GAN loses major client in FanDuel but gains Penn National

GAN has reported a 99% year-on-year rise in Q2 revenue to $8.3m.

PennNational

And yet this was not the main headline investors took from the supplier's financial report, with GAN announcing it will no longer be working with operator FanDuel for sports betting beyond August. However, GAN will continue to work with the operator on a revenue-share basis for real-money internet gaming.

In a note somewhat buried lower down in its Q2 presentation, GAN said: "FanDuel deployed their proprietary digital wallet for its sports gaming business, and therefore GAN does not anticipate sports gaming revenues from FanDuel after August 31, 2020."

The Flutter Entertainment-owned brand represents a significant percentage of GAN's revenue, with investors duly reacting as the provider's share price tumbled 14% to $21.75. 

Perhaps softening the blow, GAN has announced a new major customer in Penn National.

Jeff Berman, GAN CCO, said:We are proud to have been selected by a genuine giant of gaming to upgrade their long-standing B2B social casino offering.

"We hope this marks the beginning of a partnership that may grow beyond the opportunity of social gaming for GAN.”


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