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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.
Flashscore
Flashscore tops speed rankings in UK fan survey ahead of 2026 World Cup
Flashscore has been ranked the fastest sports results platform by UK fans, according to new research into how audiences consume live sport.
In the UK survey of 2,000 sports fans, 46% identified Flashscore as the quickest platform. Flashscore said the pattern was similar in Italy, where 49% of 2,000 respondents named Flashscore the fastest, and in Brazil, where 53% of 3,300 participants reached the same conclusion.
Respondents also associated Flashscore with reliability. In Italy, Flashscore (known locally as Diretta) was recognised as being more accurate than competitors and national broadcasters’ platforms, while in the UK and Brazil it was recognised as being equal to or close to competitors and national broadcasters’ platforms.
Flashscore Director of Engineering Tomáš Kavka said: “It is not one magic technology that solves everything, it is a lot of small and larger right decisions over time.
“Serving a user in South America from Europe is technically possible, but speed is in our DNA. If we want to be the fastest on every continent, we need to be as close as possible to the user. And the data needs to reach that location the moment it appears in our database.”
The company said it continues to scale globally in its 20th year since launch, reporting more than 125 million monthly users worldwide, more than 400 million app downloads across its portfolio, and approximately 145 billion monthly impressions. Flashscore also reported over four million UK downloads, more than two billion monthly impressions, and average daily time spent close to 30 minutes. On infrastructure, Flashscore said it moved to a new data centre in Prague in 2024, tripling processing capacity, and uses a distributed cloud architecture. It added that during a major Champions League matchday earlier this season it handled 34 million users in a day, delivered 700 million notifications, and processed up to 1.3 million requests per second.
The post Flashscore tops speed rankings in UK fan survey ahead of 2026 World Cup appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
executive appointments
Evoplay promotes Diana Larina to Chief Marketing Officer
Evoplay has promoted Diana Larina to Chief Marketing Officer, expanding its senior leadership team. The company said Larina will continue to lead its brand, performance and product marketing teams, with a focus on growth, strategy and market positioning.
Larina joined Evoplay in 2022 as Head of B2B Marketing. She was promoted to Head of Growth Marketing in 2023 and then appointed Head of Marketing in November 2024.
Evoplay credited Larina with leading major campaigns and helping shift the business towards a more B2C-focused approach aimed at strengthening player engagement. The company also highlighted award nominations including Woman Leader of the Year at the AffPapa iGaming Awards, Young Changemaker at the Casino Guru Awards, Marketing Star of the Year at the G Gate Awards, Young Leader of the Year at the WIG Diversity Awards, and a debut appearance on the Top 50 Masters of iGaming Marketing list.
Diana Larina, CMO at Evoplay, said: “I’m incredibly proud of what the marketing team has achieved at Evoplay and I’m excited about what comes next. This promotion is a reflection of the hard work of everyone around me, and I look forward to continuing to push boundaries, build the brand and drive growth as we expand our presence across global markets.”
Ivan Kravchuk, CEO at Evoplay, added: “From the moment Diana joined us, she demonstrated exceptional drive, leadership and ambition. Her journey through the company is a testament to both her talent and dedication, and this promotion to CMO is incredibly well deserved. Diana has consistently delivered impactful results while inspiring those around her, and I’m confident she will continue to play a key role in shaping Evoplay’s future.”
The post Evoplay promotes Diana Larina to Chief Marketing Officer appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Diana Larina CMO at Evoplay
Evoplay promotes Diana Larina to Chief Marketing Officer
Evoplay has promoted Diana Larina to Chief Marketing Officer, expanding its senior leadership team.
Larina joined Evoplay in 2022 as Head of B2B Marketing. She was promoted to Head of Growth Marketing in 2023 and appointed Head of Marketing in November 2024.
Evoplay said Larina has led marketing initiatives spanning brand, performance and partner-focused campaigns, and contributed to a shift towards a more B2C-focused approach aimed at strengthening player engagement.
Diana Larina, CMO at Evoplay, said: “I’m incredibly proud of what the marketing team has achieved at Evoplay and I’m excited about what comes next. This promotion is a reflection of the hard work of everyone around me, and I look forward to continuing to push boundaries, build the brand and drive growth as we expand our presence across global markets.”
Ivan Kravchuk, CEO at Evoplay, added: “From the moment Diana joined us, she demonstrated exceptional drive, leadership and ambition. Her journey through the company is a testament to both her talent and dedication, and this promotion to CMO is incredibly well deserved. Diana has consistently delivered impactful results while inspiring those around her, and I’m confident she will continue to play a key role in shaping Evoplay’s future.”
The post Evoplay promotes Diana Larina to Chief Marketing Officer appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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