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GAN Reports Third Quarter 2024 Financial Results

Published

2 years 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.

Big Game Summer

GG.BET rolls out Big Game Summer campaign tied to FIFA World Cup 2026

Published

30 minutes ago

June 11, 2026

Wladimir P.

gg.bet-rolls-out-big-game-summer-campaign-tied-to-fifa-world-cup-2026

Operator publishes World Cup outright odds as of June 11 and promotes fast markets and bet builder products around the tournament.

GG.BET has launched its “Big Game Summer” campaign ahead of the FIFA World Cup 2026, positioning the promotion around tournament betting and a “special tournament prize pool,” according to the company.

The 2026 FIFA World Cup runs across the USA, Canada and Mexico and expands to 48 teams, 104 matches and a 39-day schedule. Under the new format, the field is split into 12 groups of four, with the top two in each group plus eight best third-placed teams moving into a newly added Round of 32.

GG.BET said its World Cup offering includes “Fast Markets” for selected matches and a Bet Builder product for custom combinations, alongside “exclusive tournament bonuses” and “fast payouts.” The company did not disclose the campaign’s prize pool size or any eligibility terms in the release.

The operator also published outright odds taken from gg.bet “as of 12:00 CET on June 11, 2026,” noting they are subject to change. GG.BET listed Portugal at 5.17, followed by Spain (5.77), Germany (5.87), England (7.2), Colombia (8.62), Argentina (9.88), France (9.89) and Brazil (10.38).

In the release, GG.BET pointed to the tournament opener on June 11 between Mexico and South Africa at Azteca Stadium, describing it as “the first stadium in history to host a men’s FIFA World Cup for the third time.”

The post GG.BET rolls out Big Game Summer campaign tied to FIFA World Cup 2026 appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

Counter-strike

Team Vitality opens V.Hub fan zone for IEM Cologne Major

Published

30 minutes ago

June 11, 2026

Wladimir P.

team-vitality-opens-v.hub-fan-zone-for-iem-cologne-major

Team Vitality is launching an official fan zone, V.Hub, to coincide with the 2026 IEM Cologne Major. The venue will run June 18-21 at KWB im Stadtpalais, a short walk from the LANXESS Arena.

Access to V.Hub will be free for fans who sign up, with limited availability. Team Vitality said the space is intended to bring together its community, partners and Counter-Strike fans attending the event.

The fan zone will include dedicated areas hosted by Team Vitality and partners Skin.Club, ASUS ROG, EVNIA and Blacklyte. The club said activations will include hands-on experiences and opportunities to play bespoke Counter-Strike maps.

Team Vitality also plans match watch parties, a pop-up shop for official merchandise and giveaways, including an ASUS ROG x Team Vitality co-branded mousepad. During the playoff stage, the club said V.Hub will be set up for trophy photo opportunities with its Major trophies.

Food and drink will be available on site throughout the event, including vegetarian options.

The post Team Vitality opens V.Hub fan zone for IEM Cologne Major appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

2026 FIFA World Cup

Playradar ships four football-themed casino games ahead of 2026 World Cup

Published

1 hour ago

June 11, 2026

Wladimir P.

playradar-ships-four-football-themed-casino-games-ahead-of-2026-world-cup

Sportradar’s iGaming brand leads with bracket-style World Football x2026, plus updates to Virtual Football and Lucky 6.

Playradar, Sportradar’s iGaming brand, has released four football-themed titles ahead of the 2026 FIFA World Cup, which begins on June 11. The drop includes two original games and two updated versions of existing products.

The releases are World Football x2026, Virtual Football World Championship 2026, Football Plinko Pro, and Lucky 6: Football edition. Playradar said the games are designed to target different player segments and to connect sports bettors and casino players through content that links both verticals.

The headline launch, World Football x2026, is a bracket-based game using Mines-style mechanics. Players pick outcomes from the Round of 16 and progress through each round to the final; one incorrect prediction ends the game, while a cash-out option is available.

The other launches include Football Plinko Pro, which adapts the plinko format to a football theme; Virtual Football World Championship 2026, which Playradar said runs a 32-team, 64-match World Cup structure with pre-match and in-play markets such as over/under goals and goalscorer; and Lucky 6: Football Edition, a bingo-style title using balls with flags from participating nations.

Edo Haitin, EVP of iGaming said: “The scale of the 2026 World Cup is unprecedented, with the sheer volume of fans entering markets worldwide creating huge demand for football-themed content, and the operators best placed to succeed are those with games that meet every need. These four titles have each been designed with that in mind. The World Cup attracts a huge spectrum of customers, and when taken together, this product stack provides operators with the tools needed to keep them engaged throughout the tournament.”

The post Playradar ships four football-themed casino games ahead of 2026 World Cup appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.