GAN Posts Positive Trading Update

Gambling firm Game Account Network (GAN) has posted their latest trading update, sharing that revenue was up for the period.

Key performance indicators for the latest period were:

• Gross Operating Revenue of $121.5 million, up 222% from last year
• October GOR of $40.6 million in October, up 269% from last year
• Higher than expected demand for internet sports wagers in Pennsylvania and New Jersey as the NFL season began
• 2019 outlook expected to be over 100% in terms of growth for the full year
• Less than 1% of revenue originated in the UK

Commenting on the results GAN CEO Dermot Smurfit said, "We are pleased that the ramp-up in real money Internet gambling is accelerating ahead off our budgeted expectations in Pennsylvania and New Jersey, particularly since the start of the American football season in early September. Our clients are among the leading operators of U.S. Internet gambling, leveraging GAN's proven technology Platform optimized in New Jersey over several years to convert our clients' marketing dollars into more first time online gamblers. Our clients' competitors remain locked in the multi-year optimization journey that has already been completed by GAN, granting our clients a significant and sustainable competitive advantage. Given the rapid increase in the total addressable market for U.S. Internet gambling operators and their infrastructure providers such as GAN, we expect to see continued and rapid growth."