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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.
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BETBY
BETBY launches fully priced World Cup bracket as part of tournament offering
BETBY, the leading Tier 1 sportsbook provider, has announced the launch of its comprehensive World Cup offering, led by one of the most distinctive advantages currently available to operators: odds on the entire World Cup bracket already available, before the official draw takes place.
Released exactly one month before the opening match, BETBY’s World Cup package gives operators a crucial head start, enabling them to activate campaigns and capture player interest well ahead of kickoff.
The offering also provides operators with an additional marketing tool to drive engagement and maximise player interaction in the lead-up to the tournament.
By providing a fully pre-priced tournament structure across all potential matchups, BETBY allows operators to offer betting markets from the group stage through to the final from day one.
This early availability extends the betting lifecycle significantly, giving players the opportunity to engage with the full tournament narrative in advance and driving sustained activity throughout the build-up to kickoff.
To further enhance engagement during the tournament, BETBY is introducing microbetting for the World Cup, enabling wagers on events occurring within one-minute intervals throughout each match. With at least 90 intervals per game, players can bet on outcomes such as throw-ins, fouls, corners, offsides, goals, and goal kicks.
This real-time, high-frequency betting format transforms the viewing experience into a continuous stream of opportunities, keeping users actively engaged from kickoff to the final whistle while increasing interaction levels, boosting ARPU, and strengthening retention.
Complementing this is BETBY’s eWorld Cup, an esports experience that replicates all tournament matches in a short-format, high-frequency environment.
With matches lasting just a few minutes, the e-sim ensures continuous football action, helping operators fill off-peak gaps and overcome time zone challenges while maintaining consistent user engagement.
The product is fully customizable, allowing operators to tailor visuals, teams, match configurations, and margins to align with their brand and commercial strategy.
BETBY’s World Cup offering is further supported by a dedicated tournament hub, designed to centralize all content, data, and betting opportunities within a single interface.
Users can explore group stages and full bracket progression, access event pages, view promotions and line banners, watch video content, and analyze detailed statistics, creating a more immersive and informed betting experience.
The package includes boosted odds across all World Cup events, daily featured offers, and a wide selection of prebuilt “hot” combos with enhanced pricing, giving operators the flexibility to engage a broad player base, from high-value users to casual bettors.
Operators also benefit from one of the most extensive market coverages in the industry, spanning main markets, outrights, props, and special bets, supported by a trading team ready to accommodate bespoke requests.
By combining early market availability, real-time engagement tools, continuous betting opportunities, and deep trading flexibility, BETBY delivers a complete solution designed to maximize operator performance throughout the World Cup.
“As the biggest sports event worldwide, the World Cup is as much about preparation as it is about execution,” said Chris Nikolopoulos, Chief Commercial Officer at BETBY.
“By being the first B2B sportsbook provider to make the full tournament bracket available ahead of the draw, we’re giving operators a clear advantage: the ability to start engaging players earlier and build momentum well before kickoff.
At the same time, other features like microbetting and our eWorld Cup ensure that engagement stays high throughout every stage of the competition.
We’re delivering a complete content portfolio that allows our partners to maximize both player activity and revenue across the entire World Cup cycle.”
BETBY
BETBY is a leading B2B provider of top-tier sports betting services, renowned for its groundbreaking technology and dedication to excellence. BETBY’s team of industry veterans tap into their knowledge and expertise to deliver a premium, adaptable, and scalable sportsbook platform tailored to meet the varied demands of operators across the globe.
From dynamic in-play betting options to robust risk management tools and ground-breaking AI tools, BETBY is committed to propelling the success of its partners in the rapidly evolving landscape of online sports betting.
For more information visit betby.com
The post BETBY launches fully priced World Cup bracket as part of tournament offering appeared first on Americas iGaming & Sports Betting News.
Almir Ribeiro
BetMGM Brazil hires veteran journalist to lead government relations
BetMGM Brasil has appointed Fernando Vieira de Mello, a journalist with more than 30 years of experience across media, journalism and entertainment, to strengthen its government relations strategy in the country.
The hire comes as Brazil’s regulated betting market enters a phase of consolidation and maturity.
Vieira de Mello is widely recognised in Brazil’s communications market for his career at Grupo Globo, TV Bandeirantes, Rádio Bandeirantes and TV Cultura, where he held roles as reporter, anchor, journalism director and institutional relations executive.
Most recently, he served as director of institutional relations for São Paulo at Grupo Globo, building dialogue with market segments and regulatory bodies across the Brazilian ecosystem.
“Fernando brings a rare combination of experience in communications, management, institutional relations and a deep understanding of Brazil’s media ecosystem,” said Almir Ribeiro, CEO of BetMGM Brasil.
“His arrival further strengthens our long-term vision for the country.”
Vieira de Mello pointed to the scale of the opportunity ahead.
“Few sectors in Brazil will go through such an intense process of transformation and reputation building over the coming years as online betting.
BetMGM enters this moment with very solid attributes: an operation backed by two global groups of enormous credibility, exclusive focus on regulated markets and a clear long-term vision for Brazil.”
The appointment reflects BetMGM’s broader effort to deepen engagement with strategic stakeholders and advance its governance, responsibility and sustainable market-building agenda in Brazil.
BetMGM Brasil
Launched in January 2025, BetMGM Brasil is a joint venture between MGM Resorts International and Grupo Globo. Headquartered in São Paulo, the company was among the first 14 operators to receive definitive authorisation to operate in Brazil’s regulated betting market.
Beyond Brazil, BetMGM offers online gaming and betting platforms in 29 regulated US states and across Europe.
The post BetMGM Brazil hires veteran journalist to lead government relations appeared first on Americas iGaming & Sports Betting News.
2026 FIFA World Cup
Esportes da Sorte launches “Convoque” campaign for the World Cup
The brand transforms its iconic blue hat into a narrative asset, bringing together creators, music and football in a multiplatform film ahead of the tournament
Esportes da Sorte has launched “Convoque,” a campaign designed to strengthen the brand’s connection to the World Cup through a language that blends entertainment, pop culture and football.
The campaign transforms the platform’s already recognisable blue hat into a central narrative element, using it as a “portal” between everyday life and a playful universe inspired by the brand experience.
The move marks a strategic effort by Esportes da Sorte to consolidate its presence in the sports betting space during the tournament while maintaining the entertainment identity that has defined its communications.
The lead film features the iconic blue hat alongside influencers and personalities from music, digital culture and sport, including Léo Santana, Jojo Todynho, Cerol, Duda Gutierrez, Marcelinho Carioca, Luizinho Freitas and Bruno Formiga.
The campaign
A sequel to the first film is set to launch at the end of May. In the narrative, an ordinary character leaves a street football match and finds the blue hat glowing on the ground.
When he puts it on, he is transported to a match “outside of reality,” in an environment that combines references from football, casino and digital culture.
The script uses humour, visual exaggeration and fantasy elements to build a brand journey connected to the world of gaming and responsible entertainment.
“The campaign reinforces our strategy for the World Cup: expanding the brand’s presence in the sports territory without losing the fun and entertainment DNA already recognised by our audience,” said Marcela Campos, vice president of Grupo Esportes Gaming Brasil, which owns the Esportes da Sorte, Onabet and Lottu brands.
“The blue hat moves beyond being a visual element and becomes a narrative asset that connects different universes of the brand experience.”
Created by agency Brenda and produced by Nocandy, the campaign takes a multiplatform approach, with distribution across TV, out-of-home, YouTube and social media, as well as activations planned throughout the tournament.
The strategy reflects the intensifying competition for attention among brands in the sector during the most significant sporting event in the global calendar.
The film closes with responsible gambling messaging, aligning the campaign with the group’s institutional positioning around user protection practices and responsible communication in the regulated market.
Esportes da Sorte
Esportes da Sorte is one of Brazil’s leading sports betting platforms, operating under a licence granted by the Ministry of Finance to Esportes Gaming Brasil, the group that also owns the Onabet and Lottu brands.
The company is certified as a Great Place to Work and generates around one thousand direct and indirect jobs. It holds strategic partnerships with institutions including ANJL, IBIA, Sportradar, EBAC and IAA. Beyond sports betting, the group sponsors clubs including Corinthians, Ceará, Ferroviária and Náutico, and supports cultural initiatives including the Galo da Madrugada and carnival celebrations across multiple Brazilian cities.
The post Esportes da Sorte launches “Convoque” campaign for the World Cup appeared first on Americas iGaming & Sports Betting News.
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