GAN reports $20m year-on-year revenue growth for Q3
Quarter saw GAN sign a sports betting agreement with Red Rock Resorts.
GAN, a full-service internet gaming, simulated games (SIM) and sports betting brand, has released its financial results for quarter three of 2021.
The company reported total revenue of $32.3m for Q3 of 2021, a $22m, or 213%, increase from the same period in the prior year. This massive year on year increase is reflective of the effects of the Covid-19 pandemic. Thus, this number marks a 7% decrease from Q2 of 2021, with the group citing sports seasonality and lower sports betting margins as reasons for the drop.
The brand’s B2B segment reached $11.2m, driven by an increase in hardware sales. Meanwhile, its B2B segment, making the most of the company’s revenue, reported $21.1m, a $2.9m decrease.
Dermot Smurfit, CEO of GAN commented: “Our third quarter financial results were in line with our expectations as our B2B segment revenues rose 5% compared to the prior quarter, while our B2C revenues experienced seasonality following a record second quarter. We added the iconic Treasure Island Hotel & Casino to our growing list of SIM clients during the quarter, and continued to demonstrate the value of our ‘multi-state, one app’ capability as we launched Churchill Downs’ online sports betting operation in Arizona.”
He continued: “We also built upon our existing relationship with FanDuel, helping to deliver their iGaming platform in the state of Connecticut subsequent to quarter-end.”
Net loss for this period was $7.9m; once again GAN attributed this to a decrease in sports betting revenue. EBITDA also fell, coming in at $4.6m.
Finally, the company recently announced an agreement with Red Rock Resorts to power their Nevada-based online and retail sports betting platform.
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