GAN Announces Favorable Trading Update
LONDON--(BUSINESS WIRE)--Nov 5, 2019--
GAN plc (“GAN” or the “Company”), an award-winning developer and supplier of enterprise-level B2B Internet gambling software, services and online gaming content in the United States, today provides an update on trading for the four months ended October 31, 2019 (“Period”) together with an updated outlook for the full year ending 31 December 2019.
Trading was ahead of expectations as a result of the following factors:
The outlook for 2019 continues to remain highly positive for GAN. The Company now expects to see year-over-year revenue growth in excess of 100% for full year 2019 (2018: £10.6m).
Dermot Smurfit, CEO of GAN, commented, “We are pleased that the ramp-up in real money Internet gambling is accelerating ahead off our budgeted expectations in Pennsylvania and New Jersey, particularly since the start of the American football season in early September. Our clients are among the leading operators of U.S. Internet gambling, leveraging GAN’s proven technology Platform optimized in New Jersey over several years to convert our clients’ marketing dollars into more first time online gamblers. Our clients’ competitors remain locked in the multi-year optimization journey that has already been completed by GAN, granting our clients a significant and sustainable competitive advantage. Given the rapid increase in the total addressable market for U.S. Internet gambling operators and their infrastructure providers such as GAN, we expect to see continued and rapid growth.”
About GAN Plc
GAN is a leading business-to-business (“B2B”) supplier of internet gambling software-as-a-service solutions (“SaaS”) to the US land-based casino industry. The Company has developed a proprietary internet gambling enterprise software system, GameSTACK™, which it licenses principally to land-based US casino operators as a turnkey technology solution for regulated real-money internet gambling, encompassing internet gaming, internet sports gaming and virtual Simulated Gaming.
GAN is listed on the London Stock Exchange (LSE: GAN).
This announcement contains Inside Information as defined under the Market Abuse Regulation (EU) No. 596/2014.
For more information please visit www.GAN.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20191105005347/en/
CONTACT: For further information:GAN
Head of Investor Relations
+1 214 799 4660
jwielebinski@GAN.comUS Investors: The Equity Group
+1 212 371 8660UK & Ireland Investors: Newgate Communications
+44 (0) 20 3757 6880Davy (Nominated Adviser and Joint Broker)
John Frain / Barry Murphy
+353 1 679 6363Liberum (Joint Broker)
Neil Patel / Cameron Duncan
+44 (0) 20 3100 2000
KEYWORD: PENNSYLVANIA NEW JERSEY EUROPE UNITED STATES UNITED KINGDOM NORTH AMERICA
INDUSTRY KEYWORD: ENTERTAINMENT TECHNOLOGY GENERAL ENTERTAINMENT ONLINE SOFTWARE CASINO/GAMING
SOURCE: GAN plc
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PUB: 11/05/2019 07:00 AM/DISC: 11/05/2019 07:01 AM