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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.
Aristocrat Interactive
Aristocrat Interactive Extends 13-year Relationship with Portugal’s SCML Through New iLottery Deal
Aristocrat Interactive announced a renewed agreement with Santa Casa da Misericórdia de Lisboa (SCML), the national lottery of Portugal, having signed a new three-year deal that ensures continued access to its complete portfolio of NeoGames Studio’s eInstant games for SCML players.
The extension builds on a more than a decade-long collaboration to enhance SCML’s digital instant win offering. Under the new agreement, NeoGames Studio will continue supplying its established library of industry-leading titles while maintaining a steady innovation pipeline to deliver new, entertaining eInstant games.
“This new agreement underscores the continued success of our long-standing work with Santa Casa da Misericórdia de Lisboa. Together, we will continue to deliver high-performing content that resonates with players, driving long-term value for SCML’s continued digital growth,” said Chris Shaban, Managing Director of Aristocrat Interactive iLottery.
The renewal further reinforces Aristocrat Interactive’s growing presence in Europe’s iLottery sector, with the business supporting 18 European lotteries with NeoGames Studio content that is either live or scheduled to go live.
“Our extension with Aristocrat Interactive reflects the strong appreciation Portuguese players have for NeoGames Studio high quality eInstant content,” said Dr. Ricardo Lavos, General Manager of the Games Department of Santa Casa da Misericórdia de Lisboa.
“The titles we have at our disposal have been a key driver of our digital offering, and we have full confidence in Aristocrat Interactive’s ability to continue delivering modern, responsible, and engaging experiences that meet our players’ expectations,” Dr. Ricardo Lavos added.
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Exprexion
Flexion Launches Mobile Service Suite Exprexion
Games marketing company Flexion has announced the launch of Exprexion. This integrated suite of services provides game developers with a single point of entry to alternative app stores, creator-led marketing and direct-to-consumer sales.
The mobile gaming industry is entering a new era. After years of market domination by Google and Apple, game studios are looking for ways to be in command of their own destiny. High store taxes and rising acquisition costs have squeezed profits for too long. The Exprexion suite of services gives developers the freedom to innovate in market engagement and express their ideas directly to users, moving beyond the traditional constraints of the major app stores.
The Exprexion suite consists of three core services:
Exprexion Markets: This service manages all the technical and operational requirements of distributing games on alternative platforms including Amazon, Samsung, Huawei, Xiaomi and ONEstore. Flexion handles everything from integration to platform relations, typically adding more than 10% in incremental revenue. By taking on these tasks, Flexion reduces upfront and operational costs for developers while reducing risk.
Exprexion Creators: This service focuses on influencer-led marketing and social media strategy. By managing the creative process and relationships with influencers, Flexion helps studios find high-value players who engage with games through organic interest. This approach allows developers to reach bigger audiences through broader market channels and innovative user acquisition.
Exprexion Direct: This service enables developers to sell to their players no matter where those players are. By moving transactions outside of the major app stores, studios can make better margins and reclaim the 30% fee typically charged by platform owners. The service uses proven payment technology from trusted suppliers, like Xsolla, to ensure the buying experience remains smooth.
“The mobile industry has reached a point where the old methods of finding and monetizing players are no longer sustainable for many game studios. For years, developers accepted high fees and limited data access as the cost of doing business. Now, the emergence of a more open market and the shift toward direct-to-consumer relationships have changed the math. We launched Exprexion because the market is finally in a place where developers can feasibly run their own stores and distribution networks without the massive operational overhead that used to hold them back,” said Jens Lauritzson, CEO and Founder of Flexion.
Flexion’s technology, people and expertise are unique in the mobile market. The Exprexion services are fully integrated with one another, meaning each service perfectly complements the others. They can be combined seamlessly or used in any combination to generate profit and grow audiences bigger than ever before.
Flexion currently manages 37 top-grossing games. Four of these titles have reached the Top 10 grossing charts on Google Play. By providing a decentralised path to growth, Exprexion serves as a vehicle for a studio’s financial freedom.
The post Flexion Launches Mobile Service Suite Exprexion appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
BetWright
Leyton Orient fan wins £10,000 in BetWright crossbar challenge on League One final day
A Leyton Orient supporter won £10,000 after hitting the crossbar in BetWright’s Bangers N’ Cash Crossbar Challenge at half-time during Orient’s 2-2 draw with Burton Albion on Saturday, the final day of the League One season.
BetWright said Georgia Wallis was the first participant to hit the crossbar since Graham Pringle in January, ending what the company described as a stretch of near-misses in the half-time competition at the BetWright Stadium.
The operator said the promotion launched at the start of the season with a £3,000 jackpot and increased by £1,000 at each home fixture without a winner. Following Pringle’s January win, the pot reset to £1,000 for the next home match and then continued to rise by £1,000 per game, reaching £10,000 for the final fixture.
Georgia Wallis said: “As soon as I hit the ball, I thought – yeah, that’s the one! I’m absolutely buzzing! It felt really good – I thought I was going to fall over, so not doing that is a win in itself!
“My dad entered himself to do it every week and was never successful, then when he finally got the email he said, ‘I’m not doing it – you’re doing it’, so I had to step up!”
Yarry Troshchey of BetWright added: “We’ve had some unfortunate near-misses since Graham’s win earlier in the season, so it was fantastic to see Georgia finally step up and deliver on the final day of the campaign at the BetWright Stadium.
“To do so with the pressure of it being the last chance of the season makes it even more impressive, and it’s exactly the kind of moment the BetWright Bangers N’ Cash Crossbar Challenge is all about.
“We’re delighted for Georgia to take home the £10,000 prize and round off the season in style.”
Under the rules described by BetWright, participating supporters get one attempt to hit the crossbar. If they miss, they can pick one of three cards, with two offering a consolation prize and one providing a second attempt.
The post Leyton Orient fan wins £10,000 in BetWright crossbar challenge on League One final day appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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