Gaming technology provider GAN saw revenue grow in 2020, but higher expenses led to a loss of $20.2m.
Revenue for the 12 months to December 31 amounted to $35.2m (£25.6m/€29.9m), up 17.3% from $30.0m in the previous year.
Real-money internet gaming (RMIG) remained by far the main source of income for GAN, with revenue from these operations climbing 5.8% year-on-year to $25.6m as a result of new client launches.
GAN noted that last year’s RMIG revenue total included the impact of an existing partnership with the WinStar World Casino brand in Europe, but the Chicksaw Nation ended this deal in 2020. Excluding this impact, RMIG revenue was up by 28.0%.
In terms of simulated gaming, revenue here increased 66.7% to $9.5m, helped by four new client launches, most notably with Penn National Gaming.
GAN signed a total of six new client partnerships in 2020 – two within is RMIG business and four for simulated gaming – and secured seven new client deals, including an agreement with Wynn Resorts 10-year deal in Michigan and a multi-state deal with Churchill Downs.
