GAN revenue climbs as US presence grows
Firm headed by Dermot Smurfit reports €2.3m loss in first half
Dublin-listed online gaming company GAN has reported a pre-tax loss of €2.3m for the first half of 2016 as it continued to invest in building up its presence in the US market.
This compared with a loss of €2.6m in the same period last year. Net revenue rose by 35 per cent to €2.9m, with almost two-thirds of this coming from the US.
During the six-month period, GAN completed deals with four customers has so far announced four deals with casino operators involves the use of GAN’s Simulated Gaming technology, an internet gaming service designed specifically for land-based US casinos, which offers casino games across web, mobile and virtual reality.
GAN said it had three million US active player days of both real money regulated gaming and simulated gaming, representing an increase of 177 per cent compared with a year earlier.
"The rapid growth in Simulated Gaming revenues is particularly important as we believe over time they will substantially compensate for the slower than expected pace of the development of real-money internet gaming in the US," said chief executive Dermot Smurfit.
GAN last month raised £1.3m (€1.5m) through the placing of 3.25 million shares, or 4.6 per cent of the enlarged company, with Dermot Desmond’s investment firm, IIU Nominees, a long-standing shareholder.