Gan Ltd Stock Price, News & Analysis

GAN Limited reported a 14% increase in total revenue for 2022, totaling $141.5 million. The company saw a 21% revenue growth in Q4 2022 compared to the same quarter in the previous year with B2B revenues rising 26% and B2C revenues increasing 19%.

Despite strong revenue growth, GAN faced a significant net loss of $197.5 million due to a $166 million non-cash impairment charge. Active customers surged 49% year-over-year, particularly in Latin America. A strategic review has been initiated to enhance shareholder value, yet 2023 guidance remains uncertain.

GAN Limited (NASDAQ: GAN) will release its financial results for Q4 and the full year ending December 31, 2022, on March 30, 2023, after market close. A conference call to discuss these results is scheduled for 4:30 PM ET on the same day. Investors can access the call via a toll-free number or internationally, with a PDF presentation available on the company’s website. GAN specializes in B2B technology solutions for real money internet gaming and operates the Coolbet brand for online sports betting in select markets. For more information, visit www.GAN.com.

GAN Limited (NASDAQ: GAN) has successfully launched its B2B sports betting technology at WynnBET Sportsbook, located at Encore Boston Harbor in Massachusetts. This marks GAN's second sports deployment in the U.S. The venue features over-the-counter wagering windows and 120 self-service kiosks, making it the largest installation of its kind in the country. The launch took place on January 31, 2023, with notable guest appearances. GAN's sportsbook technology is built on Coolbet technology and is designed to support the growing regulated gambling market in the U.S.

GAN Limited has launched its sports betting and iGaming platform, Coolbet, in the regulated Mexican market, marking the company's tenth operational jurisdiction.

The launch begins on January 16, through a partnership with a licensed local entity, which will enable Coolbet to offer tailored betting services. Initial expectations indicate modest investment and revenue as the company acclimatizes to the market. The Coolbet platform will feature local sports events, including the 2023 Mexico Open and Formula 1, supported by targeted marketing initiatives.

President Endre Nesset emphasizes a cautious growth approach, focusing on brand awareness through social media and local partnerships.

GAN Limited (NASDAQ: GAN) has announced an exclusive national partnership with WynnBET to enhance its sports betting operations across the U.S. This partnership will utilize GAN Sports technology for online sportsbooks, starting with the WynnBET Sportsbook at Encore Boston Harbor in Massachusetts, set to launch in early 2023. GAN aims to expand its reach in iGaming states through the Super RGS content aggregation delivery system, reinforcing its position in the U.S. iGaming market and promising future growth opportunities.

GAN Limited (NASDAQ: GAN) has announced the resignation of Chief Financial Officer Karen E. Flores, effective November 25, 2022. Brian Chang, the Senior Vice President and Corporate Controller, will serve as the interim CFO while the search for a permanent replacement is underway. CEO Dermot Smurfit acknowledged Flores' contributions to the company's growth, especially during its transition to a U.S. public entity and the acquisition of Coolbet. GAN continues to provide innovative gaming solutions in the B2B and B2C sectors.