GAN has reported first quarter revenue of $35.1 million decreased 6% compared to the prior year quarter. 

B2B segment revenue was $11.3 million versus $13.1 million. The decrease was primarily attributable to a decrease in our contractual revenue rates of our largest B2B customer. The effects of the rate decrease were partially offset by overall growth in the B2B segment due to strong performance of our largest B2B customer. 

B2B Gross Operator Revenue (“GOR”) totaled $422.8 million versus $297.8 million in the prior year quarter, a 42% increase. The increase was driven primarily by organic growth in Michigan, New Jersey, and existing customers in Pennsylvania.

Additional growth provided from expansion of new and existing clients into new jurisdictions, such as Arkansas and Ontario, and the launch of retail sportsbook solution for new and existing customers in new jurisdictions such as Mississippi and Massachusetts. 

Dermot Smurfit, CEO of GAN stated: “Our first quarter showed another strong quarter of underlying KPIs for both our B2B and B2C businesses and B2B GOR and active customers, deposits, and turnover in B2C remain very encouraging. We also expect our deliberate efforts to reallocate capital and other resources toward our highest return opportunities to yield improved financial results in 2023 as we lean into GAN Sports in the U.S. and select international markets for B2C where we are best positioned and see reasonably attainable paths to profitability.”