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GAN Reports Third Quarter 2024 Financial Results

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GAN Limited reported its unaudited financial results for the third quarter ended September 30, 2024.

Seamus McGill, GAN’s Chief Executive Officer, said: “I couldn’t be more pleased with the progress our team members have made to deliver revenue growth while concurrently lowering our cost structure. Our top-line growth of 24% compared to the prior year was driven by B2B revenue growth of more than 60% while operating costs fell by nearly 10%. We remain focused on delivering a leading product offering for our US B2B clients and our international B2C business.”

Mr. McGill added: “In September, we recently received approval from the Nevada Gaming Commission for our planned merger with SEGASAMMY. We continue to work through the remaining regulatory requirements and anticipate a successful closing in early 2025.”

Third Quarter 2024 Compared to Third Quarter 2023

• Total revenue of $37.1 million increased 24% driven by an increase in the B2B segment.

• B2B segment revenue was $16.4 million versus $10.2 million. The increase was primarily due to an expansion of our B2B offerings in the state of Nevada and the recognition of revenue related to a partner exit in Michigan.

• B2C segment revenue was $20.7 million versus $19.6 million. Growth in Europe was driven by increased player activity, which was offset by reduced player activity and unfavorable exchange rates in Latin America.

• Operating expenses were $25.1 million versus $27.8 million. The decrease was primarily attributable to the Company’s overall reduction of compensation costs and reduced headcount realized as part of ongoing cost saving initiatives, as well as lower depreciation and amortization expenses as a result of intangible assets fully amortizing in the prior year.

• Net income of $2.1 million versus a net loss of $8.2 million improved primarily due to increased revenues and decreased operating expenses.

• Total segment contribution was $27.2 million versus $20.6 million, which was driven primarily by increased revenue in the B2B segment.

• Adjusted EBITDA was $5.4 million versus a loss of $2.5 million. The increase was driven by increased revenues and lower operating expenses resulting from the aforementioned factors.

• Cash was $36.5 million as of September 30, 2024, versus $36.9 million as of June 30, 2024.

• B2C Active Customers declined primarily driven by limited customer acquisition in Latin America.

• B2B Gross Operator Revenue totaled $610.4 million versus $424.1 million in the prior year quarter, a 44% increase. The increase was driven primarily by organic growth in Pennsylvania, New Jersey, Ontario, and Connecticut.

The post GAN Reports Third Quarter 2024 Financial Results appeared first on European Gaming Industry News.

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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EGT’s latest innovations to shine at the 15th edition of BEGE Expo

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EGT is ready to make another memorable show during this year’s 15th edition of BEGE Expo. The company’s impressive product display will await the guests at booth 4.0. on November 27 and 28.

Several new developments in EGT’s portfolio will be presented to the local gaming audience for the first time. Among them will be the Bell Link 2 multigame, the latest addition to the absolute bestseller Bell Link, as well as the Bell Link Boost jackpot. The mix will introduce visitors to the exciting worlds of 10 titles, 5 of which are brand new, offering them numerous opportunities for winning and entertainment.

Bell Link Boost will also captivate players’ attention with its six exciting games, as well as the Boost feature, which will amplify the amount of the Major and Grand jackpots. The highest levels of Bell Link Boost will be combined with the corresponding levels of Bell Link and Gods & Kings Link, adding even more thrill to the gaming experience.

Two new Asian-themed jackpot solutions will be on display as well. Sheng Sheng Bu Xi will offer players a jackpot combo, giving an extra layer of adventure to their gameplay, and the 4-level Zhao Cai Shuang Yu will further enhance the chances of winning with its Keep & Spin bonus and Free Spins & Wheel feature.

EGT will present its newest multigame series, Supreme Selection, which currently features Supreme Green Selection and Mega Supreme Fruits Selection mixes. Powered by the latest Exciter IV platforms, they will make their local debut during the expo, demonstrating a perfect blend of some of EGT’s most popular titles and brand-new games with enormous potential.

The selection of slot products for the show will be complemented by the General Series cabinets and multigames, as well as the well-known Premium Link, Coin Jackpot and Supreme Combo Link jackpots.

The company will also showcase its ETG solutions. The main highlight will be the new RK6C roulette, which will be presented in Bulgaria for the first time. Including sleek design and advanced features, it will provide guests with comfortable play stations, dynamic LED lighting, and engaging sound effects. The players will also be able to explore the numerous variants for keyboard configurations, American roulette, as well as the option for connectivity to other EGT Automated Roulette units, enhancing the overall experience.

The well-established GS 32 T, G 32 T, and G 27 T terminals will also show their eye-catching design, numerous ergonomic features, and great flexibility, allowing many possible configurations with other devices. They will be equipped with multigame mixes of Supreme and Power Series, as well as top-performer Jackpot Cards.

Numerous AWP and VLT products, designed specifically for different markets, will be at the disposal of the stand’s visitors. They will also be able to get acquainted with the latest modules of EGT’s casino management system Spider, thanks to which the organization of the daily activities in gaming facilities is easier than ever.

EGT Digital will demonstrate its vast array of more than 120 popular slot games, as well as the in-house developed “all-in-one” betting platform X-Nave with its 4 main modules, each of which can function as part of the complete solution or operate independently, as they allow integration with products of third-party developers.

“Taking part in BEGE Expo is always a great experience for us, especially since this year is even more special as the event celebrates its 15th birthday,” shared Nadia Popova, Chief Revenue Officer and VP of Sales & Marketing at EGT. “We will be happy to meet again with our clients and partners from the region and discuss with them all new exciting opportunities for collaboration. We are also anticipating BEGE Awards, in which we are finalists in several categories.”

The post EGT’s latest innovations to shine at the 15th edition of BEGE Expo appeared first on European Gaming Industry News.

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Mortal cements his name as face of Indian gaming, wins ‘Content Creator of the Year’ at global Esports Awards 2024

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Naman Mathur, popularly known as Mortal, has added another feather to his illustrious cap by winning the coveted ‘Content Creator of the Year’ award at the Global Esports Awards 2024 Part 2 in Los Angeles on Friday. The grand ceremony saw Mortal triumph over globally renowned gamers like Tarik Celik, Ibai Llanos Garatea, and Marc ‘Caedrel’ Lamont, solidifying his stature as India’s biggest gamer.

Mortal’s groundbreaking victory marks a significant milestone not only in his personal journey but also for the Indian gaming community at large. The 27-year-old’s illustrious gaming career boasts numerous accolades, including championship titles in BMPS Season 1 (2022) and the PUBG Mobile Club Open (2019) as an esports athlete. He has amassed over 7 million subscribers on YouTube and more than 5.3 million followers on Instagram through his distinctive and impactful content, making him one of India’s most influential gaming personalities.

Speaking on this remarkable achievement, Naman Mathur aka Mortal, Co-founder, S8UL Esports, stated, “Winning this award is an incredible moment of pride, not just for me but for the entire Indian gaming and esports community. My journey began with a simple passion for gaming, and seeing that passion resonate with millions of people is truly humbling. I hope this achievement inspires more young gamers to chase their dreams and believe that they too can earn global recognition through dedication and hard work. I am deeply grateful to S8UL for being the backbone of my journey. This success is not mine alone- it belongs to every fan, every teammate, and every supporter who believed in me and in the potential of Indian esports.”

This was Mortal’s sixth consecutive nomination at the prestigious awards, a feat achieved by no other Indian gamer. Having been nominated for various categories over the years such as ‘Esports Mobile Player of the Year’, ‘Streamer of the Year’ and ‘Esports Personality of the Year’, Mortal’s victory in this edition is a testament to his immense contribution to growing the esports and gaming content ecosystem in India.

“This award holds a deeply personal meaning for me. Watching Mortal achieve this recognition feels like a shared victory- one that takes me back to where it all began. From the late nights to the sacrifices, every moment has led us here. Together, we’re not just creating history; we’re shaping the future of gaming and esports globally. A victory for him, a milestone for Indian esports!” said Animesh Agarwal aka 8Bit Thug, Co-founder, S8UL Esports.

The Esports Awards is the most prestigious night in esports, dedicated to showcasing top-tier performance and innovation from players, teams, media, hardware providers, games, events, and personalities within the scene.

“When we first started this journey, we had no idea how far it would take us, but we always knew we were in this together. Mortal has always been like a brother to me, and seeing him win this award feels like a personal achievement. For him to be honoured with this accolade today is a reflection of the countless hours, effort and heart we’ve poured into building who we are and what we stand for,” commented Lokesh ‘Goldy’ Jain, Co-founder, S8UL Esports.

Mortal’s achievement reaffirms India’s rise as a formidable force in the global esports and gaming content landscape.

The post Mortal cements his name as face of Indian gaming, wins ‘Content Creator of the Year’ at global Esports Awards 2024 appeared first on European Gaming Industry News.

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Goa Introduces an Entirely Online Lottery Platform

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In a move towards modernising India’s lottery sector, the state of Goa has introduced an entirely online lottery platform, sanctioned by the Directorate of Small Savings and Lotteries. This initiative, known as Great Goa Games, aims to bring transparency and convenience to an industry that has long grappled with allegations of mismanagement and fraud.

Ticket sales commenced Monday, with the inaugural draw set for Sunday. Rhiti Group, led by founder Arun Pandey, was granted the license to operate and market the platform. “Our mission is to democratize opportunities through technology,” Pandey stated, emphasizing the secure and user-friendly nature of the app-based system.

Goa government official Narayan Gad lauded the move as a step forward for the Indian lottery sector. “With our online lottery streamlining processes through technology, we are setting a new standard in the lottery industry,” Gad remarked. “The technology-based product will enhance transparency and ensure improved monitoring and regulation of operations.”

This development follows new rules governing online lotteries, introduced by the Goa directorate in February 2023. Currently, 13 states in India, including Goa, allow lottery games, though others have banned them due to concerns over gambling addiction and operational irregularities.

The post Goa Introduces an Entirely Online Lottery Platform appeared first on European Gaming Industry News.

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