GAN flourishes thanks to US success
US growth was key for GAN as it saw double-digit growth in key indicators in 2017.
The technology company, which is US-focussed with additional operations in the UK and Italy, launched its simulated gaming product for five new US-based clients during the year and signed a casino client for real money regulated gaming in New Jersey.
GAN saw net revenues rise by 17% to just over £9m (€10.3m/$12.7m) with gross income up 30% to around £41m. EBITDA was at £454,000, compared to a loss of almost £1m in 2016.
The company revealed a positive outlook for 2018, noting in particular the prospects for online gambling in Pennsylvania. It already provides its simulated gaming service to market leader Parx Casino, and plans to launch real money gaming in Q3.
Chief executive Dermot Smurfit said: “GAN has continued to position its business to capture growth in emerging online gaming markets in the US.
“2017 saw significant progress, with the launch of five new clients of simulated gaming, together with a number of significant commercial and strategic developments.
“The most significant of these was the passage into law of legislation on October 30, 2017 permitting 12.8 million Pennsylvanian residents to play real money internet casino games, starting in H2 2018.”
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