The business-to-business supplier of online gambling software, GAN Plc. announced its financial results for the first six months of 2019. The group showed that group revenue had increased 145% – rising from GBP 4.6 million in H1 2018 to GBP 11.3 million in the same period this year.
Other highlights of GAN’s H1 financial report were as follows:
- EBITDA profit of GBP 3.0 million
- Profit after tax was GBP 0.7 million
- 78% of the group’s net revenue was derived from the US market.
According to the CEO of GAN, Dermot Smurfit, the first half of the year saw rapid growth in revenues, driven by real money online gambling in the US, as well as the acceleration of internet sports betting in some states.
“We were pleased to deliver real money Internet gambling across four websites (and counterpart mobile apps), to end users in two U.S. States operated by three clients reliant on our technology Platform for powering their Internet gambling business activities,” he said.
Smurfit said that the executive team has “an incredibly positive” outlook for the remainder of the year, since the recent launch of internet sports betting and casino gaming in Pennsylvania, as well as GAN’s current sales pipeline and existing contracted clients are projected to significantly enhance the group’s revenues and EBITDA prospects going forward.