GAN set to beat financial targets in 2019
Gambling software supplier GAN has said that it expects to surpass its financial forecasts for 2019, with revenue set to grow by between 115% and 120% year-on-year.
In a trading update for the 12 months to 31 December 2019, GAN revealed that its earning before interest, tax, depreciation and amortisation (EBITDA) margin for the year is set to grow to between 30% to 35%, compared to negative 14% in the previous year.
In addition, the supplier expects its 2019 results show that it ended the year with a strong, debt-free balance sheet and positive cash flow.
GAN put the forecast results down to a number of factors, including higher-than-expected demand for online gambling services in New Jersey and Pennsylvania after the start of the NFL American football season in September last year.
The supplier also noted that cross-selling from sports betting to online casino gaming in each state was higher than anticipated. It also benefitted from performance-based payments, relating to the launch of Pennsylvanian online sports betting for certain clients.