This story was published more than 2 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."