GAN doubles revenue in second quarter

GAN's Q2 revenues represent 99% growth year-on-year.
GAN's Q2 revenues represent 99% growth year-on-year.

GameAccount Network has reported revenue of $8.32m for the second quarter of 2020.

US.- GameAccount Network (GAN) has reported strong financial results for a second quarter that saw revenue double to $8.32m, up from $4.17m in the same period last year.

The growth comes from market expansion into igaming in Pennsylvania and New Jersey.

GAN’s executive director, Dermot Smurfit, said the results highlighted the company’s resilience.

He said: “We were pleased to achieve revenues of $8.3m during the second quarter of 2020, a period during which nearly all of our land-based casino customers were forced to close their physical operations and when most major sporting events were cancelled as a result of the global pandemic.

“Our business has proven resilient to these outside forces in recent weeks, and we believe GAN can greatly contribute to both our customers’ success and the accelerated secular shift to iGaming as casino operators continue to be impacted by the pandemic.

“The substantial growth in our business is a result of our ability to deliver results for clients, such as Parx Casino, whose Pennsylvania online casino gross gaming revenues reached $19.3m in Q2 including an all-time monthly high of $7.6m from their online casino for the month of May, according to regulatory reports and Eilers & Krejcik.

“We achieved record KPIs during the second quarter of 2020, and our operational model continues to demonstrate strength, particularly in the current market environment.”