Latest News
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.
EGT
EGT opens Netherlands office in Den Bosch
EGT has officially opened a new office in the Netherlands in ’s-Hertogenbosch (Den Bosch). The launch was marked with an event on May 13 attended by representatives of local operators, partner companies and industry professionals, the company said.
Guests toured the office showroom and were introduced to EGT’s latest land-based and iGaming solutions offered on the Dutch market.
Yuliana Ilieva, Director of EGT Netherlands, said: “I would like to thank everyone who is here with us tonight to celebrate this milestone for EGT Netherlands. The opening of the office in Den Bosch – the capital of North Brabant province and a strategic location in the country – is an important step for EGT and clearly states the company’s long-term commitment to this market, where we already have a strong footprint in both the land-based and online segments. Our new local presence will allow us to be closer to our current and future clients and to develop our partnerships here even more effectively. Despite the challenges of the highly regulated Dutch gaming environment, we are confident that our personal approach to each customer, combined with our products, developed specifically for the Netherlands, will contribute to the growth and success of both our and operators’ business.”
Nadia Popova, Chief Revenue Officer and VP Sales & Marketing at EGT, added: “We see enormous potential in the Dutch market and are ready to invest in our sustainable development here. I believe that our new office, with its strategic location and talented and dedicated team, will play a key role in achieving our main goals of expanding and solidifying EGT’s positions as a preferred gaming provider in the country.”
The post EGT opens Netherlands office in Den Bosch appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
content partnership
QTech Games adds PLAYSTAR content in new aggregation deal
QTech Games has signed a provider partnership with PLAYSTAR (PS) to add the supplier’s slots and card games to QTech’s aggregation platform.
Under the deal, QTech’s operator clients can access PLAYSTAR titles including Deng Deng, Super Gems, Lucky Ace 2, and Mahjong Origin, alongside card games such as Tui Dummy and Hi-Low.
The companies positioned the agreement as part of PLAYSTAR’s expansion beyond Asia, with QTech highlighting distribution into emerging markets including Africa and Latin America.
Angel, BD at PLAYSTAR, said: “QTech is a natural habitat for our superior content which awaits players every time they enter through an online casino’s digital doors. After initial success in our home territories over our first decade of operations, PLAYSTAR is now broadening our reach across emerging markets via QTech’s flexible gateway to high-potential regions.”
Philip Doftvik, CEO at QTech Games, said: “It’s a feather in our cap to have integrated more premium content from PLAYSTAR. They’re a proven performer who prioritise the immersive experience that users enjoy at the heart of every game. Recent industry recognition as a rising-star supplier underscores their ascendant curve, and we’re delighted to have added PS to QTech’s stable of stars.
“We now look forward to showcasing these games across new markets which, in most cases, break new ground for PS.”
The post QTech Games adds PLAYSTAR content in new aggregation deal appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Altenar
Altenar rolls out World Cup Lobby event hub for sportsbook operators
Altenar has launched a dedicated World Cup Lobby designed to help sportsbook operators package World Cup content in a single event hub during this summer’s tournament.
The company said the lobby is built for high-traffic periods, with a curated destination where operators can surface relevant markets, statistics, promotions and betting opportunities in one place. Altenar pointed to a “record 104 matches” across 16 cities as the context for simplifying tournament discovery and navigation.
The World Cup Lobby combines Altenar’s sportsbook with widgets and navigation built for major tournaments. Altenar said interactive team and player carousels surface BetCards, markets and promotions via swipeable feeds, with team and player pages providing access to statistics and related betting opportunities.
Other features include integrated standings, knockout trees and outright markets, aiming to keep users moving between matches, teams, players and selections without switching across multiple pages. Altenar said operators can localise the lobby by prioritising teams, competitions and markets for regional audiences, and use player behaviour to surface personalised recommendations.
Nikos Zygouris, Head of Sportsbook Product at Altenar, said: “Major tournaments such as this year’s World Cup create huge engagement and our goal with the new lobby is to build an environment where players can explore everything around the competition in one place.
“The World Cup Lobby brings together markets, statistics, teams and personalised recommendations into a single experience, helping operators to deliver a more intuitive and engaging sportsbook during the biggest moments in the sporting calendar.”
The post Altenar rolls out World Cup Lobby event hub for sportsbook operators appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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