GAN sees Q3 revenue rise by 86%
Game Account Network (GAN) has reported an 86% year-on-year rise in revenue for Q3 2020, along with a significant profit increase.
The casino supplier’s revenue for the quarter was up to $10.3m, mostly coming from its real money internet gaming (RMiG) business, with that revenue rising 88% to $7.7m.
GAN’s gross profit increased significantly from $2.4m in 2019 up to $6.4m for Q3, while gross operator revenue rose by 76% to $142.3m. Adjusted EBITDA stood at negative $0.1m, compared to negative $0.4m in the same period last year.
The supplier attributed the rise in revenue to “deployments related to upcoming customer launches in Michigan.”
In terms of year-to-date, revenue also increased, up 36% to $26.3m, while gross profit improved by 87%, standing at $16.9m for the year until 30 September.
GAN CEO Dermot Smurfit, said: “We built strong momentum in the third quarter and our results were in-line with our expectations.
“GAN continues to prove it’s the leading partner of choice for land-based casinos through an expanding solution offering, that allows our customers to quickly and efficiently expand their reach across the online gaming space.
“We remain confident that our unique position, differentiated solutions, strong management team, and solid financial position will enable us to continue to grow throughout 2021 and beyond.”
The supplier also announced an agreement to acquire Estonia-based operator Coolbet for €149.1m ($176.9m), which is expected to be completed in Q1 2021.
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