GANs earnings soared during the first six months of the year, propelled by a dramatic rise in online wagering in the United States. Their second-quarter income nearly doubled, fueled by American players who embraced online gambling due to the shutdown of brick-and-mortar casinos during the health crisis.
The company’s earnings for the quarter surged by almost 100% to $8.3 million, with real-money online gambling earnings skyrocketing by over 110%. This was driven by the introduction of online casinos for FanDuel and Parx Casino in New York and Pennsylvania.
Even their free-to-play gaming solutions witnessed a substantial increase in revenue, as individuals sought online entertainment.
The Snoqualmie Native American group in Washington state’s launch aided GAN in achieving $6 million in earnings during the second quarter.
The United States accounted for the majority of the earnings, generating $7 million, which represents 84.6% of the total. Italy contributed $1.2 million, the United Kingdom and the Channel Islands generated $33,000, and the remaining global regions contributed $11,000. GAN indicated they do not anticipate significant earnings from the United Kingdom unless they secure another collaborator, following the Chickasaw Nation’s termination of their partnership to operate the WinStar casino brand in Europe.
GAN’s CEO, Dermot Smurfit, stated, “We are pleased to report $8.3 million in revenue for the second quarter of 2020, a period during which nearly all of our land-based casino clients were compelled to shut down their physical operations and most prominent sporting events were canceled due to the global health crisis.”
“Our enterprise has demonstrated its resilience against these external factors in recent weeks, and we believe GAN is well-positioned to assist our clients in achieving success and accelerating the long-term transition to online gambling as casino operators continue to be impacted by the pandemic.”
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