5th Nov 2019 10:16
(Alliance News) - Shares in gambling software firm GAN PLC surged Tuesday after it expects 2019 revenue to more than double amid strong growth from its clients.
Shares in London-based GAN were 7.1% higher at 123.20 pence in London on Tuesday.
For the four months ended October, gross operator revenue tripled to USD121.5 million from USD37.7 million on the year prior. This was amid October gross operator revenue almost quadrupling to USD40.6 million from USD11.0 million the year before.
As a consequence, for 2019 as a whole, GAN expects its revenue to more than double from the GBP10.6 million reported in 2018.
"We are pleased that the ramp-up in real money Internet gambling is accelerating ahead off our budgeted expectations in Pennsylvania and New Jersey, particularly since the start of the American football season in early September," Chief Executive Officer Dermot Smurfit said.
"Our clients are among the leading operators of US Internet gambling, leveraging GAN's proven technology Platform optimized in New Jersey over several years to convert our clients' marketing dollars into more first time online gamblers," Smurfit added.
"Our clients' competitors remain locked in the multi-year optimization journey that has already been completed by GAN, granting our clients a significant and sustainable competitive advantage," Smurfit continued. "Given the rapid increase in the total addressable market for US Internet gambling operators and their infrastructure providers such as GAN, we expect to see continued and rapid growth."
By Ahren Lester; [email protected]
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