GAN Reports Fourth Quarter and Full Year 2024 Financial Results
GAN (NASDAQ: GAN), a North American B2B technology provider of real money internet gaming solutions and International B2C operator of Internet sports betting, has reported its unaudited financial results for Q4 and full year 2024.
The company achieved improved operating performance and cost structure, leading to stronger financial performance in 2024 with growth in both top and bottom line. CEO Seamus McGill credited the global team's execution and streamlined cost management for these results.
The planned merger with SEGA SAMMY has already received several key approvals, including GAN shareholder approval, clearance from the Committee on Foreign Investment in the U.S. (CFIUS), and approval from gaming regulatory agencies including the Nevada Gaming Commission. The merger is expected to close in Q2 2025, pending remaining regulatory requirements and customary closing conditions.
GAN (NASDAQ: GAN), un fornitore di tecnologia B2B nordamericano di soluzioni di gioco online con denaro reale e operatore B2C internazionale di scommesse sportive su Internet, ha riportato i suoi risultati finanziari non verificati per il quarto trimestre e l'anno intero 2024.
L'azienda ha raggiunto un miglioramento delle prestazioni operative e della struttura dei costi, portando a una performance finanziaria più forte nel 2024 con crescita sia del fatturato che dell'utile. Il CEO Seamus McGill ha attribuito questi risultati all'esecuzione del team globale e alla gestione dei costi semplificata.
La fusione con SEGA SAMMY pianificata ha già ricevuto diverse approvazioni chiave, tra cui l'approvazione degli azionisti di GAN, l'autorizzazione dal Comitato per gli Investimenti Stranieri negli Stati Uniti (CFIUS) e l'approvazione da parte delle agenzie di regolamentazione del gioco, inclusa la Commissione del Gioco del Nevada. Si prevede che la fusione si concluda nel secondo trimestre del 2025, in attesa dei requisiti normativi rimanenti e delle condizioni di chiusura consuete.
GAN (NASDAQ: GAN), un proveedor de tecnología B2B de América del Norte de soluciones de juego en línea con dinero real y operador B2C internacional de apuestas deportivas por Internet, ha informado sobre sus resultados financieros no auditados para el cuarto trimestre y el año completo 2024.
La compañía logró un mejor rendimiento operativo y una estructura de costos, lo que llevó a un desempeño financiero más fuerte en 2024 con crecimiento tanto en la parte superior como en la inferior. El CEO Seamus McGill atribuyó estos resultados a la ejecución del equipo global y a la gestión de costos optimizada.
La fusión con SEGA SAMMY planificada ya ha recibido varias aprobaciones clave, incluida la aprobación de los accionistas de GAN, la autorización del Comité de Inversiones Extranjeras en EE. UU. (CFIUS) y la aprobación de las agencias reguladoras de juegos, incluida la Comisión de Juegos de Nevada. Se espera que la fusión se cierre en el segundo trimestre de 2025, a la espera de los requisitos regulatorios restantes y las condiciones de cierre habituales.
GAN (NASDAQ: GAN)은 북미의 B2B 기술 제공업체로, 실제 돈을 사용하는 인터넷 게임 솔루션과 국제 B2C 인터넷 스포츠 베팅 운영업체입니다. 2024년 4분기 및 연간 비감사 재무 결과를 보고했습니다.
회사는 운영 성과와 비용 구조가 개선되어 2024년에는 매출과 순이익 모두에서 강력한 재무 성과를 달성했습니다. CEO Seamus McGill은 이러한 결과를 글로벌 팀의 실행력과 간소화된 비용 관리 덕분이라고 밝혔습니다.
예정된 SEGA SAMMY와의 합병은 GAN 주주 승인, 미국 외국인 투자 위원회(CFIUS)의 승인, 네바다 주 게임 위원회 등 게임 규제 기관의 승인을 포함하여 여러 주요 승인을 이미 받았습니다. 합병은 남은 규제 요건과 관례적인 마감 조건이 충족되면 2025년 2분기에 완료될 것으로 예상됩니다.
GAN (NASDAQ: GAN), un fournisseur de technologie B2B nord-américain de solutions de jeux en ligne avec de l'argent réel et un opérateur B2C international de paris sportifs sur Internet, a publié ses résultats financiers non audités pour le quatrième trimestre et l'année entière 2024.
L'entreprise a atteint une meilleure performance opérationnelle et une structure de coûts, ce qui a conduit à une performance financière plus forte en 2024 avec une croissance tant du chiffre d'affaires que du bénéfice. Le PDG Seamus McGill a attribué ces résultats à l'exécution de l'équipe mondiale et à la gestion des coûts rationalisée.
La fusion prévue avec SEGA SAMMY a déjà reçu plusieurs approbations clés, y compris l'approbation des actionnaires de GAN, l'autorisation du Comité sur les Investissements Étrangers aux États-Unis (CFIUS) et l'approbation des agences de régulation des jeux, y compris la Commission des Jeux du Nevada. La fusion devrait être finalisée au deuxième trimestre de 2025, sous réserve des exigences réglementaires restantes et des conditions de clôture habituelles.
GAN (NASDAQ: GAN), ein nordamerikanischer B2B-Technologieanbieter von Online-Gaming-Lösungen mit echtem Geld und internationaler B2C-Betreiber von Internet-Sportwetten, hat seine ungeprüften Finanzzahlen für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht.
Das Unternehmen erzielte eine verbesserte Betriebsleistung und Kostenstruktur, was zu einer stärkeren finanziellen Leistung im Jahr 2024 führte, mit Wachstum sowohl beim Umsatz als auch beim Gewinn. CEO Seamus McGill führte diese Ergebnisse auf die Umsetzung des globalen Teams und das optimierte Kostenmanagement zurück.
Die geplante Fusion mit SEGA SAMMY hat bereits mehrere wichtige Genehmigungen erhalten, darunter die Genehmigung der GAN-Aktionäre, die Freigabe des Komitees für ausländische Investitionen in den USA (CFIUS) sowie die Genehmigung von Glücksspielregulierungsbehörden, einschließlich der Glücksspielkommission von Nevada. Es wird erwartet, dass die Fusion im zweiten Quartal 2025 abgeschlossen wird, vorbehaltlich der verbleibenden regulatorischen Anforderungen und der üblichen Abschlussbedingungen.
- Growth in both top and bottom line performance for 2024
- Improved operating performance and cost structure
- Multiple key approvals received for SEGA SAMMY merger
- Merger completion still subject to remaining regulatory requirements
Continued Improvement in Operating Performance and Cost Structure Drive Strong Results
Planned Merger with SEGA SAMMY Expected to Close in 2Q25
Seamus McGill, GAN’s Chief Executive Officer, said, “I'd like to thank our entire global team for continuing to execute and grow our business on a streamlined cost structure. This led to stronger financial performance in 2024 with growth in both the top and bottom line. We are simultaneously working diligently to close our merger with SEGA SAMMY. We continue to work through the remaining regulatory requirements and expect the merger to be successfully completed in the second quarter of 2025."
Fourth Quarter 2024 Compared to Fourth Quarter 2023
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Total revenue of |
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B2B segment revenue was |
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B2C segment revenue was |
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Operating expenses were |
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Net loss of |
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Total segment contribution was |
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Adjusted EBITDA was slightly better than breakeven versus a loss of |
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B2C Active Customers declined primarily driven by limited customer acquisition in |
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B2B Gross Operator Revenue totaled |
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Full Year 2024 Compared to Full Year 2023
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Total revenue of |
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B2B segment revenue was |
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B2C segment revenue was |
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Operating expenses were |
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Net loss of |
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Total segment contribution was |
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Adjusted EBITDA was |
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Cash was |
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B2C Active Customers declined primarily driven by limited customer acquisition in |
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B2B Gross Operator Revenue totaled |
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GAN Limited |
Key Financial Highlights |
(Unaudited, in thousands unless otherwise specified) |
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Three Months Ended |
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Year Ended |
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December 31, 2024 |
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December 31, 2023 |
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December 31, 2024 |
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December 31, 2023 |
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Revenues |
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B2B |
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$ |
9,007 |
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$ |
11,802 |
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$ |
50,716 |
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$ |
43,154 |
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B2C |
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22,682 |
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18,913 |
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84,282 |
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86,265 |
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Total revenues |
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$ |
31,689 |
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$ |
30,715 |
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$ |
134,998 |
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$ |
129,419 |
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Profitability Measures |
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B2B segment contribution (1) |
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$ |
6,112 |
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$ |
9,507 |
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$ |
41,257 |
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$ |
34,730 |
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B2B segment contribution margin (1) |
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67.9 |
% |
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80.6 |
% |
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81.3 |
% |
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80.5 |
% |
B2C segment contribution (1) |
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$ |
14,633 |
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$ |
11,396 |
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$ |
53,310 |
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$ |
55,989 |
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B2C segment contribution margin (1) |
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64.5 |
% |
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60.3 |
% |
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63.3 |
% |
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64.9 |
% |
Net loss |
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$ |
(4,151 |
) |
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$ |
(9,376 |
) |
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$ |
(7,959 |
) |
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$ |
(34,444 |
) |
Adjusted EBITDA (7) |
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$ |
8 |
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$ |
(3,884 |
) |
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$ |
8,583 |
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$ |
(8,395 |
) |
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Key Performance Indicators |
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B2B Gross Operator Revenue (2) (in millions) |
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$ |
651.2 |
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$ |
384.7 |
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$ |
2,514.6 |
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$ |
1,657.8 |
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B2B Take Rate (3) |
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1.4 |
% |
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3.1 |
% |
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2.0 |
% |
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2.6 |
% |
B2C Active Customers (in thousands) (4) |
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212 |
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236 |
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436 |
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500 |
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B2C Marketing Spend Ratio (5) |
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17 |
% |
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28 |
% |
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22 |
% |
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24 |
% |
B2C Sports Margin (6) |
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8.5 |
% |
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6.5 |
% |
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7.5 |
% |
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7.0 |
% |
SEGA SAMMY Transaction
The merger has been approved by GAN shareholders at a special general meeting of its shareholders, has received clearance from the Committee on Foreign Investment in the
Conference Call Details
Due to the expected merger of the Company with SEGA SAMMY, GAN will not be hosting a conference call in conjunction with its fourth quarter and year-end 2024 earnings release.
About GAN Limited
GAN is a leading business-to-business supplier of internet gambling software-as-a-service solutions predominantly to the
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the Company’s anticipated trends in revenues (including new customer launches) and operating expenses, the anticipated improvement in profitability, expectations that it will meet all closing conditions or successfully close its planned merger with SEGASAMMY, as well as statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate” and similar statements of a future or forward-looking nature. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements including those risks detailed under “Risk Factors” in our Annual Report on Form 10-K and subsequent periodic reports. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update or revise any forward-looking statements for any reason, except as required by law.
Key Performance Indicators and Non-GAAP Financial Measures
This release uses certain non-GAAP financial measures as defined in Securities and Exchange Commission rules. The Company reports financial results in accordance with accounting principles generally accepted in
(1) The Company excludes depreciation and amortization in certain segment calculations.
(2) The Company defines B2B Gross Operator Revenue as the sum of its B2B corporate customers’ gross revenue from virtual simulated gaming (SIM), gross gaming revenue from RMiG, and gross sports wins from sportsbook offerings. B2B Gross Operator Revenue, which is not comparable to financial information presented in conformity with
(3) The Company defines B2B Take Rate as a quotient of B2B segment revenue retained by the Company over the total Gross Operator Revenue generated by our B2B corporate customers. The B2B Take Rate gives management and users of our financial statements an indication of the impact of the statutory terms and the efficiency of the commercial terms on the business.
(4) The Company defines B2C Active Customers as a user that places a wager during the period. This metric allows management to monitor the customer segmentation, growth drivers, and ultimately creates opportunities to identify and add value to the user experience. This metric allows management and users of the financial statements to measure the platform traffic and track related trends.
(5) The Company defines B2C Marketing Spend Ratio as the total B2C direct marketing expense for the period divided by the total B2C revenues. This metric allows management to measure the success of marketing costs during a given period. Additionally, this metric allows management to compare across jurisdictions and other subsets, as an additional indication of return on marketing investment.
(6) The Company defines B2C Sports Margin as the ratio of wagers minus winnings to total amount wagered, adjusted for open wagers at period end. Sports betting involves a user placing a bet on the outcome of a sporting event with the chance to win a pre-determined amount, often referred to as fixed odds. Our B2C sportsbook revenue is generated by setting odds that are intended to provide a built-in theoretical margin in each sports bet offered to our users. This metric allows management to measure sportsbook performance against its expected outcome.
(7) Management uses the non-GAAP measure of Adjusted EBITDA to measure its financial performance. Specifically, it uses Adjusted EBITDA (i) as a measure to compare its operating performance from period to period, as it removes the effect of items not directly resulting from core operations, and (ii) as a means of assessing its core business performance against others in the industry, because it eliminates some of the effects that are generated by differences in capital structure, depreciation, tax effects and unusual and infrequent events. The Company defines Adjusted EBITDA as net loss before interest expense (income), net, income tax expense (benefit), depreciation and amortization, impairments, extraordinary gains or losses, share-based compensation expense and related expense, transaction costs, and other items which the Board of Directors considers to be infrequent or unusual in nature. A reconciliation of Adjusted EBITDA to Net Income (the most closely aligned measure under
GAN Limited |
Consolidated Statements of Operations (Unaudited) |
(in thousands, except share and per share amounts) |
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Three Months Ended |
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Year Ended |
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December 31, 2024 |
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December 31, 2023 |
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December 31, 2024 |
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December 31, 2023 |
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Revenue |
|
$ |
31,689 |
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|
$ |
30,715 |
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|
$ |
134,998 |
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|
$ |
129,419 |
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|
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Operating costs and expenses |
|
|
|
|
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|
Cost of revenue(1) |
|
|
10,944 |
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|
9,812 |
|
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|
40,431 |
|
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|
38,700 |
|
Sales and marketing |
|
|
5,452 |
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|
|
7,268 |
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|
|
25,303 |
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|
|
28,972 |
|
Product and technology |
|
|
8,026 |
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|
|
8,277 |
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|
|
34,246 |
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|
38,243 |
|
General and administrative(1) |
|
|
8,022 |
|
|
|
9,562 |
|
|
|
30,984 |
|
|
|
36,657 |
|
Depreciation and amortization |
|
|
1,903 |
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|
|
4,378 |
|
|
|
7,634 |
|
|
|
17,161 |
|
Total operating costs and expenses |
|
|
34,347 |
|
|
|
39,297 |
|
|
|
138,598 |
|
|
|
159,733 |
|
Operating (loss) income |
|
|
(2,658 |
) |
|
|
(8,582 |
) |
|
|
(3,600 |
) |
|
|
(30,314 |
) |
Interest expense, net |
|
|
1,158 |
|
|
|
1,118 |
|
|
|
4,607 |
|
|
|
5,003 |
|
Other (income) loss, net |
|
|
26 |
|
|
|
(77 |
) |
|
|
27 |
|
|
|
(1,011 |
) |
(Loss) income before income taxes |
|
|
(3,842 |
) |
|
|
(9,623 |
) |
|
|
(8,234 |
) |
|
|
(34,306 |
) |
Income tax (benefit) expense |
|
|
309 |
|
|
|
(247 |
) |
|
|
(275 |
) |
|
|
138 |
|
Net (loss) income |
|
$ |
(4,151 |
) |
|
$ |
(9,376 |
) |
|
$ |
(7,959 |
) |
|
$ |
(34,444 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share, basic and diluted |
|
$ |
(0.09 |
) |
|
$ |
(0.21 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.78 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Weighted average ordinary shares outstanding, basic and diluted |
|
|
45,609,129 |
|
|
|
44,866,086 |
|
|
|
45,403,847 |
|
|
|
44,180,600 |
|
(1) Excludes depreciation and amortization expense
GAN Limited |
Segment Revenue and Gross Profit (Unaudited) |
(in thousands) |
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B2B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Platform and content license fees |
|
$ |
7,410 |
|
|
$ |
8,357 |
|
|
$ |
34,294 |
|
|
$ |
31,466 |
|
Development services and other |
|
|
1,597 |
|
|
|
3,445 |
|
|
|
16,422 |
|
|
|
11,688 |
|
Total B2B revenue |
|
|
9,007 |
|
|
|
11,802 |
|
|
|
50,716 |
|
|
|
43,154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
B2C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming |
|
|
22,682 |
|
|
|
18,913 |
|
|
|
84,282 |
|
|
|
86,265 |
|
Total B2C revenue |
|
|
22,682 |
|
|
|
18,913 |
|
|
|
84,282 |
|
|
|
86,265 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
$ |
31,689 |
|
|
$ |
30,715 |
|
|
$ |
134,998 |
|
|
$ |
129,419 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B2B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
9,007 |
|
|
$ |
11,802 |
|
|
$ |
50,716 |
|
|
$ |
43,154 |
|
Cost of revenue (1) |
|
|
2,895 |
|
|
|
2,295 |
|
|
|
9,459 |
|
|
|
8,424 |
|
B2B segment contribution |
|
|
6,112 |
|
|
|
9,507 |
|
|
|
41,257 |
|
|
|
34,730 |
|
B2B segment contribution margin |
|
|
67.9 |
% |
|
|
80.6 |
% |
|
|
81.3 |
% |
|
|
80.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B2C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
22,682 |
|
|
|
18,913 |
|
|
|
84,282 |
|
|
|
86,265 |
|
Cost of revenue (1) |
|
|
8,049 |
|
|
|
7,517 |
|
|
|
30,972 |
|
|
|
30,276 |
|
B2C segment contribution |
|
|
14,633 |
|
|
|
11,396 |
|
|
|
53,310 |
|
|
|
55,989 |
|
B2C segment contribution margin |
|
|
64.5 |
% |
|
|
60.3 |
% |
|
|
63.3 |
% |
|
|
64.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total segment contribution |
|
$ |
20,745 |
|
|
$ |
20,903 |
|
|
$ |
94,567 |
|
|
$ |
90,719 |
|
Total segment contribution margin |
|
|
65.5 |
% |
|
|
68.1 |
% |
|
|
70.1 |
% |
|
|
70.1 |
% |
(1) Excludes depreciation and amortization expense
GAN Limited |
Revenue by Geography (Unaudited) |
(in thousands) |
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
||||
Revenue by geography * |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
8,649 |
|
|
$ |
8,487 |
|
|
$ |
42,277 |
|
|
$ |
31,758 |
|
|
|
|
14,437 |
|
|
|
12,114 |
|
|
|
52,324 |
|
|
|
47,788 |
|
|
|
|
8,011 |
|
|
|
7,145 |
|
|
|
31,467 |
|
|
|
39,935 |
|
Rest of the world |
|
|
592 |
|
|
|
2,969 |
|
|
|
8,930 |
|
|
|
9,938 |
|
Total |
|
$ |
31,689 |
|
|
$ |
30,715 |
|
|
$ |
134,998 |
|
|
$ |
129,419 |
|
* Revenue is segmented based on the location of the Company's customer.
GAN Limited |
Adjusted EBITDA (Unaudited) |
(in thousands) |
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(4,152 |
) |
|
$ |
(9,376 |
) |
|
$ |
(7,959 |
) |
|
$ |
(34,444 |
) |
Income tax (benefit) expense |
|
|
309 |
|
|
|
(247 |
) |
|
|
(275 |
) |
|
|
138 |
|
Interest expense, net |
|
|
1,158 |
|
|
|
1,118 |
|
|
|
4,607 |
|
|
|
5,003 |
|
Gain on amendment of Content Licensing Agreement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,718 |
) |
Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,784 |
|
Contingent liability and related revaluation (1) |
|
|
— |
|
|
|
(542 |
) |
|
|
— |
|
|
|
(830 |
) |
Depreciation and amortization |
|
|
1,903 |
|
|
|
4,378 |
|
|
|
7,634 |
|
|
|
17,161 |
|
Share-based compensation and related expense |
|
|
690 |
|
|
|
785 |
|
|
|
3,688 |
|
|
|
5,511 |
|
Transaction related costs |
|
|
100 |
|
|
|
— |
|
|
|
888 |
|
|
|
— |
|
Adjusted EBITDA |
|
$ |
8 |
|
|
$ |
(3,884 |
) |
|
$ |
8,583 |
|
|
$ |
(8,395 |
) |
GAN Limited |
Historical Sports Margin (Unaudited) |
|
|
Three Months Ended, |
|
|||||||||||||
|
|
December 31, 2024 |
|
|
September 30, 2024 |
|
|
June 30, 2024 |
|
|
March 31, 2024 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sports Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual sports margin |
|
|
8.5 |
% |
|
|
7.2 |
% |
|
|
5.7 |
% |
|
|
6.5 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250314726705/en/
Investor Contacts:
GAN
Robert Shore
Vice President, Investor Relations & Capital Markets
(610) 812-3519
rshore@GAN.com
Alpha IR Group
Ryan Coleman or Davis Snyder
(312) 445-2870
GAN@alpha-ir.com
Source: GAN Limited