US-facing provider GAN has reported a strong set of financial results on the back of high demand for NFL gambling in New Jersey and Pennsylvania.Trading for the four months ending October 31, 2019, was ahead of expectations with gross operator revenue reaching US$121.5m, up 222 per cent from $37.7m on the previous year. In October, the second month of the NFL’s regular season, gross operator revenue of $40.6m ($11.0m) was delivered to clients, up 269 per cent.
GAN also reported higher than expected cross-selling of bettors to casino in bith states, the receiving of performance-related payments in PA and the launch of online sports betting in Indiana.
The company is now expecting to see year-over-year revenue growth in excess of 100 per cent for the full year 2019 (2018: £10.6m).
Dermot Smurfit, CEO of GAN, said: “We are pleased that the ramp-up in real money internet gambling is accelerating ahead off our budgeted expectations in Pennsylvania and New Jersey, particularly since the start of the American football season in early September.
“Our clients are among the leading operators of US internet gambling, leveraging GAN’s proven technology platform optimised in New Jersey over several years to convert our clients’ marketing dollars into more first time online gamblers.
“Our clients’ competitors remain locked in the multi-year optimisation journey that has already been completed by GAN, granting our clients a significant and sustainable competitive advantage. Given the rapid increase in the total addressable market for US internet gambling operators and their infrastructure providers such as GAN, we expect to see continued and rapid growth.”
