GAN shares soar 11 per cent after huge third quarter revenue growth
Shares in GAN, the internet gambling software, services and online gaming developer, shot up 9.5 per cent today after the company released its third quarter trading update this morning.
The company now expects year-over-year revenue growth of more than 100 per cent in 2019.
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Revenue for the four-month period ended 31 October was $121.5m (£94.2m), up 222 per cent from $37.7m in the same period in 2018.
The company said that higher-than-expected demand for internet gambling with the commencement of America’s National Football League season in September had pushed driven the impressive results.
Chief executive officer Dermot Smurfit said: “Our clients are among the leading operators of US Internet gambling, leveraging GAN’s proven technology platform optimized over several years to convert our clients’ marketing dollars into more first time online gamblers.
“Given the rapid increase in the total addressable market for US internet gambling operators and their infrastructure providers such as GAN, we expect to see continued and rapid growth.”
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British gambling companies have been expanding across the Atlantic, encouraged by a booming online sports betting market in the US.
London-headquartered GAN, which supplies online gambling software to US casinos, said it gets less than 1 per cent of its gross operator revenue from the UK market.
Main image credit: Getty