GAN’s shares jump after revenue forecast

Shares in the gambling software firm GAN jumped after a revenue forecast that says finances will more than double.

US.- London-based GAN saw its shares jump after a financial forecast said that revenues will more than double thanks to strong growth from its client. The shares were 7.1% higher at £142 in London on Tuesday.

Gross operator revenue for the four months ended October tripled to US$121.5 million, significantly higher than the US$37.7 million than what the company had perceived in 2018. This is due to gross operator revenue in October quadrupling to US$40.6 million from US$11 million last year, Alliance News 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,” Chief Executive Officer Dermot Smurfit said.

“Our clients are among the leading operators of US Internet gambling, leveraging GAN’s proven technology Platform optimized in New Jersey over several years to convert our clients’ marketing dollars into more first time online gamblers,” Smurfit added.

“Our clients’ competitors remain locked in the multi-year optimization journey that has already been completed by GAN, granting our clients a significant and sustainable competitive advantage,” Smurfit continued. “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.”