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NEWS 25 March 2020

GAN signals commitment to move to Nasdaq as 2019 revenue rises 114%

By Iqbal Johal

GameAccount Network (GAN) has signaled its commitment to move its stock listing to The Nasdaq Stock Market, after filing its registration statement on Form F-1 with the US Securities and Exchange Commission (SEC).

The supplier expects the public listing to take place after the SEC completes its review process, which is subject to market conditions.

The supplier also announced net revenue increased 114% year-on-year to $30m for 2019, while adjusted EBITDA was $8.4m.

Yearly income after tax was up to $1.8m, following a loss of $7.7m in 2018.

GAN provided an update regarding the coronavirus outbreak, saying technical development has yet to be affected, while a rise in online gambling is expected to have a positive impact on overall revenue.

It expects Q1 2020 Gross Operator Revenues (GOR) to be in excess of $140m, while GOR from internet casino gaming in the US has increased 341% year-on-year since the coronavirus impact period commenced on 12 March.

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