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GAN Reports Third Quarter 2024 Financial Results

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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.

BMM Testlabs

BMM Testlabs hires Michael Minor as SVP and North America BD lead

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Minor will lead land-based gaming sales strategy and customer engagement across the region.

BMM Testlabs has appointed Michael Minor as Senior Vice President & North America Market (NAM) Leader, Business Development, the company said.

In the role, Minor will lead land-based gaming sales strategy and customer engagement across North America, with a mandate to expand BMM’s regional presence and relationships with manufacturers, suppliers, and operators.

Minor brings more than 20 years of experience in business development leadership, client engagement, and sales strategy, according to BMM. He previously held senior roles at NEXTEQ, Pavilion Payments, and IGT.

Kirk White, Global President, Land-Based Gaming & Inspections, said, “Michael is a respected leader with deep experience across the North American gaming market. He understands our customers, knows how to build strong teams, and has a proven track record of delivering growth. With BMM’s full NAM coverage for certification services, we are excited to welcome Michael to BMM, supporting our client-engagement experience as we expand our services across the region.”

Minor said, “I am excited to join BMM Testlabs at such an exciting time for the company as the industry highly values what BMM is offering for Compliance and QA services. BMM has a strong reputation and focus on quality, speed, and integrity, and I look forward to working with our customers and teams across North America to support their growth and success.”

More data as follows:
  • BMM Testlabs: https://bmm.com/ Company site for confirmation of the executive appointment and BMM’s testing and certification services.
  • American Gaming Association: https://www.americangaming.org/ Trade body resource for North American gaming market context referenced in the appointment.
  • Pavilion Payments: https://www.pavilionpayments.com/ Background on one of Minor’s prior employers cited in the release.
  • IGT: https://www.igt.com/ Background on one of Minor’s prior employers cited in the release.

The post BMM Testlabs hires Michael Minor as SVP and North America BD lead appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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BMM TESTLABS WELCOMES EXPERIENCED GAMING EXECUTIVE MICHAEL MINOR AS SENIOR VICE PRESIDENT & NAM LEADER, BUSINESS DEVELOPMENT

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BMM Testlabs (“BMM” or “the Company”), the world’s original gaming test lab renowned for exceptional product compliance and certification services, today announced that Michael Minor has joined the Company as Senior Vice President & North America Market (NAM) Leader, Business Development.

In this role, Minor will lead land-based gaming sales strategy and customer engagement across the region, helping expand BMM’s presence and strengthen relationships with manufacturers, suppliers, and operators.

Minor brings more than 20 years of leadership experience in managing business development teams, client engagements, and sales strategies, and in-depth knowledge of gaming technologies and enterprise platform solutions. He previously held senior-level roles at NEXTEQ, Pavilion Payments, and IGT, where he led major initiatives and supported large-scale deployments of systems and technologies.

Kirk White, Global President, Land-Based Gaming & Inspections, said, “Michael is a respected leader with deep experience across the North American gaming market. He understands our customers, knows how to build strong teams, and has a proven track record of delivering growth. With BMM’s full NAM coverage for certification services, we are excited to welcome Michael to BMM, supporting our client-engagement experience as we expand our services across the region.”

Minor said, “I am excited to join BMM Testlabs at such an exciting time for the company as the industry highly values what BMM is offering for Compliance and QA services. BMM has a strong reputation and focus on quality, speed, and integrity, and I look forward to working with our customers and teams across North America to support their growth and success.”

 

The post BMM TESTLABS WELCOMES EXPERIENCED GAMING EXECUTIVE MICHAEL MINOR AS SENIOR VICE PRESIDENT & NAM LEADER, BUSINESS DEVELOPMENT appeared first on Americas iGaming & Sports Betting News.

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Aglaja Geta

“Stories”, a new feature design to elevate sportsbook engagement and promotional visibility from BETBY

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BETBY, the leading sportsbook provider, has announced the launch of Stories, a new feature designed to transform how operators present promotions and key events to their players.

Inspired by the widely adopted Stories format seen across social media platforms, the feature introduces a familiar, intuitive way for bettors to discover and engage with content directly within the sportsbook interface.

As competition for user attention continues to intensify, operators face the ongoing challenge of delivering promotions and updates in a way that cuts through the noise without overwhelming the user experience.

Stories addresses this by offering a dynamic, swipeable format that brings key content — such as bonuses, tournaments, major sporting events, and boosted odds — into a more engaging and accessible space.

Fully integrated into BETBY’s sportsbook environment, Stories enables bettors to seamlessly browse through short, interactive content cards, mirroring the mechanics they already use daily on social platforms.

This familiarity plays a key role in driving immediate interaction, lowering the barrier to engagement, and creating additional touchpoints between operators and their users.

By introducing a format that naturally encourages exploration, Stories helps increase visibility across promotional campaigns while supporting higher engagement rates.

Each new Story acts as a trigger for curiosity, prompting users to click through and discover new offers or events, ultimately contributing to improved promo turnover.

The feature feels particularly intuitive to younger demographics, who are already accustomed to this style of interaction.

By aligning sportsbook UX with established digital behaviors, BETBY allows operators to connect with these audiences in a more organic and impactful way.

Stories is about meeting users where they already are, in terms of how they consume content,” said Aglaja Geta, Head of UX & Analytics at BETBY.

We wanted to introduce a format that feels instantly familiar, while giving operators a powerful new way to highlight their most important promotions and events.

It creates a smoother, more engaging experience that encourages interaction without adding complexity to the platform.

From an operational perspective, Stories offers a streamlined way to enhance the front-end experience without requiring structural changes to the sportsbook.

The feature integrates seamlessly, allowing operators to enrich their content strategy while maintaining a clean and intuitive interface.

About 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 “Stories”, a new feature design to elevate sportsbook engagement and promotional visibility from BETBY appeared first on Americas iGaming & Sports Betting News.

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