- GAN is an international developer and supplier of B2B internet gambling software and services.
- US markets for GAN include New Jersey through its partnership with Ocean Resort Casino and Pennsylvania through its partnership with Parx Casino.
- The company has seen a 203% growth in gross operator revenue for the third quarter of 2019 when compared to the third quarter of 2018.
TALLAHASSEE, Fla. – GAN, an award-winning supplier and developer of internet gambling software and services to gaming companies worldwide, is seeing huge growth due in large part to an increase in US sports betting.
According to a press release from Monday, GAN has seen a 203% increase in year on year gross operator revenue when looking at Q3 for 2018 and 2019. Gross operator revenue for the third quarter of 2018 was only $26.7 million but has since shot up to $80.9 million for the third quarter of 2019.
“The exceptional growth rate year on year is exaggerated by (i) mass-market U.S. Internet sports bettors in New Jersey crossing over into the online casino before, during, and after sports events, which is providing particularly lucrative for GAN; and (ii) the faster-than-anticipated ramp-up of Pennsylvania Internet gamblers, since launch in June 2019, which today sees more Pennsylvanians gambling online than residents of New Jersey, which has been online since November 2013 (with internet sports betting since September 2018),” commented Dermot Smurfit, CEO of GAN.
GAN operates in New Jersey through its relationship with Ocean Resort Casino. GAN also powers the online betting operations for Parx Casino in Pennsylvania.
In New Jersey, nearly 80% of all sports bets are made through online or mobile devices and that trend is growing in Pennsylvania as well. Online sportsbooks in PA launched in June, but by August, online sports betting accounted for two-thirds of the entire PA sports betting industry.
Not only is this upward trend in states with legal sports gambling helping to bolster GAN’s revenue numbers, but the start of football season also played a factor.
“The third quarter benefited from the stronger-than-expected demand for U.S. sports betting during the seasonally weaker Summer months as well as the first month of American Football NFL season which commenced on September 5 and continues through to Super Bowl LIII on February 2, 2020,” said Smurfit.
With plenty of football left to be played in Q4 of 2019, GAN could continue to see a continued increase in year on year revenue growth.
– In his career, Hasan has worked both local and state government positions—including the Attorney General’s Office in Florida. On top of being familiar with the legislative process, he has also been researching and writing on the legality of sports betting across the US. Outside of work you’ll most likely find him producing or playing music, playing sports, or working on creative writing projects. You’ll also catch him at Doak Campbell Stadium cheering on the Noles.