Connect with us

Latest News

GAN Reports Third Quarter 2024 Financial Results

Published

on

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.

ADM

Peter & Sons says it now reaches 70% of Italy’s ADM-licensed operator market

Published

on

peter-&-sons-says-it-now-reaches-70%-of-italy’s-adm-licensed-operator-market

Studio cites integrations with Sisal, SNAI, PokerStars, Eurobet, Betsson Italy, Lottomatica, Goldbet and Diecimilauno via Octavian and Light & Wonder.

Peter & Sons said it has expanded its distribution in Italy and is now live with approximately 70% of the country’s leading operators under the Agenzia delle Dogane e dei Monopoli (ADM) license.

The studio attributed the milestone to operator partnerships including Sisal, SNAI, PokerStars, Eurobet, Betsson Italy, Lottomatica, and Goldbet and Diecimilauno, with distribution supported by aggregators Octavian and Light & Wonder. Peter & Sons said the network is expected to grow further.

Italy remains one of Europe’s most established regulated iGaming markets, with concentrated operator share and extensive go-live requirements. Peter & Sons said Italian players can access titles including Barbarossa Dragon Empire, Barbarossa Revenge, and Thunderhawk.

Lauryn Duncan, Head of Sales at Peter & Sons, said: “Italy has become one of our most important markets, not because it was new to us, but because of how quickly it has evolved into a key part of our distribution network. Reaching 70% of the market is a strong validation of the partnerships we’ve built with leading operators and aggregators. It’s a market that demands quality, structure, and consistency, and we’re proud to see our games resonate so well within that environment.”

The post Peter & Sons says it now reaches 70% of Italy’s ADM-licensed operator market appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

Continue Reading

Blue Bird Bonus

EdgeLabs Signs Content Partnership with Stake

Published

on

edgelabs-signs-content-partnership-with-stake

EdgeLabs has signed a new content partnership with Stake that will bring more than 50 games from the EdgeLabs portfolio to the platform, including Blue Bird Bonus, Diamond 10x and Mark of Z, alongside casino-style titles such as Emily’s Treasure and Kandy Land Keno. The agreement expands EdgeLabs’ reach with a major global operator while giving Stake access to additional multilingual content and promotional tools across key markets.

In addition to its slot titles, Stake will also leverage EdgeLabs’ casino-style games, including the fish-shooting title Emily’s Treasure and keno game Kandy Land Keno, enhancing the overall player experience within its ecosystem.

Founded in 2017, Stake has rapidly become one of the world’s largest online casino and sportsbook. With a major focus on community engagement, the platform also offers a sweepstakes casino model, providing free-to-play experiences to its users.

Similarly, EdgeLabs’ team brings decades of industry experience, building a high-quality game portfolio supported across 35 languages and 95 currencies, with reach across North America, Europe and Asia. The studio focuses on optimizing partnerships through offering bespoke content, pre-release exclusives and a fully integrated suite of promotional tools.

By combining efforts, both companies aim to accelerate their respective commercial growth objectives and further establish themselves as key players for online free-to-play entertainment.

Marina Rodov, CEO of EdgeLabs, said: “We’re delighted to take our relationship with Stake to the next level. We will now be able to work closely and mutually boost our business by providing our best-in-class games, promotional tools, and account management. We are confident that with our games and Stake’s volumes, this will be a fruitful partnership for both companies.”

Caelum Ferrarese of Stake said: “We’re very excited to begin our partnership with Edgelabs. With Edgelabs’ catalogue of top-quality slots content, combined with a close, working relationship, the sky is the limit for what we can achieve together across a wide range of markets.”

The post EdgeLabs Signs Content Partnership with Stake appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

Continue Reading

Australia

IGS Awarded 15-Year Electronic Gaming Machine Monitoring Licence in Victoria

Published

on

igs-awarded-15-year-electronic-gaming-machine-monitoring-licence-in-victoria

 

Bally’s Intralot S.A. (Bally’s Intralot) has announced that its Australian subsidiary, Intralot Gaming Services (IGS) has been awarded a new 15-year Electronic Gaming Machine (EGM) Monitoring Licence for the State of Victoria, effective 16 August 2027.

This landmark award positions Bally’s Intralot to deliver a new generation of technology, transparency and collaboration to one of the world’s most mature and highly regulated gaming markets.

Approximately 26,300 EGMs will be connected to the Monitoring System which will provide a vital role in ensuring the ongoing integrity of EGM transactions in gaming venues. It will also provide data and information on EGMs for regulatory, harm minimisation, taxation and research purposes.

Under the licence, IGS will also be responsible for the delivery, operation and maintenance of the statewide Pre-commitment System for all EGMs in Victoria, including 2628 EGMs at the Melbourne casino.

A New Technology Era for Victoria

IGS will deploy a next-generation, cloud-enabled monitoring platform designed to deliver:

• Real-time monitoring and reporting

• Advanced data analytics capabilities

• Best-in-class cybersecurity protections

• Scalable architecture to support evolving regulatory requirements

• Future-ready integration enabling seamless connectivity with venues, manufacturers and regulatory systems

“This award represents a major milestone for Bally’s Intralot and IGS and is a significant investment in the future of Victoria’s gaming technology infrastructure. We look forward to working with the Victorian Government, the Victorian Gambling and Casino Control Commission, and industry stakeholders to deliver a secure and transparent monitoring system that supports integrity and player protection,” said Robeson Reeves, CEO of the Bally’s Intralot Group.

IGS and Bally’s Intralot will commence planning and stakeholder engagement in the coming months to support a carefully managed, smooth and seamless transition.

The post IGS Awarded 15-Year Electronic Gaming Machine Monitoring Licence in Victoria appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

Continue Reading

Trending

Get it on Google Play

Fresh slot games releases by the top brands of the industry. We provide you with the latest news straight from the entertainment industries.

The platform also hosts industry-relevant webinars, and provides detailed reports, making it a one-stop resource for anyone seeking information about operators, suppliers, regulators, and professional services in the European gaming market. The portal's primary goal is to keep its extensive reader base updated on the latest happenings, trends, and developments within the gaming and gambling sector, with an emphasis on the European market while also covering pertinent global news. It's an indispensable resource for gaming professionals, operators, and enthusiasts alike.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2024 - Recent Slot Releases is part of HIPTHER Agency. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania