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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.
At the heart of the exhibition is the IRIS platform, R. Franco Digital’s GLI-certified, open-architecture solution. Designed to deliver a seamless experience across casino, sports betting, and retail operations, IRIS gives operators the flexibility, scalability, and security required to grow efficiently across multiple Latin American markets.
In addition to its robust infrastructure, R. Franco Digital will present its latest high-performance gaming titles, including Strange Spins, Genie Triple Bonanza, Diamond King Gorilla, Luxury Blast, Zorro: Final Duel, and The Phantom. Each game incorporates localized mechanics and culturally relevant themes, ensuring maximum engagement for LatAm players.
Javier Sacristán Franco, International Business Director at R. Franco Digital, commented:
“Latin America is a cornerstone of our global strategy. GAT Expo Cartagena provides an essential platform to connect with partners and showcase how our technology evolves alongside the region’s regulatory landscape. We are excited to highlight the latest advancements in our IRIS platform and our expanding game portfolio, both designed to deliver operational excellence and support regulated operators across LatAm.”
Visitors to the expo will be able to experience live demonstrations of the IRIS platform and explore R. Franco Digital’s diverse content offerings, emphasizing the company’s commitment to innovation, localization, and operator success in the region.
The post R. Franco Digital to showcase premium portfolio at GAT Expo Cartagena 2026 appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
R. Franco Digital, the Spanish iGaming provider, has announced its participation at GAT Expo Cartagena in Colombia, continuing its strategic push across the most prominent regulated markets in Latin America.
The company will be at the Las Américas Convention Center from March 24 to 26 to present its comprehensive ecosystem of products and services, specifically engineered to meet the sophisticated demands of the LatAm gaming sector.
The centrepiece of the exhibit will be the IRIS platform, R. Franco Digital’s powerful, GLI-certified open architecture solution. Designed to provide a seamless experience across casino, sports betting, and retail, IRIS equips operators with the flexibility, security, and scalability needed to grow efficiently across multiple markets.
In addition to its technical infrastructure, R. Franco Digital will debut its latest high-performance gaming content, including recent releases such as Strange Spins, Genie Triple Bonanza, Diamond King Gorilla, Luxury Blast, Zorro: Final Duel, and The Phantom.
All titles feature the localised mechanics and themes that have become a hallmark of R. Franco Digital, ensuring relevance and engagement across LatAm markets.
Javier Sacristán Franco, International Business Director of R. Franco Digital, said: “Latin America is a cornerstone of our global strategy. GAT Expo Cartagena provides an essential forum for us to connect with partners and demonstrate how our technology continues to evolve alongside the region’s regulatory landscape.
“We are excited to showcase the latest iterations of our IRIS platform and our continually expanding portfolio, both designed to deliver operational excellence and support regulated operators across LatAm.”
The post R. Franco Digital to showcase premium portfolio at GAT Expo Cartagena 2026 appeared first on Americas iGaming & Sports Betting News.
DR Gaming Technology
DR Gaming Technology Appoints Stephane Henault as Director of Technical Services
DR Gaming Technology (DRGT) has appointed Stephane Henault – formerly of Light & Wonder, Scientific Games and Bally’s – as its new director of technical services.
The newly created role comes amid pending deals for DRG that will see it expand in Latin America and Africa.
“This is an important appointment for DRGT as we continue to scale our operations globally,” said company CEO Marco Herrera.
“Stephane brings a wealth of technical and operational experience, as well as a deep understanding of the evolving needs of casino operators. His expertise will be instrumental in further strengthening and streamlining the services we provide to our partners.”
“I see this opportunity as the perfect way for me to re-connect with operator partners directly, leveraging the experience gained over the last three decades working for both a start-up, and of late, a massive multinational, and to contribute in a very practical way to their day-to-day success,” said Henault.
“DRGT’s current growth trajectory presents an exciting challenge, particularly in ensuring that as the business expands, its technical service delivery remains efficient, scalable, and aligned with operator requirements.
“Being part of that journey and helping to build processes and structures that support it, is hugely motivating. Right now, I wake up every morning with a spring in my step – that’s special.”
The post DR Gaming Technology Appoints Stephane Henault as Director of Technical Services appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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