Gan Ltd, the B2B supplier of internet gambling software, published its full-year 2021 financial results recently, showing a slight drop in sports margin. As a result, the group’s revenue fell just over 5.5% in the fourth quarter of 2021, compared to the same period one year before. Profits also dropped 11.6% year on year.
According to GAN’S CEO, Dermot Smurfit, the fourth quarter financial results were adversely affected by the volatile sports market in the company’s B2C segment, consistent with other international operators. This was partially offset by continued strong new customer growth.
Other Key Features of GAN’s 2021 Report:
- GAN’s B2C revenue dipped during the fourth quarter to $19.2 million – a 9% drop year on year.
- B2B revenue improved year on year to $11.3 million, driven by improvements made to this division.
- Overall, in 2021, net revenues jumped to $125.4 million.
- GAN purchased Coolbet during the year, which also contributed to overall revenue growth.
Commenting on the 2021 report, Smurfit said that the group has not lost sight of the fact that GAN delivered “incredibly strong revenue growth” in 2021. He said that GAN made numerous strategic steps towards solidifying its future and projected another year of very strong revenue growth, as well as improved profitability as it achieves better scale.