GAN recorded a $20.2 loss in 2020 due to an increase in expenses. Annual gross revenue increased by 73% to $545 million.

Real money Internet gaming up 6% to $25.6 million in 2020, or 28% excluding B2C-related revenue that ceased in 2020. Simulated gaming revenue up 66% to $9.5 million in 2020.

GAN expects full year 2021 revenue of $100 – $105 million, including first quarter revenue of $24 – $25 million.

Dermot Smurfit, CEO of GAN stated: “2020 was a highly successful, foundation-building year for GAN. We expanded our top-line, doubled our new client launches, signed numerous new customers that we believe will support stable and growing recurring revenue, and rounded out our product portfolio through multiple new content partnerships and the critical acquisition of Coolbet.

Our annual revenue increased 17% in 2020, but the key recurring components of that, our U.S. RMiG and Simulated offerings, saw revenue growth of 92% and 77%, respectively.

We also invested in our infrastructure and have fully converted to U.S. GAAP during the fourth quarter, which completed our journey to becoming a public company listed and based in the U.S. Most importantly, we filled a significant need in our product offering through Coolbet’s best-in-class sportsbook engine, which positions GAN as a full-service B2B solution for real money gaming in the U.S. and as a vertically integrated B2C player in select international markets.”