Smurfit's gambling software firm GAN signs Italian deal
GAN, the gaming software company headed up by Dermot Smurfit Jr, has signed a multi-year agreement with Goldbet, an Italian internet sports betting and casino gaming operator in Italy's regulated market.
In a statement yesterday, the company said that the eight clients it works with in Italy together represent more than 40pc of Italy's internet casino gaming market by gross gaming revenue.
Referring to Goldbet specifically, the Italian company has approximately 3pc of market share of internet casino gaming in Italy.
Describing the Italian market as remaining a "strategic stronghold" for GAN, Mr Smurfit said that the deal represents a "substantial long-term investment" in a market which first regulated internet skill-based games in 2009, casino table games in 2011 and casino slot games in 2013.
"The Italian regulated internet gaming market appears locked in a structural growth cycle, which GAN continues to benefit from by delivering an increasing number of high-quality internet casino games to its clients," Mr Smurfit said. "We very much welcome the addition of Goldbet as our ninth client in Italy."
The company, which last year posted earnings before interest, taxation, depreciation, and amortisation of £0.5m (€0.57m), a turnaround on the £0.9m loss recorded in 2016, expects its net revenue and earnings to increase as a result of the deal in the second half of 2018.
Gross income for 2017 at GAN was £41.1m (€46.9m), a 30pc increase on the previous year, according to the company's annual results released in March. The performance was driven by the launch of five new clients of Simulated Gaming in the US.