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.
The post GAN Reports Third Quarter 2024 Financial Results appeared first on European Gaming Industry News.
Latest News
Week 50/2024 slot games releases
Here are this weeks latest slots releases compiled by European Gaming
ELA Games is proud to announce its latest release, Flame Fruits Frenzy. This new title is a fresh and modern take on classic fruit slot machines found in pubs and casinos across the world. The studio emphasises the importance of art and design with this new 5-reel, 3-row game with enticing animations and eye-catching graphics. Flame Fruits Frenzy’s core gameplay is simple, featuring 5 paylines, with players taking home the highest win per line. Scatter symbols add to the excitement, offering a payout whenever they land on the reels.
GAMOMAT has released its fruity hit, Juicy Joker. This vibrant title sits within a 3×3 framework and offers players a classic fruity experience with radiant traditional fruit, bar, and bell symbols. A refreshing twist on the reels comes from the star of the show, the Joker – which serves as a Wild symbol that – if shown – substitutes for all symbols.
Think you can handle the heat of some super-hot Wasabi? Then Silverback Gaming’s latest slot, Wasabi Wilds, is just the game for you. Players come face to face with an expert sushi chef whose delectable delights pack a flavoursome punch thanks to plenty of glowing green wasabi. Players take a seat at the chef’s table and watch as the magic of consecutive cluster explosions unravels a world of tasty treats and rewards.
Evoplay has launched Hot Triple Sevens Hold and Win, the latest addition to its popular flaming sevens series. The game features a traditional 5×3 reel layout enhanced with dynamic visuals and a light board that tracks every win, creating an interactive and visually appealing experience. Its standout Bonus Game, triggered by six or more Bonus symbols, allows players to win four jackpots, including the Grand Jackpot worth 3,000x the bet.
Red Rake Gaming is pleased to announce the launch of Million Christmas 2, the latest Christmas-themed release to bring big wins and magic to players all over the world. With a series of innovative features and a very Christmassy feel, Million Christmas 2 promises to bring fun and happiness throughout the holiday season. The greatest new feature of Million Christmas 2 is the “Santa’s Gifts & Wins Minigame,” triggered when players obtain three or more Santa’s Bag symbols.
Thunderkick has launched Ways of Athena, a Greek mythology-themed title where matching mystery symbols reveal up to 43,923 ways to win. The goddess of wisdom and warfare reigns supreme in the 3×5 slot, where helmets, shields, amphoras, and lyres line the reels. Matching mystery symbols land on reels two to five and enhance base game action, transforming into double symbols and mirroring an icon on reel one to increase the number of pay ways and boost wins.
Push Gaming’s latest release, 10 Flaming Bisons, brings the American Frontier to life, featuring the provider’s innovative Push-up mechanic and thrilling jackpots that enhance excitement. Played initially across 5×3 reels, various native American characters must form a matched combination across 20 paylines to award a win.
Amusnet has released Extra Crown Deluxe, a new addition to its online casino portfolio. This online video slot will take players to a world of art-inspired luxury, where every spin is a masterpiece. The game features 5 reels and 20 fixed paylines hosting 11 symbols – an abundance of fruits, bells and sevens.
Burgers, because who doesn’t love them? In Big Time Gaming’s latest slot creation, players are invited for a tasty treat as they fire up the reels on the 4×4 gameboard in search of multiplier-boosted wins amongst the patties and buns. The game is set against a Route 66 backdrop with a classic burger joint to the left-hand side of the reels. Visually striking, packed with flavour and innovation, Burgers is set to satisfy your hunger for big wins and bigger thrills.
Reel Reindeer, a seasonal entry into the Reel franchise and right in time for the Christmas holidays, featuring the red-nosed character himself. This 25 payline game offers an insane Free Spins round where all winnings are multiplied by 50x and expanding wilds activate on the reels. Plus, the game also offers a Hold & Win round where filling the reels will trigger the top payout of 10,000x. That is quite the Christmas treat!
Play’n GO invites players to join an adorable crew of canines in Hot Dog Heist, a 5×3 slot with 40 paylines. Set against the charming backdrop of suburban BBQs, this fun-filled adventure delivers sizzling gameplay and delectable rewards. Hot Dog Heist takes players to a sunny, picture-perfect neighbourhood where a pack of mischievous dogs has its eyes set on a delicious prize – hot dogs fresh off the grill.
Players can adventure deep into the heart of the ancient Aztec empire when they spin the reels on Stakelogic’s latest title, Fire and Gold Cluster Breaker. Each exciting spin presents the chance to trigger explosive bonuses and reward monumental wins, with players able to win up to 10,000x their stakes. This captivating slot uses a 5×4 game grid with a cluster-pay system, with the game granting players wins when they hit clusters of five or more on the grid.
Relax Gaming, the iGaming aggregator and provider of unique content, has launched The Great Pigsby Dream Drop, a jackpot infused take on the much-loved classic. The game preserves the elegance and charm of the 1930s-inspired original while adding the Dream Drop Jackpot, giving players the chance to win one of five progressive jackpots: Rapid, Midi, Maxi, Major, or Mega. At the core of the experience is the Dream Drop feature, which triggers randomly and transports players into a jackpot bonus round.
For this festive season, Booming Games is bringing a little bit of warmth this winter with the brand-new Burning Classics: Royal Edition. The Burning Classics series has proved to be a firm favourite among online casino players, and the latest instalment, the Royal Edition, is undoubtedly going to follow suit. As with its predecessors, this 5×3 reel, 20-payline slot is filled with fruit – which are joined this time around by three high-paying, colorful crowns. All pay symbols land stacked in classic slot game fashion.
The post Week 50/2024 slot games releases appeared first on European Gaming Industry News.
Latest News
Veikkaus signs partnership agreement with the Finnish Ice Hockey Association
Veikkaus continues its long-term partnership with Finnish ice hockey. The Finnish Ice Hockey Association and Veikkaus have agreed on a comprehensive partnership that will continue until 2030.
“Ice hockey is a major Finnish spectator sport that strongly resonates with and moves people. At Veikkaus, we have a long-standing and successful cooperation with Finnish ice hockey and Leijonat, of which we are proud. It’s very important to us that this long and successful journey continues for many years to come”, rejoices Reija Laaksonen, Veikkaus’ EVP, People, Culture and Communications.
Ice hockey is an important sport for Veikkaus from the perspectives of betting offerings and the company’s brand. The Finnish national Lions teams are a source of pride for Finns, and Leijonat matches are top offerings in Veikkaus’ betting.
“Thanks to the cooperation, we can continue to offer Veikkaus’ customers the interesting domestic betting products, services and content they desire, and develop them even better”, Laaksonen says.
“Our comprehensive partnership with Finnish ice hockey allows Veikkaus’ channels to continue to be strongly involved in the most interesting moments and series of Finnish ice hockey.”
The multi-year partnership between Veikkaus and Finnish ice hockey covers the Finnish men’s national team, the Women’s national team, the U20 national team, and the Aurora League.
“We are very pleased that Veikkaus remains one of our main partners in the Leijonat family. We share Veikkaus’ values, and we believe that in the future’s changing business environment, Sustainability will play an even greater role”, says Lassi Rönkkönen , Sales and Marketing Director of the Ice Hockey Association.
“Together with Veikkaus, we have lived and experienced the success moments of different Leijonat teams and built impactful marketing campaigns. It is great to continue the cooperation far into the future.”
The post Veikkaus signs partnership agreement with the Finnish Ice Hockey Association appeared first on European Gaming Industry News.
Betson Enterprises
Betson Appoints Todd Cravens as SVP of Gaming Division
Betson Enterprises, a division of H. Betti Industries Inc., has appointed Todd Cravens as Senior Vice President of the Gaming Division, effective January 6, 2025. In this role, Todd will oversee the strategic growth and operations of Betson’s gaming division, focusing on expanding distributive gaming initiatives, strengthening customer and supplier relationships, and driving innovation within the industry. Todd will be based out of Betson’s Henderson, NV office and will join the company’s executive leadership team.
Todd brings a wealth of experience in gaming and amusements, including his previous tenure as CEO and President of Galaxy Gaming. With a proven track record in organizational leadership, business development, and strategic execution, Mr. Cravens is well-positioned to lead Betson’s gaming division in its next phase of growth. His focus on customers, product and team align with Betson’s commitment to delivering innovative solutions and superior service to its customers.
“We are thrilled to welcome Todd back to the Betson Gaming team working alongside Rick Kirby. His deep industry knowledge, leadership, and strategic mindset will be instrumental in driving the growth of our gaming division and expanding our footprint in the gaming industry, as well as the overall Betson business,” said Bob Geschine, President of H. Betti Industries.
Commenting on his new role, Todd said: “I can’t wait to get back to work and look forward to rejoining the Betson team. I look forward to working closely with the talented Betson crew to deliver on the company’s strategic objectives, focus on our customers, strengthen our partnerships, and explore new opportunities to innovate in the gaming market and beyond.”
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