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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.

casino games

F*Bastards says it now distributes content via 400+ operators worldwide

Published

40 minutes ago

July 7, 2026

Wladimir P.

f*bastards-says-it-now-distributes-content-via-400+-operators-worldwide

F*Bastards says its casino content is now available through more than 400 operators worldwide, marking a distribution milestone for the iGaming supplier as it continues to expand its portfolio and partner network.

In a company statement outlining its background, Co-Founder Ugnius Seskas said the team’s earlier attempt to build a game studio fell short due to positioning rather than production capability. “Looking back, we realised we weren’t missing talent. We were missing identity. We could build games, but we hadn’t built something people could remember. That lesson became the starting point for everything F*Bastards would later become.” says Co-Founder Ugnius Seskas.

The company said it intentionally built its brand around differentiation, including the decision to use the name F*Bastards despite the expectation it would split opinion among potential partners. The founders described early progress as incremental, driven by game releases, industry events, operator feedback and relationship-building, rather than a single breakout moment.

F*Bastards also pointed to a fundraising milestone in 2026, saying it secured its first seven-figure investment. The company positioned the round as validation of execution rather than an early-stage concept.

“From day one, the goal wasn’t to become the biggest supplier. It was to build something people would remember. We’ve come a long way, but in many ways, it still feels like we’re only getting started” says Co-Founder Ugnius Seskas.

The post F*Bastards says it now distributes content via 400+ operators worldwide appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

API integration

Belatra signs cooperation deal to distribute slots via VeliGames

Published

40 minutes ago

July 7, 2026

Wladimir P.

belatra-signs-cooperation-deal-to-distribute-slots-via-veligames

Belatra has signed a cooperation agreement with VeliGames to distribute its online slots to operators across Latin America, Africa and Asia. The deal was announced Tuesday 7th July 2026.

VeliGames is a game aggregation platform by VeliTech. The companies said the platform is designed for operators in Latin America, Africa and Asia, with architecture optimised for unstable internet connections and low-cost devices.

Under the expanded agreement, VeliGames will gain access to Belatra’s portfolio through a single API integration, giving operators access to Belatra’s slots via the aggregator.

Misha Voinich, Head of Business Development at Belatra said: “Our integration with VeliGames through a single API opens a direct route for our slots to reach operators in Latin America, Africa and Asia. Our mathematical architecture and character-based IP are focused on long-term player retention, and VeliGames’ technology ensures stable operation of content in these markets regardless of the quality of communication.”

Revaz Janelidze, Operations Lead at VeliGames, added: “Belatra’s award-winning portfolio and proven mechanics are just the kind of dependable content our operator partners are looking for across multiple regions. Bringing the games into our ecosystem through a single API makes it simple to deliver, even on lower spec devices and slower connections.”

The post Belatra signs cooperation deal to distribute slots via VeliGames appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

GCGRA

UAE Lottery names second AED 30m Lucky Day jackpot winner in five weeks

Published

40 minutes ago

July 7, 2026

Wladimir P.

uae-lottery-names-second-aed-30m-lucky-day-jackpot-winner-in-five-weeks

The UAE Lottery has confirmed its second AED 30 million Lucky Day Grand Prize winner in five weeks. The operator said Sunil Kumar Sadasivan, a 52-year-old Indian resident of Abu Dhabi, matched all seven winning numbers in the Wednesday, July 1 draw.

The company said the Wednesday Lucky Day draw has now produced two AED 30 million Grand Prize winners and one AED 5 million Second Prize winner “in a span of a few months.” Lucky Day draws run every Wednesday and Saturday at 9:30 PM.

Speaking about the win in a statement included by the operator, Sadasivan said: “When I first looked at it, I couldn’t believe it. Then I looked again and saw the full number. That’s when I realized I had won.”

The UAE Lottery said each draw offers an AED 30 million Grand Prize and an AED 5 million Second Prize, as well as three guaranteed AED 50,000 Lucky Chance prizes. Tickets cost AED 50, according to the operator.

The company said its games are regulated by the General Commercial Gaming Regulatory Authority (GCGRA) and reiterated its commitment to responsible gaming.

The post UAE Lottery names second AED 30m Lucky Day jackpot winner in five weeks appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.