If You Invested in Gan Ltd (GAN)

GAN Limited (GAN) historically operated as a North American business-to-business technology provider of real money internet gaming solutions and as an international business-to-consumer operator of internet sports betting. According to company disclosures, GAN focused its B2B activities predominantly on the U.S. land-based casino industry and built a presence in selected European and Latin American markets through its B2C operations.

The company reported that its business was organized into two main segments: a B2B segment supplying internet gambling software-as-a-service solutions to land-based casino operators, and a B2C segment operating proprietary online sports betting technology. In its B2B segment, GAN developed and licensed a proprietary internet gambling enterprise software system known as GameSTACK. Company materials describe GameSTACK as a turnkey technology solution for regulated real money internet gambling, encompassing internet gaming, internet sports betting and social casino gaming branded as Simulated Gaming.

In its B2C activities, GAN stated that it operated online sports betting technology through its Coolbet division. Coolbet is described in GAN’s public communications as a market-leading operator of proprietary online sports betting technology with market leadership positions in selected European and Latin American markets. Through this division, GAN participated directly in international internet sports betting, complementing its B2B focus on U.S. land-based casinos.

GAN’s revenue discussions in its public releases distinguish between B2B platform and content license fees, development services and other B2B revenue, and B2C gaming revenue. The company also referenced internal metrics such as B2B Gross Operator Revenue, B2B Take Rate, B2C Active Customers, B2C Marketing Spend Ratio and B2C Sports Margin as key performance indicators, indicating an emphasis on transaction volumes processed for B2B customers and user activity and profitability metrics in the B2C sportsbook and gaming operations.

GAN’s public communications also explain that its B2B Gross Operator Revenue metric is based on the gross revenue generated by its corporate customers across virtual simulated gaming, regulated real money internet gambling and sportsbook offerings, while the B2B Take Rate reflects the portion of that gross operator revenue retained by GAN. For its B2C operations, the company defined active customers as users who placed a wager during a given period and described sports margin as the ratio of wagers minus winnings to total amount wagered, adjusted for open wagers at period end.

GAN’s corporate status changed following a transaction with SEGA SAMMY. In a Business Wire announcement dated May 27, 2025, GAN disclosed that it had completed its merger with an affiliate of SEGA SAMMY HOLDINGS INC. through SEGA SAMMY CREATION INC. The release states that SEGA SAMMY, through SSC, acquired all outstanding securities of GAN for cash consideration and that GAN’s ordinary shares would cease to be traded on the NASDAQ Global Stock Market effective as of the close of trading on that date. The company further indicated in earlier merger-related communications that, upon completion of the merger, GAN would cease to be a publicly traded company and its ordinary shares would be delisted and deregistered.

As a result, the ticker GAN now represents the historical public listing of GAN Limited prior to its acquisition by SEGA SAMMY’s affiliate. The descriptions of GAN’s B2B and B2C activities, GameSTACK platform, Simulated Gaming offering and Coolbet division are therefore best understood as describing the company’s operations before it became a wholly owned subsidiary of SEGA SAMMY CREATION INC.

Business model and segments

According to GAN’s own descriptions in its news releases, the company’s business model combined B2B software-as-a-service licensing with B2C online sports betting operations. In the B2B segment, GAN licensed its GameSTACK enterprise software system to U.S. land-based casino operators as a turnkey technology solution for regulated real money internet gambling, covering internet gaming, internet sports betting and social casino gaming under the Simulated Gaming brand. In the B2C segment, the company generated revenue from online gaming and sports betting activity through Coolbet.

GAN’s financial updates referenced B2B platform and content license fees, development services and other B2B revenue, and B2C gaming revenue, illustrating how its two segments contributed to overall performance. The company’s commentary on geographic revenue by region (United States, Europe, Latin America and rest of world) also highlighted the importance of U.S. B2B relationships and European and Latin American B2C markets.

Merger with SEGA SAMMY and trading status

GAN’s merger process with SEGA SAMMY was documented through a series of public announcements. The company reported clearance from the Committee on Foreign Investment in the United States (CFIUS) and approvals from gaming regulatory agencies, including the Nevada Gaming Commission, as conditions to closing. The May 27, 2025 announcement confirms that the merger was completed and that GAN’s ordinary shares would cease trading on NASDAQ as of the close of trading that day. Earlier releases stated that, upon completion of the merger, GAN would cease to be a publicly traded company and its shares would be delisted and deregistered.

For investors and researchers, this means that GAN is now a former public company. Historical information about its operations, financial performance and key performance indicators remains relevant for understanding its legacy as an independent issuer and for analyzing the context of its acquisition by SEGA SAMMY’s affiliate.

Historical context for investors

GAN’s public financial releases discussed trends in B2B and B2C segment revenue, operating expenses, net income or loss, and adjusted EBITDA, as well as changes in B2B Gross Operator Revenue and B2C Active Customers. The company attributed movements in B2B revenue to factors such as expansion of offerings in specific U.S. states and the impact of partner exits, and described B2C performance in terms of player activity and margins in European and Latin American markets. These disclosures provide insight into how GAN managed its software-as-a-service relationships with casino operators and its direct-to-consumer sportsbook operations prior to the merger.

Because GAN is no longer listed on NASDAQ following its acquisition, any current trading activity under the historical symbol GAN should be evaluated carefully, and users should recognize that the symbol primarily serves as a reference to GAN Limited’s history as a standalone public company.