GAN plc (GAN) , the internet gambling software-as-a-service provider to US casinos, experienced a 203% year-over-year increase in its Gross Operator Revenue to $80.9 million in the third quarter.
The company said in a report on Tuesday that the change was driven by strong growth in real money regulated gambling in the US.
GAN also revealed that Active Player-Days of 5.4 million, a 59% year-over-year increase, and 13.5% quarter over quarter.
GAN reported Average Revenue Per Active Player-Day was $14.97 in the third quarter, up almost double from the $7.85 figure in the third quarter of last year.
Dermot Smurfit, CEO of GAN said: “Unprecedented year on year growth rate experienced in Q3 demonstrates our Platform technology's ability to scale to meet the needs of our diverse clients seeking to operate Internet sports betting, at scale, in technically challenging U.S. intra-State markets following the repeal of PASPA by the U.S Supreme Court in May of last year, the 25year long-standing Federal bad on sports betting.”
Shares in GAN were trading 4% higher on Tuesday morning
Mr. Smurfit added: “The third quarter benefitted from stronger-than-expected demand for U.S sports betting during the seasonally weaker Summer months as well as the first month of American Football NFL season which commenced on September 5 and continues through to Super Bowl LIII on February 2, 2020.”
Investors will be paying close attention to GAN’s fourth quarter Key Performance Indicators with the NFL season in full swing.
GAN told investors that the mass-market US internet sports betters in New Jersey crossing over into the online Casino before, during and after sports events is proving “particularly lucrative”.
The company saw a faster than anticipated ramp-up of Pennsylvania Internet gamblers since it launched in June earlier this year.
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