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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.
Anthony Dalla-Giacoma Chief Commercial Officer at Swintt
Swintt launches Elysium Studios slots on Kaizen Gaming’s Stoiximan.gr
15 titles are live in Greece, with more Elysium Studios releases scheduled to follow.
Swintt has rolled out a selection of Elysium Studios slot content on Stoiximan.gr, expanding its distribution in Greece through a partnership with Kaizen Gaming.
The supplier said 15 titles are already live on the Stoiximan platform. Games named in the announcement include I Hate Fairytales and Law of Gilgamesh, with additional Elysium Studios releases due to be added later.
Anthony Dalla-Giacoma, Chief Commercial Officer at Swintt, said: “We’re delighted to see our games go live with another brand in the Kaizen Gaming portfolio, especially as this latest launch takes us to Greece, where Stoiximan.gr is widely recognised as a market leader.
“With its strong reputation and extensive player base, Stoiximan.gr is the perfect platform for us to introduce more Greek players to Elysium Studios content. With 15 titles already live and more to come, we’re confident our games will add real value to the operator’s casino offering and help drive strong engagement among its players.”
The post Swintt launches Elysium Studios slots on Kaizen Gaming’s Stoiximan.gr appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
central asia
Groove confirms attendance at SBC Summit Tbilisi 2026
Groove has confirmed it will attend SBC Summit Tbilisi 2026, scheduled for 15–16 July at the Sheraton Grand Tbilisi Metechi Palace, as it targets growth across Eastern European and Central Asian iGaming markets.
The conference is expected to draw more than 2,500 industry professionals, according to the company, following 2025’s record attendance with delegates from 44 countries. Groove said it will bring a full commercial delegation to pursue partnerships with regional operators.
Yahale Meltzer, Co-Founder and CEO of Groove, said: “Eastern Europe and Central Asia represent some of the most dynamic growth opportunities in iGaming today. SBC Summit Tbilisi is where the region’s decision-makers converge, and we are arriving with a platform built for scale, speed, and regulatory precision.” He added: “Our Unseen Architecture of predictive auto-scaling, atomic transactions, and a real-time compliance mesh ensures operators can launch fast and adapt locally, whether they are entering Georgia, the Balkans, the Baltics, or Central Asia.”
Meltzer also pointed to the SBC Regulators Summit as a factor in the company’s focus on the event, saying: “With regulation front and centre as a business-critical priority, and direct access to regulators through the SBC Regulators Summit, this event is where commercial realities are forged. Groove delivers the toolbox, the content, and the expertise to turn ambition into measurable growth.”
Ana Sokhadze, Operations Manager at Groove, who will lead the company’s presence in Tbilisi, said: “SBC Summit Tbilisi is the meeting point for the region’s most ambitious operators, affiliates, and technology suppliers. This is where high-value networking translates into real commercial opportunity.” She added: “We are not here to hand out brochures. We are here to have conversations that become partnerships.”
The post Groove confirms attendance at SBC Summit Tbilisi 2026 appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
CT Interactive
CT Interactive Releases its Latest Title, Dragon Beast
CT Interactive has released Dragon Beast, a visually refined and feature-rich slot that combines classic mechanics with a modern presentation set in a rich world of dragons and royal symbols.
Dragon Beast takes players on a thrilling journey through a mystical world filled with hidden wealth and legendary creatures. Set on a 4×3 reel layout, the game offers exciting gameplay and rewarding opportunities with every spin. Along the way, players will encounter the special Dragon Eye Wild symbol, as well as valuable treasures such as Money, Goblet, Crown, Ruby and Diamond. Together, these symbols create an immersive adventure where fortune, mystery and the power of the dragon combine to deliver an unforgettable slot experience.
Special Features
The Wild: The Dragon Eye Wild substitutes for all other symbols.
The Hold and Respin: All wins in the game are scatter wins. Dragon Eye Wild substitutes for all symbols. When 3 or more Dragon Eye Wild appear on the screen, the player is offered a respin. To play the respin, the player must pay for it. During a Respin, the bet is the same as in the initiating game that triggered it. During the Respin, the chosen symbol sticks on the screen and a new spin of the reels is made for the remaining positions. If the Respin results in a higher win from the symbol than in the initiating game, only the higher win is paid out. If there are 12 identical symbols on the screen, no Respin is offered.
Legendary Rewards
Catch the maximum win of up to 1000x total bet by landing 12 Diamonds in a winning combination.
The post CT Interactive Releases its Latest Title, Dragon Beast appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
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