Social casino powers GAN revenue jump
Provider claims it has achieved critical mass in the US with 13 customers signed up to Simulated Gaming
GAN has reported a 30% jump in annual revenues to £7.8m, with the provider claiming it has achieved “critical mass” in the US market thanks to the uptake of its Simulated Gaming platform.
The AIM-listed company also reported a clean EBITDA loss of £0.9m for the 12 months to 31 December 2016, improving from £-3m in 2016.
“Our investment in the business continues and we have grown our team and expanded our technical expertise, US infrastructure and gaming content portfolio throughout 2016,” said Dermot Smurfit, GAN chief executive.
“Consistent with earlier statements, the US patent awarded to GAN in September 2015 has served to provide material benefit to the Simulated Gaming business as we grew in the US market in 2016.
“We remain confident in our prospects for 2017 and beyond. For 2017, we forecast material growth of Simulated Gaming.”
Smurfit said the social casino platform had achieved critical mass in the US market with 13 major US casinos now signed up clients.
During the year, GAN completed its first debt capital raise as a publicly-traded company with gross proceeds of £2m which it said would be used in preparation for regulated gaming in Pennsylvania and starting a US patent licensing program which could represent a new source of revenues.
Smurfit said that while real-money gaming regulation had been slower than expected, Simulated Gaming could carry the business in the meantime, and put it in a position to switch on real-money sites with existing clients as regulation happens.