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GAN Limited (Symbol: GAN) is a premier provider of Software-as-a-Service (SaaS) solutions designed for the online casino gaming and sports betting industry. With over thirteen years of experience in the sector, GAN Limited has established itself as a trusted partner for market-leading casino operations and top-tier content development houses.
GAN operates through two primary segments: B2B and B2C. The B2B segment is renowned for its development, marketing, and sale of the GameSTACK, GAN Sports, and iSight Back Office technologies. These platforms offer comprehensive tools for player registration, account funding, and back-office management, enabling casino operators to confidently expand their online presence in jurisdictions that permit online real money gaming.
The B2C segment, which encompasses the operations of Coolbet, specializes in providing a robust online sports betting and casino platform. Coolbet’s offerings are accessible through its website and cater to markets across Northern Europe, Latin America, and Canada. This segment focuses on delivering an engaging and seamless user experience for individual players.
Some of GAN’s prominent simulated gaming social casino partners include Maryland Live!, American Casino and Entertainment Properties, The Borgata Hotel Casino & Spa, San Manuel Indian Bingo and Casino, Empire City Casino, and Parx Casino. These partnerships highlight GAN’s capability to deliver tailored solutions that meet the specific needs of its clients.
Recent achievements for GAN include the continuous enhancement of their GameSTACK platform, which has seen substantial adoption by leading casino operators. The company is also actively working on expanding its reach within the regulated online real money gaming markets.
GAN Limited's financial health remains strong, with consistent revenue growth and strategic partnerships driving its market position. As a forward-thinking company, GAN continues to innovate, ensuring that it meets the evolving demands of the online gaming industry.
GAN reported strong Q3 2024 financial results with total revenue of $37.1 million, up 24% year-over-year. The growth was primarily driven by B2B segment revenue increasing 60% to $16.4 million, while B2C revenue grew to $20.7 million. The company achieved net income of $2.1 million compared to a net loss of $8.2 million in Q3 2023. Operating expenses decreased by 10% to $25.1 million. The planned merger with SEGASAMMY has received approval from the Nevada Gaming Commission and is expected to close in early 2025.
GAN (NASDAQ: GAN) has received approval from the Nevada Gaming Commission (NGC) for its merger with a subsidiary of SEGA SAMMY CREATION INC. (SSC), an affiliate of SEGA SAMMY HOLDINGS INC. The merger is expected to close in late 2024 or early 2025, subject to additional gaming regulatory approvals and customary closing conditions.
Upon completion, GAN shareholders will receive $1.97 in cash per ordinary share. GAN will cease to be publicly traded, with its shares delisted from Nasdaq and deregistered. GAN is a leading B2B supplier of internet gaming software-as-a-service solutions, while SEGA SAMMY HOLDINGS operates in Entertainment Contents, Pachislot and Pachinko Machines, and Gaming businesses.
GAN (NASDAQ: GAN) reported its Q2 2024 financial results, showing growth in B2B revenues and improved overall results due to cost rationalization. Key highlights include:
- Total revenue increased 5% to $35.6 million
- B2B segment revenue grew to $13.0 million, up from $9.9 million
- Net loss reduced to $1.7 million from $18.4 million
- Adjusted EBITDA improved to $3.7 million from $(2.0) million
- B2B Gross Operator Revenue increased 40% to $609.3 million
The company continues to focus on optimizing its cost structure and rolling out product enhancements. The planned merger with SEGASAMMY is progressing, with an expected closing in late 2024 or early 2025.
GAN (NASDAQ: GAN), a premier B2B tech provider for real money internet gaming, has secured clearance from the Committee on Foreign Investment in the United States (CFIUS) for its planned merger with a subsidiary of SEGA SAMMY CREATION. The merger, pending approval from relevant gaming authorities and other customary conditions, is anticipated to finalize in late 2024 or early 2025. Upon completion, GAN shareholders will receive $1.97 per share, and GAN will be delisted from NASDAQ, ceasing to be publicly-traded. The merger aligns with GAN's strategic objectives to leverage SEGA SAMMY's global reach and expertise in gaming and entertainment.
GAN reported its first quarter 2024 financial results, showcasing a 10% growth in B2B revenues and a 20% reduction in operating expenses. The B2C segment saw a decline in revenue due to lower sports margins. The company is working towards the merger with SegaSammy expected to close by late 2024 or early 2025.
GAN , a prominent B2B technology provider of real money internet gaming solutions and B2C operator of Internet sports betting, will release its first quarter financial results on May 9, 2024, following the merger with SEGA SAMMY CREATION INC. The Company will not host a conference call due to the merger.
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