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GAN Reports Third Quarter 2024 Financial Results
GAN Limited reported its unaudited financial results for the third quarter ended September 30, 2024.
Seamus McGill, GAN’s Chief Executive Officer, said: “I couldn’t be more pleased with the progress our team members have made to deliver revenue growth while concurrently lowering our cost structure. Our top-line growth of 24% compared to the prior year was driven by B2B revenue growth of more than 60% while operating costs fell by nearly 10%. We remain focused on delivering a leading product offering for our US B2B clients and our international B2C business.”
Mr. McGill added: “In September, we recently received approval from the Nevada Gaming Commission for our planned merger with SEGASAMMY. We continue to work through the remaining regulatory requirements and anticipate a successful closing in early 2025.”
Third Quarter 2024 Compared to Third Quarter 2023
• Total revenue of $37.1 million increased 24% driven by an increase in the B2B segment.
• B2B segment revenue was $16.4 million versus $10.2 million. The increase was primarily due to an expansion of our B2B offerings in the state of Nevada and the recognition of revenue related to a partner exit in Michigan.
• B2C segment revenue was $20.7 million versus $19.6 million. Growth in Europe was driven by increased player activity, which was offset by reduced player activity and unfavorable exchange rates in Latin America.
• Operating expenses were $25.1 million versus $27.8 million. The decrease was primarily attributable to the Company’s overall reduction of compensation costs and reduced headcount realized as part of ongoing cost saving initiatives, as well as lower depreciation and amortization expenses as a result of intangible assets fully amortizing in the prior year.
• Net income of $2.1 million versus a net loss of $8.2 million improved primarily due to increased revenues and decreased operating expenses.
• Total segment contribution was $27.2 million versus $20.6 million, which was driven primarily by increased revenue in the B2B segment.
• Adjusted EBITDA was $5.4 million versus a loss of $2.5 million. The increase was driven by increased revenues and lower operating expenses resulting from the aforementioned factors.
• Cash was $36.5 million as of September 30, 2024, versus $36.9 million as of June 30, 2024.
• B2C Active Customers declined primarily driven by limited customer acquisition in Latin America.
• B2B Gross Operator Revenue totaled $610.4 million versus $424.1 million in the prior year quarter, a 44% increase. The increase was driven primarily by organic growth in Pennsylvania, New Jersey, Ontario, and Connecticut.
The post GAN Reports Third Quarter 2024 Financial Results appeared first on European Gaming Industry News.
Approval clears the supplier to distribute certified slots and instant games to licensed operators in Argentina.
PopOK Gaming has obtained certification for the Argentinian market, allowing the supplier to offer its certified gaming content to licensed operators in Argentina.
The company said the approval enables it to provide a portfolio of certified content in the country, positioning it to support local operators with slots and instant games that meet regulatory and technical requirements.
PopOK Gaming framed the certification as part of its broader push into regulated jurisdictions, with a focus on compliance and product standards. The company did not disclose which certifying body issued the approval, the scope of the certification, or a timeline for operator launches.
Argentina has become a key Latin American iGaming market, with regulation and licensing typically handled at the provincial level. PopOK Gaming said it expects further expansion initiatives as it continues to invest in regulatory compliance and international growth.
The post PopOK Gaming secures Argentina certification to supply iGaming content appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
PopOK Gaming has announced that it has successfully obtained certification for the Argentinian market, marking another milestone in the company’s continued expansion across regulated gaming jurisdictions.
The certification enables PopOK Gaming to provide its portfolio of certified gaming content to licensed operators in Argentina, reinforcing its commitment to delivering compliant, high-quality entertainment in regulated markets worldwide.
Argentina continues to emerge as one of Latin America’s most dynamic iGaming regions, with a growing demand for innovative and engaging casino content. By meeting the market’s regulatory and technical requirements, PopOK Gaming is well-positioned to support operators with a diverse selection of slot and instant games designed to appeal to a broad player audience.
The latest certification reflects the company’s long-term strategy of expanding its international footprint while maintaining high standards of compliance, product quality, and responsible growth. As regulated markets continue to shape the future of the iGaming industry, certifications remain a key component of sustainable market development and operator confidence.
With an expanding portfolio featuring immersive gameplay, engaging mechanics, and modern game design, PopOK Gaming continues to strengthen its position as a trusted content provider for regulated operators around the world.
The Argentina certification follows the company’s ongoing efforts to broaden its presence in strategic markets, with further expansion initiatives expected as PopOK Gaming continues to invest in regulatory compliance and global growth.
The post PopOK Gaming Strengthens Latin American Expansion with Argentina Certification appeared first on Americas iGaming & Sports Betting News.
Bronze card has been claimed during the group stage; silver and gold prizes remain available until 31 July.
Tonybet said it has paid out its first major prize in its World Cup Card Collection campaign for Canadian customers (excluding Ontario), after a player secured the promotion’s bronze card worth $15,000 CAD.
The operator said the World Cup Card Collection includes 51 cards to collect during the tournament: 48 digital cards tied to participating World Cup nations, plus three unique cards—gold, silver and bronze—linked to a $150,000 CAD total prize fund.
According to Tonybet, the bronze card has been available through the World Cup’s group stage and has now been claimed. The silver card is available during the knockout rounds up to the quarter-finals, while the gold card is held back for the closing semi-finals and final.
Tonybet Head of Product Kiryl Liudvikevich said: “With Canada co-hosting the World Cup for the first time, the tournament has felt closer to home than ever before for Canadians, and it has already delivered a moment most supporters could only dream about with the national team advancing to the knockout stages.
“For one lucky Canada supporter, it has now produced another story that will be worth retelling long after the final whistle has gone – with our lucky winner among the first Tonybet customers to win one of the unique cards in our World Cup Card Collection, taking home a cool $15,000 for managing to get his hands on bronze. Who will end up with silver and gold?”
Tonybet said the same three unique cards are also in circulation across its other markets, with varying outcomes so far. The World Cup Card Collection campaign runs until 31 July, with a $150,000 CAD prize pool for Canada and separate prize pools in other markets.
The post Tonybet pays first $15,000 CAD prize in World Cup Card Collection Canada promo appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
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