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GAN Reports Third Quarter 2024 Financial Results

Published

2 years ago

November 12, 2024

Niji Narayan

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Reading Time: 2 minutes

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.

Champions Club

Setanta Bet Joins GR8_TECH’s Champions Club with GREAT_SPORTSBOOK iFrame

Published

33 minutes ago

July 14, 2026

Wladimir P.

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GR8_TECH has partnered with Setanta Bet, a locally licensed online betting operator in Georgia and part of the wider Setanta Sports ecosystem. The collaboration marks another important step in GR8_TECH’s expansion across regulated markets, with Setanta Bet successfully launching the GREAT_SPORTSBOOK iFrame solution.

By joining the Champions Club—GR8_TECH’s exclusive network of ambitious operators powered by high-performance technology—Setanta Bet gains access to a sportsbook solution designed to accelerate growth, enhance player engagement, and maximize operational efficiency.

“We are delighted to welcome Setanta Bet as a partner of GR8_TECH and a proud addition to our Champions Club,” said Vardan Hakobyan, Head of Sales at GR8_TECH. “The brand has successfully created a strong connection between sports content, player engagement, and entertainment. With GREAT_SPORTSBOOK iFrame, Setanta Bet can further enhance its betting offering while preserving its unique brand identity and delivering a richer, more engaging experience for its players.”

“Setanta Bet was launched on the foundation of the region’s largest and most successful sports media, representing the most vital part of Setanta as a major brand,” said Tamar Badashvili, CEO at Setanta Bet. “It is the ideal synergy between sports media and the betting business, a model already successfully proven by leading global brands. We launched our sportsbook in partnership with GR8_TECH because their regional experience, along with their platform’s features and functionality, perfectly matched our requirements. We believe this collaboration will be mutually beneficial; not only will Setanta Bet succeed, but our vast operational experience in the industry will provide valuable feedback to help further develop the GR8_TECH platform.”

GREAT_SPORTSBOOK iFrame provides Setanta Bet with a scalable, high-performance sportsbook solution designed for rapid deployment and local-market adaptability. The solution delivers more than 180,000 monthly events across 50+ sports and esports disciplines, supported by 24/7 live betting coverage, AI-powered recommendations, embedded CRM capabilities, and extensive customization options.

The solution also includes a comprehensive suite of engagement and revenue optimization tools, including cashout, multi-bets, odds personalization, margin personalization, geo-targeted content, customizable widgets, and a fully mobile-first experience designed to meet the expectations of modern players.

Get in touch with GR8_TECH to learn how the GREAT_SPORTSBOOK iFrame can help launch, upgrade, or scale your iGaming business.

GR8_TECH. Platform for Champions

GR8_TECH is an award-winning provider, delivering high-performance sportsbook and iGaming solutions that empower operators to lead and win in competitive markets. GR8_TECH’s comprehensive portfolio includes the GREAT_TURNKEY and GREAT_CRYPTO TURNKEY solutions, GREAT_SPORTSBOOK, and GREAT_CASINO AGGREGATION.

With a geo-specific approach to solutions, a focus on practical innovations, and an operator-first mindset, GR8_TECH helps its clients achieve measurable results in their target markets quickly and efficiently. Trusted by top operators worldwide, GR8_TECH has over 100 successful cases and earned multiple recognitions, including the title of Platform Provider of the Year by SBC Awards 2025.

The post Setanta Bet Joins GR8_TECH’s Champions Club with GREAT_SPORTSBOOK iFrame appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

Awards

NuxGame Wins Casino Platform of the Year at the iGaming News Awards

Published

34 minutes ago

July 14, 2026

Wladimir P.

nuxgame-wins-casino-platform-of-the-year-at-the-igaming-news-awards

NuxGame has been named Casino Platform of the Year at the inaugural iGaming News Awards, the first edition of the awards programme run by industry publication iGaming News.

The Casino Platform of the Year category recognises the platform technology operators use to build and run their casino businesses — the core system behind day-to-day operation rather than any single feature or campaign. It is a meaningful marker for a B2B provider since it points to the technology operators actually rely on. Winning the category in the programme’s first year adds another point of industry acknowledgement for the NuxGame online casino software.

The award caps a strong year for the platform, one shaped by steady work on the product itself. NuxGame added new player-engagement tools such as Achievements, Spin Wheel, and Rakeback, expanded its game aggregator with thousands more titles, and opened up new markets by launching its Sweepstakes and Telegram products and gaining a Class II B2B licence in Romania.

The category win follows other recent recognition for the platform, such as Best Platform Provider at the 2025 SiGMA Eurasia Awards and Best Innovation in iGaming Technology at the 2025 European iGaming Excellence Awards. Together they create a steady awards record for the technology behind the company’s casino offering rather than for a single product or campaign.

“A casino platform is the part of the business an operator depends on every day, so this is the recognition that means the most to us,” said Daniel Heywood, CEO at NuxGame. “We’ve spent years keeping the platform stable, straightforward to scale, and simple to run day to day. And we work just as hard on the support quality behind it. Seeing that commitment recognised by the iGaming News Awards is a proud moment for the whole team.”

NuxGame says its direction for 2026 is to keep the platform dependable and easy to run. The company will also keep expanding the ecosystem around the platform so operators can add proven, pre-integrated partners as they scale rather than vetting and connecting each one on their own. The company reads the win as confirmation that the fundamentals it has invested in remain important for operators — and as a reason to keep strengthening them.

About NuxGame

NuxGame is a B2B iGaming software platform provider that has been helping online casino and sportsbook operators launch and grow their projects for more than 7 years. Founded in 2018, the company now supports more than 100 operators worldwide. What began as a platform provider only has developed into a unified ecosystem. Alongside its own flexible casino platform, turnkey casino and sportsbook solutions, sweepstakes-ready infrastructure, game aggregation and API integrations, NuxGame connects operators to a vetted network of proven partners, spanning CRM, payments, orchestration, aggregation, and traffic. All of it is backed by 24/7 support.

The post NuxGame Wins Casino Platform of the Year at the iGaming News Awards appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.