GAN Limited has reported revenue of $27.8m for the first quarter of 2021, a 263% increase from the prior-year period.

In its latest quarterly report, the company said such revenue was driven by the $14.3m contribution from Coolbet - which it acquired in January 2021 - to its B2C segment, and the growth of $5.8m from its B2B segment.

The company’s B2B segment revenues increased by 76% to $13.5m, with Real money Internet gaming (RMiG) increasing by 68% to $10.5m, and Simulated gaming (SIM) increasing by 144% to $3m.

B2C segment revenues of $14.3m meanwhile derived from Coolbet’s existing sports betting and casino operations. A decrease in cash from $152.7m at 31 December 2020 to $52.2m at 31 March 2021 was driven primarily by the cash paid to acquire Coolbet.

Adjusted EBITDA declined from $2.5m to $1.7m, largely due to “increased operating costs in the current year related to regulatory requirements and organizational expansion to meet market and customer demand,” said GAN.

“We started the new year on a strong note with 263% top-line growth year-over-year, fueled by both organic growth as well as the Coolbet acquisition,” said GAN CEO Dermot Smurfit. “We completed a record five RMiG partner launches during the first quarter, highlighted by our groundbreaking launch and strong results in Michigan, plus our exciting new partnerships with Wynn and Churchill Downs.

“We carried that momentum into the second quarter, with now ten launches year-to-date, exceeding all of 2020.”

Smurfit also looked to the near future in the report, saying: “Looking ahead, our pipeline continues to expand with new opportunities for our industry-leading B2B offering here in the US.”