GAN today provides an update on trading for the first quarter period ending March 31, 2019.

GAN generated record revenues of £4.6M during the first quarter ended March 31, 2019, up 122% on a year-over-year basis when compared to the first quarter of 2018 and approximately £0.2M (+5%) ahead of expectations provided as part of the Company’s financial results call held on March 29, 2019. This is primarily driven by higher than expected growth of New Jersey’s sports betting in addition to higher than expected casino cross-selling from internet sports bettors into internet casino gaming during the Q1 period.

The Company also generated positive EBITDA of £0.6M in the unaudited Q1 2019 period, returning the Company to positive EBITDA following the strategic investment cycle to expand the Company’s engineering resources.

As of April 30, 2019, GAN enjoys a debt-free balance sheet, including £8.6 million in cash and cash equivalents. Management has reiterated there will be no need for additional capital raises in the foreseeable future. 

The outlook for 2019 continues to remain highly positive for GAN as it continues to see rapid growth in real money gaming in the US markets as well abroad. In addition, the Company continues to see higher than expected growth in regulated sports betting markets which it believes will lead GAN to a record year. The Company maintains its full year guidance of mid to high double-digit revenue growth with positive EBITDA.

The outlook for the first half year period and full calendar year 2019 is contingent on (a) the market size, clients’ market share and growth rate of Internet gambling in New Jersey; (b) the timing with which Pennsylvania’s regulator the Pennsylvania Gaming Control Board (“PGCB”) permits the launch of Internet real money gambling for residents of the State of Pennsylvania; and (c) the speed with which efficient marketing of the Overseas Internet Casino is conducted in European regulated markets by GAN.

Dermot Smurfit, CEO of GAN, commented, “We are very pleased with our performance through the first three months of 2019 with a record top-line figure and return to a positive EBITDA. We knew that the initiatives set in place throughout 2018 positioned the Company for a strong first quarter and fiscal year 2019.  We remain focused on landing new clients, and expanding upon existing contracts with clients, in addition to preparing ourselves for a rapidly expanding market due to an acceleration in sports betting-led online gambling regulation in the United States.”