GAN Releases First Half 2017 Financials

This story was published more than 3 years ago.

Betting company GameAccount Network has announced their financial numbers for the first half of 2017, noting that gross inclomes were up for the period.

Key financial indicators for the first half ending June 30th, 2017 were:

  • Gross income of £18.6 million, up 17% from £15.9 million last year
  • Group net revenues up 6% to £4.1 million
  • Recurring revenue up 24% and accounting for 86% of the group's net revenues
  • EBITDA of £24,000, which is up from a loss of £500,000 last year
  • Post-tax losses were £2 million, an improvement from a loss of £2.3 million last year

Speaking about his company's performance GAN CEO Dermot Smurfit said, "The group generated positive clean EBITDA1 in H1 2017 following a substantial multi-year period of investment focused on the US land-based casino Industry. We anticipate this favourable EBITDA trend to continue throughout H2 2017."

"The first half of 2017 saw continued growth in recurring revenues driven by the launch of five new clients of Simulated Gaming and strong growth in real-money regulated gaming markets in the US and Europe."

"We remain encouraged by the growth characteristics of Simulated Gaming and have already seen a major uplift in player activity as we begin to experience the onset of the seasonally strong autumn/fall period."

"As the numbers illustrate our group has now moved into sustainable profitability at the clean EBITDA level. Growth prospects for Simulated Gaming and real-money regulated gaming continue to offer the company a viable path to creating significant incremental shareholder value."

About the author

Dustin Jermalowicz // News Editor
Dustin Jermalowicz
Dustin has a long-standing passion for gambling. He has been writing professionally on the subject and breaking industry news for Casino Listings since 2011. His favorite casino games include Blackjack, Poker, and Hi/Lo. A proud native of Detroit, Dustin currently lives in Michigan.