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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.
N1 Partners is bringing excitement this holiday season with the X-Mas Giveaway! High-achieving affiliates can get rewarded with exclusive prizes, including a dream trip to the Maldives, premium gifts, and more. Join the giveaway and celebrate your success with us!
This December, N1 Partners is launching the X-Mas Giveaway to reward our valued partners. This giveaway offers prizes for our high-achieving partners.
From December 1 to December 31, all registered partners who generate 50+ FTDs within December enter the draw to win one of five AirPods Max. But that’s not all—participants with the top three deposit sums get rewarded with premium prizes:
- 1st Place: A luxurious trip for two to the Maldives
- 2nd Place: An exclusive Louis Vuitton Travel Kit
- 3rd Place: An iPad Pro 13″ (1TB)
N1 Partners is committed to creating opportunities for all partners to succeed. New partners are invited to join our network to become eligible for this giveaway. Sign up here and get started today.
“At N1 Partners, we are always striving to surprise and delight our affiliates. We don’t view each affiliate as just another account, but as a valued partner with whom we build long-lasting business relationships. Promotions like these give our partners the opportunity to see that firsthand and earn well-deserved rewards for their achievements.” — Alexa Bond, Head of Affiliates, N1 Partners
For full terms, visit our website. Winners will be announced in early January 2025.
This holiday season, let N1 Partners be your gateway to exciting rewards and opportunities!
About N1 Partners
N1 Partners is a company with expertise in online entertainment. Today, N1 Partners unites over ten high-converting online casinos, betting brands, and the N1 Partners affiliate program.
The post N1 Partners X-Mas Giveaway: The Ultimate Reward for High-Achieving Affiliates! appeared first on European Gaming Industry News.
GR8 Tech will see a leadership transition on January 1, 2025, as Oleksandr Feshchenko, currently the Deputy CEO and CRO, will take over as the new CEO. Sergey Ghazaryan, formerly the Head of the Casino Business Unit, takes over as the CRO from December 1 of the current year. In the meantime, Evgen Belousov will be stepping away from GR8 Tech.
During his two-year tenure, Evgen Belousov has established GR8 Tech as a trusted provider of high-performance iGaming solutions. Over the past year alone, GR8 Tech achieved remarkable growth, expanding its client base eightfold and significantly increasing revenue.
GR8 Tech’s solutions support over 25 newly launched clients and nearly 50 live operator brands. The company’s continued success stems from its unique strategy of providing tailored, geo-specific solutions that directly address market demands. Unlike other platforms that offer one-size-fits-all approaches, GR8 Tech focuses on customizing its features specifically to meet the needs of each region and client.
Reflecting on his time as CEO, Belousov shared: “Leading GR8 Tech has been nothing short of transformative. We’ve redefined what success looks like in our industry, achieving remarkable milestones in only two years’ time. We’ve laid down a strong foundation, and now, it’s time for a bold new chapter. With our high-performance platform and a vision to dominate as the world’s #1 sportsbook-driven solution, I’m confident the new leadership will amplify this momentum and take GR8 Tech to unprecedented heights.” As Belousov shifts to being an independent iGaming advisor, he plans to focus on the strategic development of B2B iGaming projects.
The leadership transition aligns with the company’s two-year anniversary in January 2025 – a milestone GR8 Tech plans to celebrate with exciting future announcements.
The post GR8 Tech Announces Leadership Changes for 2025 appeared first on European Gaming Industry News.
Golden Matrix Group, Inc. (Nasdaq: GMGI) is pleased to announce that its subsidiary Meridianbet has received formal notice from Brazil’s Ministry of Finance, through its Secretariat of Prizes and Betting (SPA) division, that it may proceed with the licensing process to operate in the country. This critical milestone affirms Meridianbet’s compliance with Brazil’s regulatory requirements and marks a significant step toward entering one of the world’s most promising gaming markets.
The notice enables the company to move forward with paying the licensing fee and submitting additional documentation, including proof of certification.
Meridianbet has already allocated the necessary funds to finalize the licensing payment and will now move forward with fulfilling all conditions to ensure its place on the list of licensed operators authorized to serve Brazilian customers beginning January 1, 2025.
“We are thrilled to be moving forward with an operating license in Brazil and are committed to swiftly meeting the final requirements set forth by the government,” said Brian Goodman, CEO of Golden Matrix Group. “The Brazilian market represents an extraordinary growth opportunity and a key milestone in our global expansion strategy. We are confident that entering the Brazilian market will lead to2025 being a transformational year for the company as we establish a strong presence in one of three most dynamic global growth markets. This milestone reinforces our strategy of entering regions with high growth potential while continuing to deliver gaming experiences that set new quality standards for the industry.”
Golden Matrix is committed to maintaining the highest standards of compliance and innovation, and intends to strengthen its presence in Brazil over the near and long term while continuing to deliver value to its stakeholders.
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