Real money internet gaming was $6m, down from $9.2m over the same period a year prior. Simulated gaming was $2.9m, up from $1.4m in Q4 2019.
Increased operating expenses and transaction costs related to GAN’s acquisition of Coolbet led to adjusted EBITDA loss of $6m compared to $5.1m of adjusted EBITDA the same period in 2019.
Full year total revenue for 2020 was $35.2m, an increase of 17%. The company expects full year 2021 revenue in the range of $100m - $105m, including Q1 revenue of $24m - $25m.
GAN was trading at 23.05 USD (+ 8.35%) at the end of Thursday.
Dermot Smurfit, CEO of GAN said, “2020 was a highly successful, foundation-building year for GAN. We expanded our top-line, doubled our new client launches, signed numerous new customers that we believe will support stable and growing recurring revenue, and rounded out our product portfolio through multiple new content partnerships and the critical acquisition of Coolbet.”
GAN completed seven new client deals last year including a 10-year deal with Wynn Resorts in Michigan and a multi-state deal with Churchill Downs.
The company said it expects a mid-year launch of Coolbet’s sports betting technology integration.
