GAN reports $129.4 million in full year revenue

Finance News

GAN a leading North American B2B technology provider of real money internet gaming solutions and a leading International B2C operator of Internet sports betting, has reported its unaudited financial results for the quarter and year ended December 31, 2023.

Total revenue of $30.7 million decreased 17%, or $6.2 million, compared to the prior year quarter.

B2B segment revenue was $11.8 million versus $14.1 million. The decrease was primarily driven by a decrease in our contractual revenue rates related to the expiration of an exclusivity period with a B2B customer.

B2C segment revenue was $18.9 million versus $22.8 million. The decrease was primarily driven by increased activity from the World Cup occurring in the fourth quarter of 2022.

B2B Gross Operator Revenue was $384.7 million versus $365.8 million in the prior year quarter, a 5% increase. Total segment contribution was $20.9 million versus $26.9 million. The decrease was primarily driven by decreases in both the aforementioned factors in the B2C and B2B segment revenues.

Total revenue was $129.4 million decreased 9% compared to the prior year.