Gan Ltd Stock Price, News & Analysis

GAN Limited (NASDAQ: GAN) has announced preliminary results for Q2 2021, projecting revenue between $34.0 million and $35.0 million, along with Adjusted EBITDA of $3.0 million to $7.0 million. These results were bolstered by strong performance in its Business-to-Consumer (B2C) segment, particularly from Coolbet in Latin America and Northern Europe. The company has also raised its full-year revenue guidance to $125 million to $135 million, improving margins from sports betting to 9.7%, compared to 6.8% in Q1. A detailed update is expected during the earnings call on August 16, 2021.

GAN Limited (NASDAQ: GAN) has secured an exclusive agreement with Incredible Technologies, Inc. to obtain rights to all current and future online games, expanding GAN's total to over 110 games. This partnership supports GAN's strategy to enhance its content acquisition, targeting both B2B Gross Operator Revenue and expanding its iGaming customer base. Incredible Technologies will distribute its game library exclusively through GAN's platform, further solidifying GAN's online offerings in the U.S. market, which represented about 7% of U.S. slot sales in 2020.

GAN Limited (NASDAQ: GAN) has appointed Susan Bracey to its Board of Directors, effective immediately. Bracey brings extensive financial experience from the technology, media, and entertainment sectors, having held executive roles in both private and public companies. GAN's CEO, Dermot Smurfit, expressed excitement about Bracey's involvement, anticipating her guidance will enhance the company's growth strategy in the online gaming market. Bracey aims to leverage her expertise to contribute positively to GAN's future growth and stakeholder value.

GAN Limited (NASDAQ: GAN) has secured a binding agreement with the Saginaw Chippewa Indian Tribe to provide its gaming software services at Soaring Eagle Casino & Resort, the largest casino in Michigan. This partnership will leverage GAN's GameSTACK™ software and iBridge loyalty platform to enhance iGaming and sports betting capabilities, targeting the casino's extensive patron database. This marks GAN’s fourth client in Michigan and ninth in U.S. real money gaming, reflecting its growing influence in the sector. The Michigan market is projected to exceed $1 billion in gross operator revenue in its first year.

GAN Limited (NASDAQ: GAN) has entered into an agreement with Ainsworth Game Technology (ASX: AGI) for exclusive online rights to over 70 current and future Ainsworth games. This strategic partnership aims to enhance GAN's content acquisition strategy, targeting the U.S. iGaming market. By leveraging recognized retail gaming content, GAN plans to boost its earnings through online licensing fees starting in New Jersey, and expanding to Michigan and Pennsylvania in 2021. The deal positions GAN to strengthen its position in the competitive iGaming industry and ensure exclusive access to a growing online casino games portfolio.

GAN Limited (NASDAQ: GAN) reported strong financial results for Q1 2021, with total revenues soaring to $27.8 million, a remarkable 263% increase year-over-year. This growth was fueled by a $14.3 million contribution from the Coolbet acquisition, alongside a 76% rise in B2B revenues. However, the company faced a net loss of $4.5 million due to increased costs associated with the acquisition and ongoing operational expenses. As of March 31, 2021, GAN held $52.2 million in cash, down from $152.7 million at year-end 2020.

GAN Limited (NASDAQ: GAN) will announce its financial results for Q1 2021 on May 17, 2021, after market close. Following the release, a conference call will be held at 4:30 PM EST to discuss the results. Investors can join the call through a U.S. toll-free number (877) 407-0989 or international dial-in (201) 389-0921. GAN serves the U.S. land-based casino sector with its GameSTACK™ software, providing a complete suite for real money internet gambling and sports betting.

GAN Limited (NASDAQ: GAN) successfully transitioned Churchill Downs Incorporated's TwinSpires sports betting and iGaming operations onto its platform in Pennsylvania and Indiana. The launch of mobile sports betting in Colorado marks the brand's entry into five states. This migration showcases GAN's capabilities in managing complex transitions efficiently. With the upcoming Kentucky Derby, TwinSpires is poised for growth, leveraging their strong brand across multiple states. GAN continues to support TwinSpires with its advanced player account management and gaming technology.

GAN Limited (NASDAQ: GAN) announced the appointment of Robert Shore as the new Vice President of Investor Relations & Capital Markets. With over 15 years in corporate finance and investor relations, Shore aims to enhance GAN's visibility in the fast-growing digital gaming market. His previous role at Scientific Games involved significant financing transactions and an IPO. CEO Dermot Smurfit expressed confidence in Shore's industry experience to accelerate the company's strategic engagement with investors.