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GAN Reports Third Quarter 2024 Financial Results

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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.

Balkan's

CT Interactive launches Diamond Tree Jackpot on Inbet in Bulgaria

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CT Interactive has launched the Diamond Tree Jackpot on Inbet in Bulgaria, marking another important step in the company’s expansion across regulated European markets. The multi-currency jackpot system combines some of CT Interactive’s most successful slot titles into an engaging progressive jackpot experience, offering players enhanced entertainment and greater winning opportunities.

The Diamond Tree Jackpot portfolio features ten of CT Interactive’s popular slot games: 20 Mega Slot, 20 Star Party, 40 Mega Slot, 40 Treasures, Chilli Fruits, Lord of Luck, Lucky Clover, Moon Lord, Mystic Moon and Win Storm.

“Diamond Tree Jackpot brings together diverse gameplay, progressive jackpot mechanics, and multi-currency support, creating a versatile solution that appeals to a broad range of players. It is designed to help operators increase engagement, extend session durations, and achieve sustainable growth through seamless integration and player-focused features,” said Martin Ivanov, Chief Operating Officer of CT Interactive.

“The integration of Diamond Tree Jackpot further strengthens Inbet’s offering with a proven, high-impact jackpot solution. This jackpot features top-performing titles that players know and enjoy, combined with progressive mechanics, aligning perfectly with our strategy to deliver dynamic and rewarding gaming experiences,” said Vasil Parvanov, Team Lead Commercial Managers at CT Interactive.

Irena Nikolova, Casino Manager at Inbet, said: “We are delighted to introduce Diamond Tree Jackpot to our players. Together with CT Interactive, we remain committed to bringing high-quality gaming experiences and expanding our portfolio with engaging new products.”

The launch of the Diamond Tree Jackpot on Inbet in Bulgaria further strengthens CT Interactive’s presence across Europe and reinforces the company’s commitment to delivering premium gaming content and engaging jackpot solutions to regulated markets worldwide.

The post CT Interactive launches Diamond Tree Jackpot on Inbet in Bulgaria appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

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Artificial Intelligence

LSports and gripAI Launch Play Insurance

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LSports, the world-leading provider of real-time sports data solutions, and gripAI, the artificial-intelligence company behind a new class of real-time betting products, announced a collaboration to bring Play Insurance to sportsbook operators worldwide.

Play Insurance is a bet-insurance product that lets players protect a bet for a small, AI-calculated premium. Insured players are paid back regardless of outcome, with the amount scaled to how close the bet came to winning based on match statistics. For operators, it opens a new revenue stream on top of existing handle and turns the near-miss — the single most frustrating moment in betting — into a reason for players to stay in the game.

“Retention is one of the hardest problems our operators face, and the near-miss is where they lose players. Play Insurance turns that exact moment into loyalty and a new revenue line, without giving anything away. It’s a genuinely new category, and pairing gripAI’s technology with our reach and our data gives operators something no one else offers today,” said Yoav Ziv, CRO at Lsports.

The product is powered by gripAI’s proprietary, patented pricing engine, trained on over 2.5 billion bets, which calculates every premium in real time based on live odds, the number of selections and user’s profile. Because premiums are priced per player and per bet rather than through flat, one-size cashback offers, operators keep control of their margin while giving players a genuinely tailored product. It also works alongside existing tools such as Cash Out: a player can cash out a bet and keep their insurance in play.

Play Insurance drives both engagement and retention where it matters most: 37% of players take the insurance offer, and 39% of insured players purchase insurance again.

“Betting has always been all-or-nothing, and that’s exactly what we set out to change. Our AI prices protection fairly and instantly for every bet, and with LSports as our distribution partner, we can bring it to operators around the world at the speed the industry moves “ said Tal Hayon, CEO at gripAI.

The post LSports and gripAI Launch Play Insurance appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

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Africa

Playson partners with Hollywoodbets for South Africa slots rollout

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Playson has partnered with South African operator Hollywoodbets to roll out a selection of its slot titles to players in South Africa’s regulated market, the company said on 20th July 2026.

Under the deal, Hollywoodbets will integrate Playson content via Light & Wonder’s aggregation platform. The operator said the addition will broaden its “live games” portfolio.

The initial rollout includes Coin Strike: Hold and Win, Thunder Coins: Hold and Win, Thunder Coins XXL: Hold and Win, Diamonds Power: Hold and Win, Energy Coins: Hold and Win and 3 Carts of Gold: Hold and Win, with more releases planned.

Blanka Homor, Sales Director at Playson, said: “Partnering with Hollywoodbets represents another important milestone in our African growth strategy. As one of South Africa’s household names, Hollywoodbets offers an outstanding platform through which we can introduce our high-performing portfolio to an even wider audience.

“We are confident our games will resonate strongly with players, and we look forward to building a successful long-term partnership together.”

Wayde Dorkin, Head of Product at Hollywoodbets, said: “Playson’s portfolio has earned an excellent reputation for delivering engaging gameplay and consistent results across regulated markets, making it a valuable addition to our product offering.

“We are always looking to enhance the entertainment experience available to our players, and we are delighted to welcome a selection of Playson’s top-performing titles to the Hollywoodbets platform.”

The post Playson partners with Hollywoodbets for South Africa slots rollout appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

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