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Trading Statement

31 January, 2020
LONDON STOCK EXCHANGE (LSE): GAN
 
Trading Statement
 
GAN Expected to Post 2019 Year-End Financial Results Ahead of Expectations,
Company to File Registration Statement on Form F-1 as Part of U.S. Listing Process
 
London | January 31, 2020: GAN plc (“GAN” or the “Company”), an award-winning developer and supplier of enterprise-level B2B Internet gambling software, services and online gaming content in the United States, today provided a trading update ahead of its preliminary results for the year ended December 31, 2019 (FY 2019).
 
2019 Financial Highlights
Trading for FY 2019 is expected to be ahead of market expectations with year-over-year revenue growth in the range of between 115% and 120% and year-over-year EBITDA1 margin in the range of between 30% and 35%, which compares to prior-year EBITDA1 margin of -14%. GAN ended FY 2019 with a strong, debt-free balance sheet and positive cash flow for the year.   
 
Trading was ahead of expectations as a result of the following factors:
  • Higher-than-expected demand for Internet gambling in both New Jersey and Pennsylvania following commencement of the National Football League (“NFL”) season on September 5, 2019;
  • Higher-than-expected cross-selling of Internet sports bettors to Internet casino gaming in both New Jersey and Pennsylvania;
  • Performance-related payments received relating to the launch of Pennsylvanian Internet sports betting for certain clients;
  • Faster-than-expected ramp in Pennsylvanian sports bettors, relative to the prior-year launch of Internet sports betting in New Jersey;
  • Launch of Internet sports betting in the State of Indiana in October 2019; and
  • Certain revenue derived from the Overseas Internet Casino delivered by GAN to the Chickasaw Nation of Oklahoma in selected European markets.
 
2020 Outlook
Later today, being January 31, 2020, GAN plc expects to file the required F-1 filing to the U.S. Securities Exchange Commission (“SEC”), formally initiating the U.S. listing process and ultimately seeking admission to trading on NASDAQ as a Foreign Private Issuer as soon as reasonably practical. As a result of this U.S. listing process, and associated SEC compliance obligations relating to forward-looking statements, no outlook can be provided at this time.
 
Management Commentary
Dermot Smurfit, CEO of GAN commented:
 
"We are delighted with our full year performance in 2019, which proved the long-theorized margin opportunity available to GAN as a specialized enterprise software provider and provides a solid foundation for 2020 and beyond. Our intellectual property and technical expertise put us at the forefront of the Internet sports betting and casino gaming market as demonstrated by our diverse and expanding client base. Our recent new client announcements, continued focus on acquiring additional new clients and expectations for further real money Internet gambling legislation to pass in new States in the U.S. set the stage for 2020 to be yet another very exciting year.”
 
1 Clean EBITDA is a non-GAAP Company specific measure and excludes interest, tax, depreciation, amortisation, share based payment expenses and other items which the directors consider to be non-recurring and one time in nature.
 
GAN: Overview
GAN is a leading business-to-business (“B2B”) supplier of internet gambling software-as-a-service solutions (“SaaS”) to the US land-based casino industry. The Company has developed a proprietary internet gambling enterprise software system, GameSTACK™, which it licenses principally to land-based US casino operators as a turnkey technology solution for regulated real-money internet gambling, encompassing internet gaming, internet sports gaming and virtual Simulated Gaming. 
 
GAN is listed on the London Stock Exchange (LSE: GAN).
 
This announcement contains Inside Information as defined under the Market Abuse Regulation (EU) No. 596/2014.
 
For more information please visit www.GAN.com.
 
 
 
For further information please contact:
 
GAN US Investors: The Equity Group
Jack Wielebinski Adam Prior
Head of Investor Relations [email protected]
+1 214 799 4660 212.371.8660
[email protected]  
Carolyne Sohn
[email protected]
415.568.2255
 
  UK & Ireland Investors: Newgate Communications
  Adam Lloyd
Giles Croot
  [email protected]
  +44 (0) 20 3757 6880
 
  Davy (Nominated Adviser and Joint Broker)  
  John Frain / Barry Murphy  
  +353 1 679 6363  
   
Liberum (Joint Broker)
 
  Neil Patel / Cameron Duncan  
  +44 (0) 20 3100 2000  
 
 

Recent News

2 February, 2021
GAN Announces New Simulated Client: Seneca

GAN announces new simulated gaming client, Seneca Gaming Corporation. 

Dowload the full release in PDF here:

GAN _ Seneca SIM GAM Launch - FINAL CLEAN.pdf

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22 January, 2021
GAN Announces Multiple Client Launches in Michigan

Irvine, California | January 22, 2021: GAN Limited (the “Company” or “GAN”) (NASDAQ: GAN), a leading full-service internet gaming software-as-a-service provider to the real money internet gaming and online sports betting industries, announced that today is the commencement date for Michigan’s internet gambling market and GAN’s three related client launches: Churchill Downs, Wynn Resorts, and FanDuel Group. Earlier this week, the Michigan Gaming Control Board approved nine Business-to-Consumer (“B2C”) operators to launch today, in time for the Super Bowl. GAN is powering three of those nine, which are all leveraging GAN’s technical platform for internet sports betting and/or internet casino gaming. According to Regulus Partners and Macquarie Research, the state of Michigan is expected to generate $439 million in Gross Operator Revenue during the balance of 2021, increasing to $724 million in 2022 and $969 million in 2023.
Today GAN simultaneously launched three operator clients online in Michigan, including FanDuel Group’s online casino and two new GAN clients, Churchill Downs and Wynn Resorts, secured in June and September 2020, respectively.

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15 January, 2021
GAN To Participate in Needham Virtual Growth Conference

Irvine, California | January 15, 2021: GAN Limited (the “Company” or “GAN”) (NASDAQ: GAN), a leading full-service internet gaming software-as-a-service provider to the real money Internet gaming and online sports betting industries, today announced that senior management will participate in the 23rd Annual Needham Virtual Growth Conference on Friday, January 15, 2021. The team will be conducting one-on-one and group meetings with investors that attend the conference. All support materials, including an investor presentation that will be used at the conference, will be available to investors on the investor relations section of the Company’s website before the conference begins.

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