GAN Posts First Half Loss

This story was published more than 5 years ago.

GAN is looking to what it considers a profitable future after they posted a first half loss for their 2018 fiscal year.

GAN saw large growth in terms of net revenues and gross income for the period, but their post-tax loss jumped to £2.9 million, up from £2 million from last year. The company is keeping their eyes to the future, as GAN has signed multiple agreements with land and online companies to expand reach in the United States. The group has inked deals to work with , Ocean Resort Casino in New Jersey, and Paddy Power Betfair to help build online casino and sportsbetting platforms. Unfortunately, some of the development of these online markets hasn't been fast enough to keep GAN from posting that loss.

Commenting on the performance GAN CEO Dermot Smurfit said, "Regulatory delays will impact US real-money gaming results in H2 2018, but we will continue to invest in resources to prepare for 2019 and beyond.

"GAN's prospects for 2019 and beyond in real-money gambling are very encouraging given the initial results from the launches of internet sports for Paddy Power Betfair's FanDuel Group in New Jersey, internet gaming for Ocean Resort Casino in New Jersey, and the start of customer acquisition marketing for overseas internet casino."

"By way of outlook on 2019, the recent launch of internet sports betting, the company's current sales pipeline and existing contracted clients are projected to significantly enhance GAN's revenue and EBITDA prospects."

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.
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4 October 2018 - 7:08pm

Certainly if they keep doing the right things(deals) the future will be a lot brighter for GAN as it's right now and they seems to know that by keep investing in their business instead of just selling it, at least that's how it looks from aside.