2018 was up 103.9% year-on-year to $41.8m, in a trading update for the period. GAN said the increase in this key performance indicator was driven by strong growth in real money regulated gambling in the US and Europe.
Gross operator revenue – derived from its simulated gaming, real money gaming and sports betting partners – was also up 56.4% quarter-over-quarter.
Other indicators reported included active player days, which was up 50.6% year-on-year to 4.6m, and average daily revenue per active user, which grew 15.2% to $9.05.
GAN chief executive Dermot Smurfit (pictured) identified growth in New Jersey, where it provides its sports betting services to market leader FanDuel through a strategic partnership with SBTech, as key to its growth.
He said: “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.”
Despite the positive figures, shares in GAN plc were trading down 4.67% at 53.0p per share on Thursday afternoon.
Under the terms of its deal with SBTech, GAN integrates its GameSTACK enterprise software platform with SBTech’s sports betting solution.
GAN last week announced it had expanded its partnership with FanDuel to also include online casino and player account management solution for online wagering in West Virginia and Pennslyvania.
It also powers the newly-opened Ocean Resort Casino's iGaming offering in New Jersey.
In July, GAN announced its partnership with Parx Casino, Pennsylvania’s biggest casino venue, had been expanded to launch real-money gaming alongside its simulated gaming product, once the market opens in 2019.
The supplier has also carved out a strong position in Italy, noting that it now services 45% of the regulated online casino market in the country after signing a deal with Goldbet in November 2018.