Tuesday 25 June 2019

Smurfit Jr hails 'pivotal year' for Gan

Gan CEO Dermot Smurfit Jr
Gan CEO Dermot Smurfit Jr
Ellie Donnelly

Ellie Donnelly

Dermot Smurfit Jr has said last year was “a pivotal year” for Gan.

In a statement ahead of the gaming software company’s AGM today, Mr Smurfit said the group firmly believe 2019 will be another year of “tremendous operational and financial progress”.

Established in 2002, Gan provides internet gambling software-as-a-service solutions to the US land-based casino industry.

The group has benefitted from the relaxation of gambling laws in the United States.

Since the start of this year there has been a rapid and accelerating regulation of internet gambling in a number of US States including Montana, Indiana, Iowa, Tennessee and Illinois.

Today, around fifty-eight million Americans (20pc of the population) now have legislation in place permitting one or more forms of internet gambling.

Industry analysts believe more than half of all Americans will be permitted to gamble online as a result of accelerating incremental State-by-State regulation “within a few more years,” Mr Smufit will tell shareholders today.

"This regulatory driver obviously creates a unique opportunity for Gan to leverage years of investment developing and optimising its best-in-class technology,” Mr Smurfit said.

“And provides an environment to maximise the equity value of [Gan’s] unique US industry position as a truly unique enterprise software technology platform enabling regulated intra-State online gambling across America.”

Gan reported record revenues of £4.6m (€5.3m) in the three months to March 31.  

Sales were up 122pc on a year-over-year basis as Gan said it benefitted from higher than expected growth of New Jersey's sports betting, in addition to higher than expected casino cross-selling from internet sports bettors into internet casino gaming during the three-month period.

The company also generated positive earnings of £0.6m in the first quarter of this year.

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