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GAN Reports Third Quarter 2024 Financial Results

Published

1 year ago

November 12, 2024

Niji Narayan

gan-reports-third-quarter-2024-financial-results

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.

Amigo Gaming

VeliGames adds 10 studios as content library tops 35,000 games

Published

39 minutes ago

April 14, 2026

Wladimir P.

veligames-adds-10-studios-as-content-library-tops-35,000-games

VeliTech’s aggregator names Amigo Gaming, Playnetic, FA CHAI Gaming and GameBeat among new partners.

VeliGames, the aggregation platform from VeliTech, has expanded its supplier roster with 10 additional content studios, the company said on 14 April 2026. The aggregator now offers “35,000+” games from “160+” suppliers via its Single API.

New providers now available through VeliGames are Amigo Gaming, Playnetic, FA CHAI Gaming, GameBeat, Ready Play Gaming, Slot Mart, Dynabit Gaming, EEAI, IMK 365 and Triple Cherry. VeliGames also distributes its exclusive in-house studios VeliPlay (crash and instant games) and Heaven of 7 (slots).

The company said the expansion is aimed at helping operators diversify and localise their game lobbies for emerging markets through a single integration. VeliGames said its catalogue spans slots, live casino, scratch cards, table and crash games, with tailoring for Asia, Africa and Latin America, including “regionally adjusted pricing” and back-office capabilities.

Irakli Kakhidze, CEO at VeliGames, said: “Our technology is shaped by real-world operator needs, and that’s why VeliGames is a plug-and-play solution that allows operators to access more than 35,000 titles from 160+ providers, plus market-ready customisation, and robust engagement and reporting tools.

“VeliGames has established itself as a partner that understands the business of gaming, not just the code, and these integrations are a testament to that.

“The Single API approach only delivers real value when it is built on battle-tested technology. That has made VeliGames the go-to choice for operators in high-growth markets across the world.”

Revaz Janelidze, Operations Lead at VeliGames, added: “At VeliGames, we live and breathe content, and that’s why we pull out all the stops to constantly bring remarkable providers to our platform.

“These are studios that are pushing boundaries to deliver never seen before themes, mechanics, bonuses and formats, and in doing so are tearing up the rulebook for iGaming content.

“We look forward to seeing our clients strengthen their casino lobbies with the likes of Amigo Gaming, Playnetic and others, while we’re already hard at work on the next round of integrations, so watch this space.”

The post VeliGames adds 10 studios as content library tops 35,000 games appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

Broadcaster Video on Demand

Comparasino launches three-month ITVX BVOD ad campaign

Published

39 minutes ago

April 14, 2026

Wladimir P.

comparasino-launches-three-month-itvx-bvod-ad-campaign

Leeds-based casino comparison platform spotlights its Recommendation Engine and Member Zone in exclusive ITVX placement.

Comparasino has launched a three-month Broadcaster Video on Demand (BVOD) advertising campaign running exclusively on ITVX, starting Tuesday 14 April, 2026. The Leeds-based online casino comparison platform said the campaign will run across ITVX premium prime-time programming and hit shows.

Check out the ad here: https://www.youtube.com/watch?v=pqAM4KOi3UQ

The company said the creative focuses on its proprietary Recommendation Engine, positioning it as an alternative to static casino list formats. Comparasino said the tool asks users for preferences such as bonuses, payment methods and minimum deposits, then returns matches from UK Gambling Commission (UKGC)-licensed brands.

Comparasino also pointed to its free-to-join Member Zone, which allows users to save preferences and a list of matches. The company said the portal’s automation engine surfaces new matches in real time as additional casino partners are added, and that members can receive brand-launch news and profile-based bonus offers.

Martyn Hannah, Co-founder and CEO of Comparasino, said: “Advertising on ITVX is a transformative step for us. For too long, the online casino search process has been a ‘one size fits all’ experience. Our mission is to humanise that journey by putting the player’s specific needs first.

“By launching this three-month campaign on a platform as prestigious as ITVX, we’re not just building brand awareness, we are showing the UK public that there is a smarter, safer and more tailored way to play.”

Comparasino said all brands featured on its platform are licensed by the UK Gambling Commission, positioning compliance and player protection as central to its UK-facing proposition.

The post Comparasino launches three-month ITVX BVOD ad campaign appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

blask

Blask data: lottery drives 78% of France’s gambling search demand

Published

39 minutes ago

April 14, 2026

Wladimir P.

blask-data:-lottery-drives-78%-of-france’s-gambling-search-demand

New category-level analysis breaks down non-branded iGaming demand by vertical across France, Brazil, India, Italy and Switzerland.

Blask says lottery-related queries account for around 78% of total gambling search demand in France, outweighing online casino (~10%) and live dealer, betting and poker (each ~4%). The company positions the data as evidence that sports betting is not the primary driver of gambling demand in every market.

Blask said the figures come from non-branded search data and are part of a new category-level analysis feature designed to break down demand across verticals and subcategories within each market. The tool is intended to help operators compare player intent across jurisdictions, including “lottery in France, football betting in Brazil, or culturally driven formats in India.”

Outside France, Blask’s data shows Brazil is more betting-led, with online betting at ~52% of demand, which the company attributes largely to football. Lottery represents ~25%, fantasy sports ~11%, while casino (~6%) and live dealer (~2%) remain smaller segments.

India is described as more evenly distributed, with lottery at ~35% and live dealer at ~29%, and online casino, betting and fantasy each at roughly 10%. In Europe, Italy’s demand is reported as seasonally influenced by football, with fantasy sports leading at ~37%, while Switzerland is presented as casino-first, with online casino at ~38%.

Across the markets analysed, Blask said two themes recur: older categories often remain the biggest, and regulation heavily shapes demand. Where certain verticals are restricted, the company said interest tends to shift into adjacent or offshore segments rather than disappearing.

The post Blask data: lottery drives 78% of France’s gambling search demand appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.