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Trading Update

5 November, 2019

LONDON STOCK EXCHANGE (LSE): GAN

Trading Update

London | November 5, 2019: GAN plc (“GAN” or the “Company”), an award-winning developer and supplier of enterprise-level B2B Internet gambling software, services and online gaming content in the United States, today provides an update on trading for the four months ended October 31, 2019 (“Period”) together with an updated outlook for the full year ending 31 December 2019.

Trading was ahead of expectations as a result of the following factors:

Gross Operator Revenue⁽¹⁾ in the four-month Period of $121.5m, up 222% from $37.7m in the same four-month period in 2018
Gross Operator Revenue of $40.6m delivered to clients in the month of October 2019, up 269% from $11.0m in October 2018
Higher-than-expected demand for Internet gambling in both New Jersey and Pennsylvania following commencement of the National Football League (“NFL”) season on September 5, 2019;
Higher-than-expected cross-selling of Internet sports bettors to Internet casino gaming in both New Jersey and Pennsylvania;
Performance-related payments received relating to the launch of Pennsylvanian Internet sports betting for certain clients;
Faster-than-expected ramp in Pennsylvanian sports bettors, relative to the prior year launch of Internet sports betting in New Jersey;
Launch of Internet sports betting in the State of Indiana in October; and
Certain revenue derived from the Overseas Internet Casino delivered by GAN to the Chickasaw Nation of Oklahoma in selected European markets.

The numbers contained herein are unaudited and derived from GAN’s internal business intelligence reporting systems
Less than 1% of Gross Operator Revenue is originated in the United Kingdom

2019 Outlook
The outlook for 2019 continues to remain highly positive for GAN. The Company now expects to see year-over-year revenue growth in excess of 100% for full year 2019 (2018: £10.6m).

Management Commentary
Dermot Smurfit, CEO of GAN, commented, “We are pleased that the ramp-up in real money Internet gambling is accelerating ahead off our budgeted expectations in Pennsylvania and New Jersey, particularly since the start of the American football season in early September. 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. 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. 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.”

About GAN Plc
GAN is a leading business-to-business (“B2B”) supplier of internet gambling software-as-a-service solutions (“SaaS”) to the US land-based casino industry. The Company has developed a proprietary internet gambling enterprise software system, GameSTACK™, which it licenses principally to land-based US casino operators as a turnkey technology solution for regulated real-money internet gambling, encompassing internet gaming, internet sports gaming and virtual Simulated Gaming.

GAN is listed on the London Stock Exchange (LSE: GAN).

This announcement contains Inside Information as defined under the Market Abuse Regulation (EU) No. 596/2014.

For more information please visit www.GAN.com.

For further information please contact:

GAN	US Investors: The Equity Group
Jack Wielebinski	Adam Prior
Head of Investor Relations	[email protected]
+1 214 799 4660	+1 212 371 8660
[email protected]
	UK & Ireland Investors: Newgate Communications
	Adam Lloyd Giles Croot
	[email protected]
	+44 (0) 20 3757 6880

	Davy (Nominated Adviser and Joint Broker)
	John Frain / Barry Murphy
	+353 1 679 6363
	Liberum (Joint Broker)
	Neil Patel / Cameron Duncan
	+44 (0) 20 3100 2000

Recent News

2 February, 2021

GAN Announces New Simulated Client: Seneca

GAN announces new simulated gaming client, Seneca Gaming Corporation.

Dowload the full release in PDF here:

GAN _ Seneca SIM GAM Launch - FINAL CLEAN.pdf

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22 January, 2021

GAN Announces Multiple Client Launches in Michigan

Irvine, California | January 22, 2021: GAN Limited (the “Company” or “GAN”) (NASDAQ: GAN), a leading full-service internet gaming software-as-a-service provider to the real money internet gaming and online sports betting industries, announced that today is the commencement date for Michigan’s internet gambling market and GAN’s three related client launches: Churchill Downs, Wynn Resorts, and FanDuel Group. Earlier this week, the Michigan Gaming Control Board approved nine Business-to-Consumer (“B2C”) operators to launch today, in time for the Super Bowl. GAN is powering three of those nine, which are all leveraging GAN’s technical platform for internet sports betting and/or internet casino gaming. According to Regulus Partners and Macquarie Research, the state of Michigan is expected to generate $439 million in Gross Operator Revenue during the balance of 2021, increasing to $724 million in 2022 and $969 million in 2023.
Today GAN simultaneously launched three operator clients online in Michigan, including FanDuel Group’s online casino and two new GAN clients, Churchill Downs and Wynn Resorts, secured in June and September 2020, respectively.

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15 January, 2021

GAN To Participate in Needham Virtual Growth Conference

Irvine, California | January 15, 2021: GAN Limited (the “Company” or “GAN”) (NASDAQ: GAN), a leading full-service internet gaming software-as-a-service provider to the real money Internet gaming and online sports betting industries, today announced that senior management will participate in the 23^rd Annual Needham Virtual Growth Conference on Friday, January 15, 2021. The team will be conducting one-on-one and group meetings with investors that attend the conference. All support materials, including an investor presentation that will be used at the conference, will be available to investors on the investor relations section of the Company’s website before the conference begins.

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