GAN 2019 trading exceeds expectations, seeks NASDAQ listing
, announced on Friday that trading for the year ending 2019 will be ahead of expectations as a result of higher-than-expected demand for internet gambling.
The developer and supplier of enterprise-level B2B Internet gambling software said it expects year-over-year revenue growth of 115% to 120% and year-over-year EBITDA margin of 30% to 35%.
GAN also said it was seeking admission to trading on NASDAQ as a Foreign Private Issuer ‘as soon as reasonably practical’.
The AIM-listed firm said trading benefited from high demand for internet gambling in New Jersey and Pennsylvania after the NFL season started, as well as better than expected cross-selling of internet sports bettors to internet casinos.
The company also said it benefited from performance-related payments associated with the launch of Internet sports betting in Pennsylvania, where there was a faster than expected ramp in sports bettors in the state.
Shares in GAN were trading 4.14% higher at 163.5p on Friday morning
GAN also said the launch of internet sports betting in Indiana and revenue from the Overseas Internet Casino it delivered to European markets helped boost trading in 2019.
Dermot Smurfit, CEO of GAN said: "We are delighted with our full year performance in 2019, which proved the long-theorized margin opportunity available to GAN as a specialized enterprise software provider and provides a solid foundation for 2020 and beyond.”
“Our intellectual property and technical expertise put us at the forefront of the Internet sports betting and casino gaming market as demonstrated by our diverse and expanding client base.”
In a separate announcement, GAN revealed it secured a contract to supply its Simulated Gaming software to the Snoqualmie Indian Tribe in Washington.
Jeff Berman, Chief Commercial Officer of GAN commented on the deal: "The Washington gaming industry is a nearly $2 billion market with the majority of casinos concentrated in the Seattle-Tacoma region.”
He said: “We look forward to supporting the Snoqualmie Tribe in engaging and growing their audience as we work to solidify GAN's market position as the leading B2B enterprise software solution provider to U.S. land-based casinos."
The Snoqualmie Tribe marks the 16th U.S. casino operator to license GAN's specialist software, and the seventh major Native American casino operator in the United States to select GAN as its provider since the launch of Simulated Gaming in 2014.
Mr. Smurfit, CEO of GAN said “Our recent new client announcements, continued focus on acquiring additional new clients and expectations for further real money Internet gambling legislation to pass in new States in the U.S. set the stage for 2020 to be yet another very exciting year."
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