GAN plc (GAN) , the internet gambling software-as-a-service provider, expects over 100% of year-over-year revenue growth in 2019.
The AIM listed firm said on Tuesday that demand for Internet gambling in New Jersey and Pennsylvania was higher than expected.
A trading update revealed that it received performance-related payments relating to the launch of Pennsylvanian Internet sports betting for some of its clients, in addition to strong gross operator revenue growth.
Shares in GAN were trading 10.43% higher at 127p in late afternoon trading
Dermot Smurfit, CEO of GAN, said, “Our clients are among the leading operators of U.S. 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.”
According to its internal business reporting systems, Gross Operator Revenues for the month of October 2019 was $40.6 million, a 269% increase from $11 million in October 2018.
Mr. Smurfit said GAN’s clients are well positioned compared to competitors, stating: “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.”
He said: “Given the rapid increase in the total addressable market for U.S. Internet gambling operators and their infrastructure providers such as GAN, we expect to see continued and rapid growth.”
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