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GAN Reports Third Quarter 2024 Financial Results

Published

1 year 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.

BetWright

Gaming Corps rolls out full games catalogue with BetWright in the UK

Published

52 minutes ago

April 22, 2026

Wladimir P.

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The Sweden-based developer expands its UK operator network via Onyx Gaming Limited’s BetWright, adding slots and instant-win titles to the brand.

Gaming Corps has expanded its UK operator network after going live with BetWright, the UK-licensed sportsbook and casino brand operated by Onyx Gaming Limited.

Under the agreement, BetWright players can access Gaming Corps’ full catalogue across Slots, Plinko, Mine, Crash and Table formats. The rollout includes Midas Glory – Coin Collect and Instant Blitz, a new scratchcard-style title.

Graham Greensmith, CCO at Gaming Corps, said: “BetWright is a brand with a clear sense of how it wants to position itself in the market. There is a modern feel to the proposition, but also a real focus on quality, service and building a player experience that feels well considered. That makes it a strong fit for Gaming Corps and the type of operator relationships we are continuing to grow. We are pleased to see our content now live with them and look forward to building the partnership further – they are a terrific group of people willing to invest focus in Gaming Corps”

Dan Jukes, CBO at BetWright added: “Variety matters to our players, and Gaming Corps delivers exactly that. Their content brings something a bit different to the BetWright casino, distinctive styles and formats that stand out in a crowded market. We think they’re the Wright addition to our portfolio and we’re looking forward to seeing our players enjoy what they bring.”

BetWright launched in 2024 and operates sports betting and casino in the UK market, with the company citing a focus on safer gambling.

The post Gaming Corps rolls out full games catalogue with BetWright in the UK appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

Alessandro Sorci Sales Manager at Stakelogic

Stakelogic launches full slot portfolio with Stake Denmark via Relax Gaming

Published

53 minutes ago

April 22, 2026

Wladimir P.

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Deal expands Stake Denmark’s casino catalogue following the operator’s five-year Danish licence approval earlier this year.

Stakelogic has launched its full slot portfolio with Stake Denmark through Relax Gaming, taking the studio live in Denmark’s regulated iGaming market.

The agreement makes Stakelogic’s slot line-up available to Stake Denmark players, including Penguin Payday, Candy Links Bonanza 1 & 2 and Book of Adventure Super Stake Edition.

Stake launched in 2017 and officially entered Denmark earlier this year after securing a five-year online casino and sports betting licence.

Alessandro Sorci, Sales Manager at Stakelogic, said: “There is a real sense of intent behind Stake’s arrival in Denmark, which makes this an exciting partnership for us. Launching our full slot portfolio with the brand means players can experience the range we have built at Stakelogic, from more recognisable series to releases with a very different visual identity and tone.”

Peter Eugen Clausen, Managing Director for Stake Denmark added: “Entering Denmark was an important step for Stake, and as we continue to establish the brand locally, it is important that the casino experience has real depth from the beginning. Stakelogic gives us that through a portfolio that feels distinctive and well suited to building momentum in the market.”

The post Stakelogic launches full slot portfolio with Stake Denmark via Relax Gaming appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

BGaming

BGaming sets 29 May 2026 date for second charity gala in Malta

Published

53 minutes ago

April 22, 2026

Wladimir P.

bgaming-sets-29-may-2026-date-for-second-charity-gala-in-malta

Event backs DAR Bjorn’s new Respite Centre after €200,000 raised in 2025, with proceeds earmarked for equipment and four resident rooms.

BGaming will stage the second edition of its Charity Gala on 29 May 2026 at The Phoenicia Hotel in Malta, with proceeds directed to DAR Bjorn, the country’s neurological home.

The iGaming supplier said the event follows its inaugural gala, which raised €200,000 in 2025 and helped fund construction of DAR Bjorn’s new Respite Centre. For 2026, BGaming said funds raised will be used to equip the new centre with ventilators, motorized beds, air mattresses, hoist lifters and oxygen concentrators, and to fund four resident rooms for new admissions. The company added that “every euro raised will be allocated directly to DAR Bjorn,” and that BGaming will cover event production costs separately.

DAR Bjorn was founded by Bjorn Formosa, who previously worked in iGaming before being diagnosed with ALS at 28, according to BGaming. The charity currently provides care to around 60 residents across two centres and supports nearly 800 people in the community.

The invitation-only event will be held at the Bastion Pool area of The Phoenicia Hotel. BGaming said it is partnering with Next.io as official media partner, with Joseph Chetcuti set to host. The programme includes live music by Versatile, an art performance and auction by L7Matrix and Gonçalo MAR, and a charity raffle.

Marina Ostrovtsova, Chief Executive Officer at BGaming, said: “Last year’s Gala showed us what is possible when our industry comes together around a shared purpose. Raising €200,000 in a single evening was a remarkable achievement and provided real, tangible support to the people at DAR Bjorn who need it most.

“Returning for a second year with an even greater ambition is something we are incredibly proud of. The funds we raise this year will go toward equipment that directly improves residents’ quality of life. These donations are the difference between comfort and hardship for people living with serious neurological conditions, and we hope both the iGaming community and the wider Maltese community will once again stand with us.”

The post BGaming sets 29 May 2026 date for second charity gala in Malta appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.