GAN reports further growth in users of its gambling technology
Dermot Smurfit-led company says growth is driven by simulated gaming in the US
GAN received its first full US gaming licence in April 2017 from the State of New Jersey
Game Account Network (GAN), a Dermot Smurfit-led gambling technology provider, said on Monday the company’s user base grew once more in the third quarter.
In the three months to October 30th, 2017, GAN reported a fifth successive quarter of growth in active player days, up 15.2 per cent to 3 million from 1.7 million in the same period in 2016. However, the company saw a 9 per cent quarter-on-quarter fall in average revenue per daily active user to $6.36. Overall “GAN-enabled revenue” in which GAN participates, increased 5 per cent in the third quarter over the second, the company said.
Dermot Smurfit, chief executive, said the company had now experienced five successive quarters of growth, more recently driven by simulated gaming in the US.
“Moving ‘bricks & mortar’ US casinos online with GAN’s simulated gaming continued to deliver growth quarter on quarter despite the full impact of summer seasonality which generally reduces players’ levels of online engagement and propensity to spend money,” he said.
Founded in 2002, GAN is listed on the junior markets of the Irish and London stock markets, and the biggest shareholder in the company is Michael Smurfit, who holds 15.5 per cent of shares. Dermot Smurfit jnr holds just over 13 per cent of the company, while Tony Smurfit, the chief executive of Smurfit Kappa, holds 7.7 per cent of shares.
The company operates in the UK and Italy in Europe, and the State of New Jersey in the US. It received its first full US gaming licence in April 2017 from the State of New Jersey. However, it has struggled to turn a profit. In the first half of the year GAN reported a loss of £2 million (€2.28m), down from £2.3 million (€2.6m) the previous year, while group net revenue grew slightly to £4.1 million, up by 6 per cent on the previous year,.
The company said it would publish full-year results for the year to December 31st, 2017, on or before March 31st, 2018.