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.
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Amusnet
Amusnet Introduces its “Jackpot Cards Plus” Island at Casino Adjara
Amusnet has introduced its “Jackpot Cards Plus” island at Casino Adjara, bringing S55J slot cabinets into one of Tbilisi’s most established venues. More than just a placement, the installation represents a strategic step in the company’s growing presence across key regulated markets.
Positioned prominently on the floor, the island format immediately draws attention. The S55J cabinets combine next-generation hardware architecture with high-definition visual performance and ergonomic design, delivering a smooth, immersive playing experience. Integrated with the Amusebox Package which is a curated portfolio of 51 proven titles, the setup delivers both variety and performance in a single, cohesive offering.
At the center of the installation is the multi-level Jackpot Cards Plus system. Designed to heighten anticipation and sustain engagement, it transforms individual gameplay into a shared experience, encouraging longer sessions and driving measurable results for the operator.
The sales team at Amusnet’s Georgia office commented that the market has strong potential and a clear appetite for high-quality land-based entertainment.
“Our installation at Casino Adjara is part of a broader vision to establish a sustainable and scalable presence in the region. With ‘Jackpot Cards Plus,’ we are implementing a performance-driven concept designed to optimize floor dynamics and deliver consistent results. This partnership demonstrates how our land-based portfolio can adapt to established venues while maintaining the identity and strength of our product ecosystem,” they said.
For Amusnet, the rollout marks one of its first strategic land-based installations in Georgia, an important milestone that reflects the company’s ability to successfully transition its established game portfolio into high-performing casino cabinet environments.
Igor Kokanovich, Slot Manager at Casino Adjara, said: “Casino Adjara highly values its partnership with Amusnet, recognizing the company as a dependable, professional, and forward-thinking partner. The launch of the ‘Jackpot Cards Plus’ island, featuring S55J cabinets and the Amusebox Package of 51 games, has strengthened our slot floor offering. The technology platform, cabinet design, and diversified game mix have added new momentum to our gaming environment while enhancing overall player engagement.
“We expect solid commercial results and long-term value from this installation and look forward to further expanding our cooperation.”
Through collaborations with leading operators such as Casino Adjara, Amusnet continues to build its land-based growth trajectory market by market.
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Compliance Updates
Spillemyndigheden: New Guidance on Responsible Gambling
The Danish Gambling Authority has published a new gudiance on responsible gambling, which is targeted licence holders who offer betting and online casino.
The guidance reviews the rules on responsible gambling and also contain interpretations on how, as a licence holder who offers betting and online casino, can meet the requirements to offer gambling in a responsible manner.
The DGA’s guidance on responsible Gambling for Betting and Online Casino
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Dr Faye Graver
Gambling Helpline and Specialist Treatment Service to be Launched in Wales
A new NHS specialist gambling treatment service and helpline will be launched in Wales on April 1.
The Minister for Mental Health and Wellbeing Sarah Murphy described this as a ‘landmark moment’, providing support for tens of thousands of people who could be at risk of gambling-related harm.
The Wales Gambling Helpline will provide information, advice and support to anyone affected by gambling-related harms, including family members and others impacted. If needed, it will also refer people onto treatment services.
Treatment for gambling harms will be accessible through a secure online platform, allowing support to be provided remotely.
Betsi Cadwaladr University Health Board has been awarded £1.3 million a year by the Welsh Government to run the treatment service and helpline. The funding comes from the money raised from the UK-wide gambling levy.
Minister for Mental Health and Wellbeing Sarah Murphy said: “This is a landmark moment marking the first time specialist gambling treatment and support services will be available from the NHS in Wales.
“The helpline will be a form of open access support available to people who need it the most and fits into the ambitions of our Mental Health and Wellbeing Strategy.
“Guided by the evidence, we’re confident this approach is the most effective way to deliver essential support for both prevention and treatment.”
Clinical lead for gambling treatment services at Betsi Cadwaladr University Health Board Dr Faye Graver said: “We are establishing a specialist gambling treatment service and the Wales Gambling Helpline to provide much-needed support for people struggling with gambling addiction.
“They will provide the necessary support, advice and information not only to people experiencing gambling-related harms, but also their family members and others affected.”
The post Gambling Helpline and Specialist Treatment Service to be Launched in Wales appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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