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GAN reveals 30% sales increase in 2016

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GAN has revealed its full year results 2016 saw net revenues of £7.8m (€9m/$10.03m), an increase of 30% on 2015’s £6m.

The company’s EBITDA stood at a loss of £0.9m for 2016, a 70% reduction on the £3m loss posted in 2015. GAN’s 2016 growth was attributed primarily to Simulated Gaming's performance in the US and from regulated real money internet gaming in both New Jersey and Italy.

GAN was also optimistic about the future of gaming in the US, with the passing of HB 271 by the Pennsylvanian Senate on May 24 meaning the state could potentially become the fourth to regulate.

Dermot Smurfit, chief executive of GAN said: “Real-money internet gaming in New Jersey and the pace of regulation in the US market has remained slower than expected although growth in New Jersey out-performed our full year expectations with gross gaming revenues up 32% year on year to $197m. We are confident in the long-term prospects for real-money gaming.

“For 2017 we believe that the opportunity for GAN with Simulated Gaming will more than adequately compensate for the delays in regulating real-money internet gaming in the US which also positions GAN to serve existing clients of Simulated Gaming with real money Regulated Gaming in the event their casino properties' host state does regulate.

“The State of Pennsylvania appears to be in the process of regulating internet gaming with a number of legislative bills actively considered in 2016 of which derivative bills have been the subjects of legislative action in 2017 with the latest bill regulating real money Internet gaming being approved by the Pennsylvanian Senate just last week.”

He added: “GAN has been selected as the exclusive platform for both Simulated Gaming and regulated real-money Internet gaming by Parx Casino, the leading casino operator in Pennsylvania, and is positioned for substantial growth in regulated real-money gaming should suitable legislation be enacted in 2017.”

In April 2017 GAN secured its first privileged gaming licence in the US from the New Jersey Division of Gaming Enforcement (NJDGE), the licence enables it to conduct regulated internet gaming business in the state of New Jersey.

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