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GAN Announces Favorable Trading Update

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RNS Number : 2329S
GAN PLC
05 November 2019
 

 

 

LONDON STOCK EXCHANGE (LSE): GAN

 

Trading Update

 

London | November 5, 2019: GAN plc ("GAN" or the "Company"), an award-winning developer and supplier of enterprise-level B2B Internet gambling software, services and online gaming content in the United States, today provides an update on trading for the four months ended October 31, 2019 ("Period") together with an updated outlook for the full year ending 31 December 2019.

 

Trading was ahead of expectations as a result of the following factors:

·    Gross Operator Revenue(1) in the four-month Period of $121.5m, up 222% from $37.7m in the same four-month period in 2018

·    Gross Operator Revenue of $40.6m delivered to clients in the month of October 2019, up 269% from $11.0m in October 2018

·    Higher-than-expected demand for Internet gambling in both New Jersey and Pennsylvania following commencement of the National Football League ("NFL") season on September 5, 2019;

·    Higher-than-expected cross-selling of Internet sports bettors to Internet casino gaming in both New Jersey and Pennsylvania;

·    Performance-related payments received relating to the launch of Pennsylvanian Internet sports betting for certain clients;

·    Faster-than-expected ramp in Pennsylvanian sports bettors, relative to the prior year launch of Internet sports betting in New Jersey;

·    Launch of Internet sports betting in the State of Indiana in October; and

·    Certain revenue derived from the Overseas Internet Casino delivered by GAN to the Chickasaw Nation of Oklahoma in selected European markets.

 

(1)       The numbers contained herein are unaudited and derived from GAN's internal business intelligence reporting systems

(2)       Less than 1% of Gross Operator Revenue is originated in the United Kingdom

 

2019 Outlook

The outlook for 2019 continues to remain highly positive for GAN. The Company now expects to see year-over-year revenue growth in excess of 100% for full year 2019 (2018: £10.6m).

 

Management Commentary

Dermot Smurfit, CEO of GAN, commented, "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."

 

About GAN Plc

GAN is a leading business-to-business ("B2B") supplier of internet gambling software-as-a-service solutions ("SaaS") to the US land-based casino industry. The Company has developed a proprietary internet gambling enterprise software system, GameSTACK™, which it licenses principally to land-based US casino operators as a turnkey technology solution for regulated real-money internet gambling, encompassing internet gaming, internet sports gaming and virtual Simulated Gaming.

 

GAN is listed on the London Stock Exchange (LSE: GAN).

 

This announcement contains Inside Information as defined under the Market Abuse Regulation (EU) No. 596/2014.

 

For more information please visit www.GAN.com.

 

 

For further information please contact:

 

GAN

US Investors: The Equity Group

Jack Wielebinski

Adam Prior

Head of Investor Relations

[email protected]

+1 214 799 4660

+1 212 371 8660

[email protected]

 

 

UK & Ireland Investors: Newgate Communications

 

Adam Lloyd

Giles Croot

 

[email protected]

 

+44 (0) 20 3757 6880

 

 

Davy (Nominated Adviser and Joint Broker)

 

 

John Frain / Barry Murphy

 

 

+353 1 679 6363

 

 

 

Liberum (Joint Broker)

 

 

Neil Patel / Cameron Duncan

 

 

+44 (0) 20 3100 2000

 

 

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: GAN PLC

Price: 142.5

Market: AIM
Market Cap: £121.42 m
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