Friday 18 October 2019

Smurfit Jr hails 'pivotal year' for Gan as sales soar

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

Ellie Donnelly

Dermot Smurfit Jr has said 2018 was "a pivotal year" for Gan.

Ahead of the gaming software company's AGM, Mr Smurfit said 2019 will be another year of "tremendous operational and financial progress" for the group.

Established in 2002, Gan has been benefiting from the relaxation of gambling laws in the US last year.

So far this year there has been an acceleration in the regulation of internet gambling in a number of US States including Montana, Indiana, Iowa, Tennessee and Illinois.

Today, around 58 million Americans live in states that allow some form of internet gambling, according to the group. Analysts believe more than half of all Americans will be permitted to gamble online as a result of state-by-state regulation "within a few more years," Mr Smurfit told shareholders.

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

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 benefited from higher than expected growth of New Jersey's sports betting, in addition to higher than expected casino cross-selling from internet sports gamblers into internet casino gaming during the three-month period.

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