Clicky

GAN's Losses in 2018 Spawn Talk of a Sale - PennsylvaniaPoker.com News % : PennsylvaniaPoker.com News
  • 55 views
  • 3 minutes read
Published on
Update on
Author

Renowned UK-based online gambling service provider GAN is reportedly considering selling itself to the highest bidder now that its US-based operations are beginning to pick up.  Last Friday, the company announced that its net revenue hit £10.6m in 2018, an amount that represented a 16 percent improvement over 2017’s tally. Unfortunately, the same cannot be said for the company’s so-called ‘clean’ earnings which dropped by £1.5m in 2018 as opposed to the rather modest £454,000 profit recorded in 2017. Moreover, the company’s pre-tax losses grew by a whopping £2.5 million to £6.7 million.

The Full Story, According to GAN

The UK-listed company’s officials have maintained that the negative numbers they posted do not fully represent what has been going on with its operations and finances. To prove this, the company cited the fact that its real-money online gambling and sports betting operation grew faster than its free-play Simulated Gaming vertical that launched just a single new client in 2018.

In other words, according to Dermot Smurfit, the chief executive of GAN, 2018 was a “milestone period” for the company as it continued to adapt to a number of positive changes in the US-facing gaming market – this, in essence, supposedly position the company better for the coming year.

“Additional engineering resources were acquired principally in the second half of 2018 in order to deliver a complete Internet gambling solution to the market which reinforced GAN’s position as a market leader. As a direct consequence of our short-term investment cycle undertaken and completed principally in H2 2018, GAN’s performance to date in 2019 is exceeding our expectations,” the chief executive clarified.

Expansion in the US

Since then, GAN has been positioning itself to take full advantage of the opportunities emerging from the online gaming markets in the United States. In July, the company launched its second real-money online casino at New Jersey’s Ocean Resort Casino. In addition to that, the company also participated in the launch of the Paddy Power Betfair’s FanDuel brand in New Jersey.

In Pennsylvania, GAN continues to prepare for the online and mobile gaming industry which is preparing to go live in the summer, hopefully. If everything goes well in this regard, GAN will have a pretty smooth ride penetrating the state’s market since Parx Casino, its client in Pennsylvania, is already one of the largest single casino properties by market share.

With all these planned out it, the announcement that the company may be considering “various strategic alternatives” which happen to include being listed in the US stock market, is very interesting. The company, however, clarified that it is currently not in any talks with third parties regarding a potential sale.

Latest Headlines

PA Court Allows Seizure of Skill Game Machines

The Pennsylvania State Police can now resume their seizure of skill games from Pace-O-Matic. There has been plenty of controversy over the games, as a ruling deemed the games illegal. This ordeal began in November, when a court ruling determined that skill games from Pace-O-Matic and other operators could not legally operate in the state. […]

New York, Nebraska and Kentucky Introduce Poker Bills

2020 seems like it is going to be a great year for poker across the United States. We’re not even a month into the year yet, and three states have introduced laws that aim to legalize the game along with other gambling activities. First, there was Nebraska. Lawmakers in the state decided to introduce a […]

Parx Casino Teams Up With Everi Interactive in Exclusive Content Deal

Online casinos across Pennsylvania are working hard to offer their players exciting gaming experiences, and what better way to do that than with a great selection of games? Parx Casino wants its players to have access to a wide range of slots, so the operator has recently entered into an exclusive content deal with Everi […]

Lucky Player Hits Huge Jackpot at PA Online Casino

One lucky player in Pennsylvania welcomed in the new year in a truly exciting way, landing a huge jackpot worth nearly $300,000 at HollywoodCasino.com. The player, who has requested that they remain anonymous, won the jackpot while playing a NetEnt slot called Divine Fortune. On December 28, the player had decided to give a few […]

Pennsylvania Gaming Board Names Casino Players Who Have Been Involuntarily Excluded

The Pennsylvania Gaming Control Board has published its list of players who have been publicly excluded from casinos. The list was started in 2010, and now has the names of 809 players from across the state who have excluded from gambling venues across the state for casino-related offenses. “The list consists of career or professional […]

Similar PA Casinos Post

PokerStars Winter Series Guarantees $50 Million

If you’re a player at PokerStars, you’re in for a real treat for the next three weeks. Until January 13th, the popular online poker brand will be running 82 events which guarantee $50 million in prizes during its exciting Winter Series. The site will be offering players the chance to take part in events with […]

PokerStars Launches Twitch Promotion, Giving Platinum Passes Away

If you’re a poker player who also enjoys dabbling about on Twitch, then you could earn yourself a Platinum Pass. PokerStars and Twitch have just launched a new promotion that will give two lucky players the chance to play at the PokerStars Players’ Championship next year in Barcelona. Most of PokerStars Platinum Passes are awarded […]

PartyPoker Offers Huge $1M Bonus In Upcoming MILLIONS

Last year, the end-of-year partypoker MILLIONS offered up some of the biggest prizes ever seen in an online poker tournament. This year, the brand is upping the ante by quite a lot with by giving away millions of dollars’ worth of tickets and offering a special $1 million bonus to the winner. If you manage […]

PokerStars PA Continues to Thrive

It was a long time coming, but online poker is finally live in Pennsylvania – and, it is thriving. PokerStars has been live for nearly a month now in the Keystone State, and has seen tremendous success so far. According to online poker traffic reports, PokerStars PA ranks very highly. For example, its 7 Day […]