2nd Oct 2019 10:28
(Alliance News) - GAN PLC on Tuesday reported a surge in its earnings in the third quarter of 2019, thanks to an increased demand for US sports betting.
GAN shares were trading 0.9% lower on Wednesday morning in London at 78.50 pence each.
The gambling software company reported continued year-on-year growth in the third quarter of 2019, reflecting high demand for internet sports betting and internet casino gaming in New Jersey and the US State of Pennsylvania.
GAN said gross operator revenue - which comprises the sum of gross revenue from Simulated Gaming, real money regulated gaming, and Sports betting - more than tripled year-on-year to USD80.9 million from USD26.7 million a year earlier. This change was driven by strong growth in real money regulated gambling in the US, the company explained.
Average revenue per active player-day, meanwhile, almost doubled to USD15 million from USD7.9 million the year prior.
"The third quarter benefited from stronger-than-expected demand for US sports betting during the seasonally weaker Summer months as well as the first month of American Football national football league season which commenced on September 5," said Chief Executive Dermot Smurfit.
By Evelina Grecenko; [email protected]
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