Connect with us

Latest News

GAN Reports Third Quarter 2024 Financial Results

Published

on

gan-reports-third-quarter-2024-financial-results
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.

BVGroup

BVGroup community jackpot pays nearly £1m across 501 UK players

Published

on

bvgroup-community-jackpot-pays-nearly-1m-across-501-uk-players

BVGroup’s opt-in Epic Community Jackpot has paid out nearly £1 million to 501 customers across its UK iGaming brands, following a drop on June 30, 2026. ThrillTech, which supplied the jackpot technology, said the payout is the first UK “Community Jackpot” of its kind.

The main winner, playing on BetVictor’s online casino, received £488,035.59. BVGroup said 500 additional players across BetVictor, Heart Bingo, Smooth Spins, Betano, Parimatch and TalkSPORTBET each received £976.07 from the same prize pool.

According to the companies, the jackpot was configured to allocate 50% of the total prize to the main winner and distribute the remaining 50% across contributing players, using ThrillTech’s ThrillPots engine. Peter Mareš, Chief Technical Officer at ThrillTech, said: “This is the first community jackpot of its kind in the UK, enabling operators to reward hundreds or even thousands of players with a single jackpot instead of just one. Distributing these payouts at scale requires absolute precision. Our robust technology effortlessly handles the complex mathematics and has advanced protocols in place to ensure that all payouts are delivered exactly as intended.”

The companies also pointed to a previous payout on BetVictor’s “The Jackpots” product last month, when a single BVGroup player won £1,531,130, also powered by ThrillPots. Side bet, opt-in jackpot prize pools are player funded and sit on top of base casino games or sports wagering activity, with this implementation designed to distribute a single drop across a wider pool of contributors.

The post BVGroup community jackpot pays nearly £1m across 501 UK players appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

Continue Reading

Africa

Booming Games renews Hollywoodbets Durban July activation partnership

Published

on

booming-games-renews-hollywoodbets-durban-july-activation-partnership

Provider plans on-site game demos and a new Golden Gallop release on Hollywoodbets later this year.

Booming Games has renewed its activation partnership with Hollywoodbets for the Hollywoodbets Durban July, returning for a second year at the event at Hollywoodbets Greyville Racecourse.

The company said it will run a cowboy-themed stand aligned with the event’s “Country Allure” theme, offering demo versions of games and a branded “Spin and Win” wheel for prizes. Booming Games added that Founder Max Niehusen, Vice President of Product Moritz Blume, and Head of Africa Solomon Godwin will attend.

Ahead of the event, Booming Games said it has been running a nationwide giveaway offering prizes including VIP experiences at the Hollywoodbets Durban July and a soccer shirt signed by Ronaldinho.

The companies also pointed to a broader commercial pipeline, with Booming Games stating that new releases are set to go live on the Hollywoodbets platform later this year. One of those is Golden Gallop Hold and Win Extreme 10,000, which Booming Games described as the latest entry in its Golden Gallop series, featuring a 5×3 grid, 25 fixed paylines, a maximum win potential of 12,000x, and bonus features.

Solomon Godwin, Head of Africa at Booming Games, said: “We are delighted to be partnering with Hollywoodbets for the Hollywoodbets Durban July again this year, and the launch of the latest game in the Golden Gallop series is the perfect way to celebrate. This year’s event also marks two years since we launched in South Africa, one of the world’s fastest growing and most exciting casino gaming markets.”

Wayde Dorkin, Head of Product at Hollywoodbets, said: “Booming Games is a key partner for Hollywoodbets, and we are pleased to be building on last year’s collaboration at the Hollywoodbets Durban July. In a crowded market, the quality of Booming Games’ offering and customer-focused approach to game development provides the foundations for a long and fruitful partnership, which we hope will remain strong for many years to come.”

The post Booming Games renews Hollywoodbets Durban July activation partnership appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

Continue Reading

BetMGM

Gaming Realms launches Marilyn Monroe Slingo with BetMGM

Published

on

gaming-realms-launches-marilyn-monroe-slingo-with-betmgm

Gaming Realms has partnered with BetMGM to launch Marilyn Monroe Slingo, an exclusive Slingo title for the operator. The companies announced the release on 30 June 2026.

According to Gaming Realms, the game combines its Slingo mechanic—blending slots-style reels with a bingo grid—with Marilyn Monroe-themed visuals tied to celebrations marking the centennial of the star’s birth.

Ian Robson, Commercial Account Management Lead at Gaming Realms, said: “We are thrilled to further strengthen our partnership with BetMGM through the launch of Marilyn Monroe Slingo. Working closely with BetMGM, we’ve created a bespoke title that captures the glamour and excitement associated with Marilyn Monroe while delivering the engaging gameplay that Slingo fans know and love.

“We look forward to seeing players enjoy this release and the unique blend of entertainment and Slingo action it offers.”

Rob Passerino, BetMGM’s Director of Gaming, said: “Partnering with Gaming Realms allows us to combine an iconic figure with the proven, popular Slingo format. Bespoke games like this are central to how BetMGM differentiates and we are confident our players will love celebrating Marilyn Monroe’s centenary with this new release.”

The post Gaming Realms launches Marilyn Monroe Slingo with BetMGM appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

Continue Reading

Trending

Get it on Google Play

Fresh slot games releases by the top brands of the industry. We provide you with the latest news straight from the entertainment industries.

The platform also hosts industry-relevant webinars, and provides detailed reports, making it a one-stop resource for anyone seeking information about operators, suppliers, regulators, and professional services in the European gaming market. The portal's primary goal is to keep its extensive reader base updated on the latest happenings, trends, and developments within the gaming and gambling sector, with an emphasis on the European market while also covering pertinent global news. It's an indispensable resource for gaming professionals, operators, and enthusiasts alike.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2024 - Recent Slot Releases is part of HIPTHER Agency. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania