Latest News
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.
Brazil
PG Soft appoints Hugo Baungartner as General Manager LatAm
Veteran executive tasked with expanding PG Soft across Latin America and leading strategy in Brazil as regulation evolves.
PG Soft has appointed Hugo Baungartner as General Manager LatAm, handing him responsibility for the supplier’s commercial expansion across Latin America and its strategy in Brazil.
The company said Baungartner will focus on growing the business in Brazil, where PG Soft says it has already captured a “significant share of the market,” while building presence across regulated markets in the wider region.
Baungartner brings more than 29 years of experience across technology and gaming. He has held leadership roles at Grupo Aposta Ganha, RCT Gaming, Prohards and most recently Esportes Gaming Brasil, according to the company.
PG Soft also pointed to Baungartner’s network across Latin America’s regulatory landscape, including relationships with Brazil’s Secretariat of Prizes and Betting (SPA/MF), the Federal Revenue Service, and COAF, as well as Mexico’s Dirección General de Juegos y Sorteos and AIEJA (the Mexican Gaming Association).
Hugo Baungartner, General Manager LatAm at PG Soft, commented: “PG Soft’s brand needs no introduction in Latin America thanks to its extensive portfolio of world-class, mobile-first games that resonate strongly with players. The company is only just getting started in the region, and I look forward to building on its success in Brazil while expanding PG Soft’s presence across regulated markets throughout Latin America.”
The post PG Soft appoints Hugo Baungartner as General Manager LatAm appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
betcore
BetOnGames launches Tokyo Skyline Run crash game with 97.5% RTP
BetOnGames, the instant games vertical of the BETCORE ecosystem, has launched Tokyo Skyline Run, a new crash game aimed at iGaming operators. The company said the mobile-first title ships with a 97.5% RTP and is built around short, fast rounds.
Tokyo Skyline Run is set across a neon Tokyo rooftop backdrop and uses a rising multiplier mechanic. Each round centers on a simple cash-out decision: players start the run, track the multiplier as it climbs, and choose when to cash out before a failure ends the round.
BetOnGames positions the release as a thematic extension to its crash portfolio, using anime-inspired character design and visuals including a neon city atmosphere and cherry blossom elements.
The company said the game is designed for “fast player engagement” and for operators seeking more variety in instant games, particularly for audiences that prefer short sessions and high-tempo gameplay.
The post BetOnGames launches Tokyo Skyline Run crash game with 97.5% RTP appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
ai game recommendations
Vegangster Integrates ZingBrain AI for Smart Game Recommendations Across Operator Lobbies
Vegangster has integrated ZingBrain AI‘s smart lobby personalisation into its platform, adding a new layer of game discovery for players across Vegangster-powered brands.
Casino lobbies now feature AI-driven recommendation sections tailored to each player’s preferences, much like those on Spotify or Netflix. Players see personalised rows such as “Picked for You”, “Because You Like…” and “Try Other Games With Similar Mechanics”, which point them to relevant titles. These recommendations can also be presented directly in Vegangster’s own Scroll & Play feed, giving each player a personalised discovery experience in a well-known format.
According to ZingBrain AI’s published results, smart lobby personalisation delivers a 5–15% uplift in GGR and turnover, 10–15% more games played, and a 5–10% increase in player active days, while cutting time spent on lobby management by 80%.
Michael Oziransky, Chief Product Officer at Vegangster, commented:
“ZingBrain works hand in hand with our own Scroll & Play feed: the engine decides which games are right for each player, and Scroll & Play puts them in front of them as gameplay clips they can watch and jump straight into.”
In practice, this changes how the lobby works for both sides. A player who keeps coming back to crash games sees fresh titles with similar mechanics instead of the same generic top grid, and players returning after a break land in a lobby built around what they already love. Operators, meanwhile, stop curating lobby positions by hand: a new game release reaches the players most likely to enjoy it from day one, without competing for a banner slot.
Another application of the engine is provider cost optimisation. Operators set priority levels for individual providers and games based on deals, campaigns, or new launches, and ZingBrain applies those priorities to personalised recommendations. In A/B tests across four brands, this redirected up to 20% of turnover and GGR to more profitable titles, with no drop in player performance.
The integration is now available to all Vegangster operator clients.
About Vegangster
Vegangster provides a full iGaming platform built for speed, scale, and operator control. Its turnkey, white-label, and sweepstakes solutions bring casino and sportsbook content, payments, CRM, compliance, and social features together in one mobile-first system. With Vegangster, operators can launch quickly and grow with confidence.
About ZingBrain AI
ZingBrain AI is an easy-to-integrate AI performance platform for the iGaming industry, providing smart lobby personalisation, player analytics, and churn and GGR predictions for online casinos and sportsbooks. The company is ISO 27001 certified and works with 60 live brands worldwide.
The post Vegangster Integrates ZingBrain AI for Smart Game Recommendations Across Operator Lobbies appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
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