31st Jan 2020 12:14
(Alliance News) - Gambling software supplier GAN PLC on Friday said it expects full-year revenue to double amid rising demand in New Jersey and Pennsylvania following the start of the NFL season in the US.
The company also added it is formally initiating a US listing process, to begin trading on NASDAQ as a foreign private issuer "as soon as reasonably practicable".
Trading in 2019 was ahead of market expectations, GAN said, with revenue expected to more than double from GBP10.9 million in 2018.
The earnings before interest, tax, depreciation and amortisation margin is expected to improve to between 30% and 35% compared with a negative 14% in 2018.
Demand for internet gambling in New Jersey and Pennsylvania following the start of the NFL season September 5 was "higher-than-expected".
The company said it was also helped by the launch of internet sports betting in Indiana in October.
Chief Executive Dermot Smurfit said: "We are delighted with our full-year performance in 2019, which proved the long-theorized margin opportunity available to GAN as a specialized enterprise software provider and provides a solid foundation for 2020 and beyond."
The company also announced it will supply its simulated gaming software to the Snoqualmie Indian Tribe, which owns a casino in Washington state.
It is located roughly 25 miles from the city of Seattle and is a branding partner of the Seattle Seahawks, an NFL outfit.
Its the 16th US casino operator to license GAN's software, the company said.
GAN's Chief Commercial Officer Jeff Berman said: "We are pleased to partner with the Snoqualmie Indian Tribe in bringing Seattle's Closest Casino online with our Simulated Gaming solution. The Washington gaming industry is a nearly USD2 billion market with the majority of casinos concentrated in the Seattle-Tacoma region."
GAN shares were 4.8% higher at 164.50 pence each in London on Friday afternoon.
By Eric Cunha; [email protected]
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