GAN H1 revenue up, thanks to growing US market
GAN revenue was £11.3m ($14.1m) for H1 2019, a 145% rise year-on-year, with EBITDA of £3m, a 3% increase.
Revenue for real money gaming was up 103% to £4.3m, while virtuals revenue was £2.3m, an 8% rise.
GAN’s expenses saw an increase for H1, up 31% to £10.5m, mainly due to distribution costs which totalled £6.2m.
The supplier attributes the majority of revenue growth to the US market, which generated 78% of net revenue for the period, while 21% came from Europe.
In January, GAN announced plans for a major US expansion in partnership with FanDuel, and has since supported the launch of online sports betting in New Jersey and Pennsylvania.
As a result, US revenue saw a 210% increase from last year, to £6.6m, with the supplier attributing this to the rapid acceleration of online sports betting in the US.
The supplier also saw growth in other markets with European B2C revenue up 600%, to £600,000 and Italy revenue up 6% to 1.8m.
New Jersey, one of GAN’s main US locations, saw overall gaming revenue increase once again for August with total gaming revenue up 16% for the month.
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