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Trading Update

5 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 aprior@equityny.com
+1 214 799 4660 +1 212 371 8660
jwielebinski@GAN.com  
  UK & Ireland Investors: Newgate Communications
  Adam Lloyd
Giles Croot
  GAN@Newgatecomms.com
  +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  
 
 
 

Recent News

20 February, 2020
GAN Reports January 2020 Internet Gambling Growth for Pennsylvania

London | February 20, 2020: 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 updated the market following the publication on February 19, 2020, by the Pennsylvania Gaming Control Board (“PGCB”) of Internet gaming and Internet sports betting financial information for the calendar month of January 2020 in Pennsylvania. 

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19 February, 2020
GAN Reports January 2020 Internet Gambling Growth for New Jersey

London | February 14, 2020: 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 updated the market following the publication on February 12, 2020, by New Jersey’s Division of Gaming Enforcement (“DGE”) of Internet gaming and Internet sports betting financial information for the calendar month of January 2020 in New Jersey. 
 

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31 January, 2020
GAN Announces New Simulated Gaming Client: The Snoqualmie Indian Tribe

London | January 31, 2020: 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, has agreed to supply its Simulated Gaming software to the Snoqualmie Indian Tribe (the “Client”), with new services anticipated to launch to customers in H1 2020.
 
The Snoqualmie Indian Tribe owns and operates the Snoqualmie Casino located in Snoqualmie, Washington, about 25 miles east of Seattle. The casino features a 51,000-square-foot gaming floor, offering 54 classic table games and 1,700 slot machines, and is a sponsor and branding partner of the Seattle Seahawks, its local NFL team. The agreement with GAN will enable the Client to provide an expanded suite of online gaming and services throughout the region and beyond.

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