A loss has been reported in the year to December 31, 2016 by GAN, the London-listed supplier of online gaming software to the US land-based casino industry.
The group reported net revenue of £7.8m, an increase of 30 per cent on the £6m reported in the previous year.
Although EBITDA showed a loss of £0.9m, it was a reduction of 70 per cent on the 2015 figure. The loss after tax was £3.8m, down from £5m. The company reported that the losses were in line with expectations.
The group confirmed that it had launched simulated gaming for three new US casino clients and signed five new contracts and is delivering Betfair’s growing New Jersey internet casino business with its GAN gaming platform and content. The New Jersey i-gaming market grew gross gaming revenues by 32 per cent to $197m in 2016.
It now has 13 US casino operator clients representing 75 properties across the country and its Simulated Gaming clients generated 13 per cent of the land-based US casino industry’s annual gaming revenues.
CEO Dermot Smurfit commented: “We believe we have achieved critical mass in the US market with 13 major US casinos as clients of Simulated Gaming, each of which has licensed GAN ‘s internet gaming system and our US patent and that the company is well-positioned to secure additional profitable opportunities from incremental US states which regulated real-money internet gaming over time.”
