Q3 results 2020

GAN agrees Coolbet deal after strong Q3 revenue growth

1 minute read
Despite an 87.3% year-on-year rise in revenue during the third quarter, GAN saw costs of its expansion effort weigh on its bottom line, while the gambling technology provider has also agreed a deal to acquire Coolbet for €149.0m (£133.7m/$176.8m).
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Total revenue for the three months to September 30 came to $10.3m, up from $5.5m in the corresponding quarter in 2019.

The provider experienced growth across both of its core operating segments, with its real-money igaming (RMiG) business its main source of income in the quarter, after revenue jumped 87.8% to $7.7m.

This growth was down to additional software-as-a-service and hardware revenue, GAN said, driven by deployments in Michigan, which is in the process of launching online betting and igaming.

Its free-to-play simulated gaming division, meanwhile, saw revenue grow 85.7% year-on-year to $2.6m, mainly as a result of new customer launches and strong performances from existing clients.

“We added multiple new RMiG and simulated gaming customers over the last several months, demonstrating the unique and highly differentiated capabilities of our SaaS platform for integrated igaming and online sports betting,” GAN’s chief executive Dermot Smurfit said.

Read the full story on iGB North America.

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