Published
FinancialIndustry

GAN Limited sees 7% revenue decrease in Q3 2021

GAN Limited has reported $32.3m in revenue for the third quarter of 2021, a 7% drop from Q2.

GANQ32021

The provider has seen its total revenue decrease from the second quarter’s $34.6m figure, which it attributes to sports seasonality and lower sports betting margins, despite an increase in active customers. This decline was partially offset by organic growth in casino and poker revenues, but these were not enough to mitigate an overall slide in B2C revenue.

Bringing in $21.1m, this segment experienced a $2.9m decrease from the $24m reported for Q2. However, GAN’s revenue from its B2B segment rose on the back of a bump in hardware sales, climbing by 5% from $10.6m to $11.2m.

“Our third quarter financial results were in line with our expectations as our B2B segment revenues rose 5% compared to the prior quarter, while our B2C revenues experienced seasonality following a record second quarter,” remarked Dermot Smurfit, GAN’s CEO.

Lower sports betting margins also drove an increase in net loss, which went from $2.7m in Q2 to $7.9m in the third quarter. Also affecting this rise was a total of $1.5m in adverse impact due to an additional tax provision expense, foreign currency effects and a purchase accounting adjustment related to the company’s acquisition of Coolbet.

GAN’s cash also declined by $1.8m, leaving it with $50.3m available, which was primarily caused by payments to obtain exclusive rights for online gaming content.

Despite the company’s revenue decrease in the third quarter, Smurfit remained optimistic, commenting: “We continue to make exciting progress in each of our business segments and initiatives and are well-positioned going forward.”

Premium+ Connections
Premium

Sport Generate

 
Premium

PIN-UP Partners

 
Premium

Imagine Live

 
Premium

Revsharks

 
Premium

Lynon

 
Premium

1xBet Partners

 
 
Premium

GammaStack

 
Premium

Galaxsys

 
Premium

Digitain

 
Premium

RISK

 
Premium Connections
Consultancy

SCCG Management

Executive Profiles
Zeal Network SE

Stefan Tweraser

VIP Play

Les Ottolenghi

Scientific Games

Keshav Pitani

Social & App

Spribe CEO exclusive: Simplicity is the foundation

Spribe CEO David Natroshvili speaks to Gambling Insider abou...

Redefining iGaming: A history of crash games

Crash games is a growing vertical that has taken gambling by...

A certain something: What makes crash games special?

Crash games. They’re simple, they’re easy to learn and,...

Smarter innovation to shape the future

Spribe CCO Giorgi Tsutskiridze discusses the past, present a...

Facing Facts: The corner of quarterly contemplation

With Q1 reports out across the industry, Gambling Insider co...

Taking Stock: A guide to key stock prices across the industry

Gambling Insider tracks prices from some of the industry’s...

15 years of Gambling Insider: From the Founders

Over the last 15 years, Gambling Insider magazine has interv...

15 years of Gambling Insider: The Awards over time

Global Gaming Awards Event Manager Mariya Savova gives us he...