Strong Latin American performance fuels GAN Q2 growth
Growth also improved by expanded B2C offering.
GAN Limited has this week posted its improved Q2 financials. Listed as GAN on the Nasdaq, the company’s performance can be attributed to sports betting platform Coolbet, a B2C software operating in Latin America and Europe.
GAN expects revenue to land between $34m and $35m and the adjusted earnings before interest, taxes, depreciation, and amortization to range between $3m and $7m.
This boosted performance was primarily driven by improved sports betting numbers throughout Latin America and Europe. Q2 saw a sports betting margin of 9.7% in comparison to 6.8% in Q1.
GAN highlighted the performance of Coolbet, its B2C platform that focuses on sports betting, casino games and poker.
“Momentum has carried through the second quarter and driven continued sequential top-line growth for the business.” said Dermot Smurfit, CEO for GAN Limited. “The B2B business is performing in-line with our expectations and continuing to win new clients here in the US while the B2C business is capitalizing on the Latin American market opportunity, equipped with a highly social sports offering delivering viral customer acquisition.”
He continued: “Looking back, we identified and acquired a business at the outset of this year that is now performing significantly ahead of plan. We are very pleased with where we stand halfway through the year on both our segments and look forward to providing more detail next month.”
In January of 2021 GAN acquired Coolbet for $175.9m; the deal saw the internet gaming software firm integrate Coolbet’s sports betting technology into its B2B platform.
During the acquisition Smurfit commented: “The completion of the Coolbet acquisition brings together two best-in-class offerings in the igaming space today, and makes a powerful combination by creating a fully-integrated offering, customizable for each client’s needs.”
“We look forward to leveraging one of the most complete solutions in our industry both domestically and internationally, and believe our growth platform is well positioned to drive long-term shareholder value.”
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