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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.
ITL says uptake is being driven by retail and amusement events and discussions with regional police forces.
E-Service is increasing UK distribution of Innovative Technology’s (ITL) age estimation and access control products, with the companies pointing to growing demand for ITL’s MyCheckr device.
The partnership between ITL and E-Service dates back to 2004, with E-Service operating as ITL’s UK Trading Partner and Approved Service Centre. ITL said the current momentum is “mainly driven by an uptake of Innovative’s MyCheckr age estimation technology.”
Andy Bullock, Senior Business Development Manager for ITL, said, “E-Service are really flying the flag for our MyCheckr device representing the brand at various UK events. The technology has become a real talking point following our recent presence at the National Convenience Show (NCS) in Birmingham and The Amusement & Retail Entertainment (ARE) in Manchester, and earlier EAG shows in London. We have jointly attended a number of regional BACTA meetings recently introducing the capabilities of MyCheckr to the gaming sector to help with compliance and player protection and we are delighted with the feedback and potential opportunities that have arisen. Plus we are in talks with regional police forces about using MyCheckr to help local convenience stores avoid fines or potential closure for selling age-restricted products to minors.”
Bullock added, “Our age verification technology is simple to operate and install. MyCheckr can be easily placed at any 18+ entrance or our other age estimation device, ICU Lite, can be fully integrated into gaming or SCO machines using a simple API. To help operators manage access we have developed MyConnect which sends alerts to staff via an app to notify them of a potential underage play or self-excluded entry which can be remotely granted or denied.”
Paul Scott, Sales Director at E-Service, said, “It’s been a pleasure working with ITL over the past years. Our relationship has always been strong, and we’ve successfully distributed their leading note validation and recycling products including the NV9 Spectral, Spectral Payout and NV22 Spectral throughout the market for several years now. ITL’s expansion into age assurance technology represents a really exciting time for us as we are delighted to be part of this journey.”
The post E-Service steps up UK distribution of ITL MyCheckr age estimation tech appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
Paysafe is live on Primer’s Primer for Partners program and is already processing transactions for merchants across North America, Europe and Australasia.
Paysafe (NYSE: PSFE) has integrated with Primer, connecting to the payment orchestration platform via Primer’s no-code Primer for Partners program to provide card payment processing for online merchants using Primer globally.
The companies said the integration allows merchants on Primer to route credit and debit card transactions to Paysafe as a payment service provider. Paysafe said it is already processing payments through Primer for merchants with a presence across North America, Europe and Australasia.
Paysafe said it tailored the integration to support international merchants across industries including iGaming, social gaming, financial trading, eCommerce and travel. Primer for Partners, which Primer launched in December 2025, allowed Paysafe’s tech team to manage the integration “without the need for any coding,” according to the companies.
Rob Gatto, Chief Revenue Officer at Paysafe, said: “We’re delighted to partner with Primer, whose Primer for Partners solution empowered Paysafe to develop a bespoke integration, streamlining the payment journey for Primer’s merchant partners and their customers. We look forward to strengthening our offering within the Primer infrastructure and growing our presence across the broader payment orchestration space.”
Gabriel Le Roux, CEO and Co-founder of Primer, commented: “Paysafe joining Primer for Partners is exactly what this solution was built for. The company came to us, built its own integration from the ground up, and Paysafe is already live and processing payments for our merchants. That’s the paradigm shift we set out to create. For our merchants, having Paysafe accessible through Primer means more choice, better coverage, and faster access to a payment provider that’s been optimizing card performance for decades.”
Paysafe said it plans to expand the integration over time, including adding local payment methods such as Skrill and Neteller, plus PaysafeCard and PaysafeCash.
The post Paysafe integrates with Primer to handle card payments for merchants appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
Andy Bullock Senior Business Development Manager for ITL
E-Service bolster distribution of ITL’s age verification solutions
Innovative Technology’s (ITL) UK Trading Partner & Approved Service Centre, E-Service, are gaining traction in the UK with increased distribution of their solutions.
The collaboration dates back to 2004 and this recent success is mainly driven by an uptake of Innovative’s MyCheckr age estimation technology.
Innovative Technology provide both cash validation devices and AI-powered age estimation & access control technology to the global gaming, amusement and convenience industry. MyCheckr is their latest innovation – a simple to use hardware device which provides anonymous age checks and secure access control.
Andy Bullock, Senior Business Development Manager for ITL said, “E-Service are really flying the flag for our MyCheckr device representing the brand at various UK events. The technology has become a real talking point following our recent presence at the National Convenience Show (NCS) in Birmingham and The Amusement & Retail Entertainment (ARE) in Manchester, and earlier EAG shows in London. We have jointly attended a number of regional BACTA meetings recently introducing the capabilities of MyCheckr to the gaming sector to help with compliance and player protection and we are delighted with the feedback and potential opportunities that have arisen. Plus we are in talks with regional police forces about using MyCheckr to help local convenience stores avoid fines or potential closure for selling age-restricted products to minors.”
Andy continued, “Our age verification technology is simple to operate and install. MyCheckr can be easily placed at any 18+ entrance or our other age estimation device, ICU Lite, can be fully integrated into gaming or SCO machines using a simple API. To help operators manage access we have developed MyConnect which sends alerts to staff via an app to notify them of a potential underage play or self-excluded entry which can be remotely granted or denied. “
E-Service joined ITL’s network of supplier partners over 20 years ago and are a long-standing distributor of their cash validation equipment. They more recently have started to support the company’s AI technology range and also gained Approved Service Centre status last year.
Paul Scott, Sales Director at E-Service said, “It’s been a pleasure working with ITL over the past years. Our relationship has always been strong, and we’ve successfully distributed their leading note validation and recycling products including the NV9 Spectral, Spectral Payout and NV22 Spectral throughout the market for several years now. ITL’s expansion into age assurance technology represents a really exciting time for us as we are delighted to be part of this journey.”
Concluding Andy said, “Paul and the E-Service team are a joy to work with, forward thinking, proactive and a real collaborative trading partner in the UK. Together the team are all looking forward to seizing the opportunities that lie ahead.”
The post E-Service bolster distribution of ITL’s age verification solutions appeared first on Americas iGaming & Sports Betting News.
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