Online casino software provider GAN reported its first profit since 2013 with a reported revenue of £9.1 million in 2017 and a total gross income reported of £41.1 million in 2017.
The company said it saw about a 15 percent – 30 percent increase in income and revenue and an EBITDA profit of $500,000.
The company said it hopes to build on that growth in emerging U.S. markets and has raised about £2 million in funds to invest in the U.S. Dermot Smurfit, CEO of GAN, said in a press release that the growth of its Simulated Gaming casino product and online profits in New Jersey inspire confidence for emerging markets in Pennsylvania, Michigan, and New York.
“We believe our company has developed considerable momentum in the U.S. market and that the company is well-positioned to secure additional profitable opportunities from incremental US States which regulate real money Internet gaming over time.”
The company introduced Simulated Gaming, a social gambling system, to five new U.S. clients in 2017 and is looking to continue that in Pennsylvania, which has approved online gaming. GAN already has Simulated Gaming at Parx Casino, the largest casino in the state. Additionally, Smurfit said the casino approached GAN to bring real-money gaming from GAN’s GameSTACK system.
“GAN is positioned for substantial growth in regulated real-money Internet gaming in the US following the commencement of Pennsylvania’s internet gaming market,” he said.
According to company reports, gross revenues in New Jersey were up 30 percent to $246 million.
