GAN or the former GameAccount Network posted information Thursday, March 29, 2018, that shows a higher gross income for 2017. The online technology provider for casinos was able to decrease losses for 2017 and increase their revenue. GAN Year End 2017 results have more information. Despite putting in a filing back in January 2018, the company has more to share.
The new data shows that in 2017, earnings were up 30 percent over the prior year. It meant a revenue of 41.1 million pounds. Net income was also up by 17 percent. In previous years, the losses have been 932,000 pounds, but this year was positive with 454,000 pounds. The after-tax loss also narrowed from 3.8 million to 3.5 million pounds.
Dermott Smurfitt, the CEO of GAN, says it is the first positive year since 2013. A lot of the traction occurred in the second half of the year. It also puts the company in a better position for 2018, with a hopeful gain of around 82 percent if the company continues its current strategy.
US Casino Clients
GAN credits US investors with better earnings. In the latter part of 2018, GAN gained five new clients from the US. These clients required the Simulated Gaming free-play online gaming option. In 2016, only three new US clients joined. The growth that will happen due to the free-play option will continue in 2018, according to Smurfitt.
GAN also provides real-money online casino products to such places as Betfair, which is breaking into the New Jersey market. GAN will launch a second New Jersey option with Ocean Resort, which used to be Revel. This will happen in the first half of 2018, according to the company news release.
GAN provides Pennsylvania customers, particularly, Parx Casino, with Simulated Gaming. GAN believes the setup will be finished in the second half of the year. Pennsylvania is still putting some breaks on casino platforms like GAN, so they are unable to get a license until June 4th, when applications will be accepted.
GAN is part of the Italian real money scene, which has earned about 31 percent of its total revenue from Italy.
Oklahoma’s Chickasaw Nation is a previous client of the Simulated Gaming, and they are launching a European real money gaming site.
What is showing from the announcements from GAN—is they can position the company to help US locations; especially, those with relaxing online betting laws.