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GAN FY 2015 results released

Friday, April 29,2016 :  GAMEACCOUNT NETWORK BATTLED IN 2015
 
But CEO remains optimistic for the coming year.
 
Simulated Gaming provider GAN investors will be disappointed with the company's FY 2015 results released this week, although CEO Dermot Smurfit remains upbeat that better things lie ahead, especially in the US market where he has clinched several deals with land gambling companies.
 
Net revenues for 2015 were 20 percent down year-on-year at GBP 6 million, gross income eased from GBP 26.1 million to GBP 25.8 million, and EBITDA plunged 112 percent, steepening from a loss in 2014 of GBP 1.4 million to a 2015 loss of GBP 3 million.
 
Cash on hand was down from GBP 10.8 million in 2014 to GBP 3.8 million in 2015, whilst net assets declined from GBP 15.2 million to GBP 10.2 million.
 
Smurfit has bet big on GAN's ability with its Simulated Gaming technology to capture a chunk of the US land casino market and exploit the possibilities for online gambling in the States.
 
He commented: “Throughout 2015 Simulated Gaming proved its ability to support the core on-property gaming business of US casino clients, lending impetus to new client signings as GAN’s increasing body of evidence provided compelling rebuttal against US casino operators’ natural concerns relating to cannibalisation of existing land-based business.
 
“Our investment in the business continues and we have grown our team and expanded our technical expertise, US infrastructure and gaming content portfolio throughout 2015.
 
“We remain confident in our prospects for 2016 and beyond.
 
“For 2016, we anticipate significantly increased market share in New Jersey’s Regulated Gaming market with the Borgata, subject to certain contractual conditions being met.
 
“In Simulated Gaming, we forecast material growth from the launches of the Borgata, Isle of Capri, Jack Entertainment and two undisclosed but material casino clients located in the Northeast and Southwest regions of the US.”
 
GAN's latest deal involved a yet-to-be-announced tribal casino operator in the US south west



Gambling News :

Games Concept Day in Malta - The Quickfire Games Concept Day is the second full-day workshop to date, the first being held in Gibraltar in July.

AFC’s fight against match-fixing - The Asian Football Confederation (AFC) has introduced a new AFC integrity mobile application, which will enable fans, players and officials to report possible suspicious activities or provide information concerning match-fixing or corruption to the AFC Integrity Unit.

PartyPoker Removes Dormant Account Fees - partypoker today announced that players will no longer be charged fees for inactivity on their online accounts.

NHL Odds: Rangers Look for Seventh Straight in Chicago - The Chicago Blackhawks (8-8-2) will try to get their season on track this Wednesday when they host the surging New York Rangers (9-7-2) in an Original Six showdown. NBCSN has the coverage beginning at 8 PM ET.

ACR $1,400,000 High Five Tournament Series - It has five added tournaments a day for five straight days, with the $420k Main Event on the final day. There are Texas hold’em and PLO game types, and tons of structures.a

Microgaming named in The 10 coolest offices of 2017 - Microgaming named in The 10 coolest offices of 2017 Microgaming’s new HQ has been named in ‘The 10 coolest offices of 2017*’ in the UK, featuring alongside some of the biggest consumer brands.

$75K Win on Mobile Slot @ CafeCasino - Café Casino’s mobile slot, Achilles, paid out in a big way over the weekend. A player from Pennsylvania, Rob J., triggered the game’s free spins mode by landing three scatters.

Microgaming’s The Phantom of the Opera online slot live today - Available to Microgaming and Quickfire operators, The Phantom of the Opera online slot goes live Wednesday 1 November 2017.

2017 Punta Cana Poker Classic Results - The 2017 Punta Cana Poker Classic is now in the books and players are returning home after a week-long poker celebration. And after a major final table deal, two players have the most reason to celebrate. Roberto Carvallo ultimately won the tournament after negotiating a final table deal with Jamin Stokes.

NHL Odds: Winnipeg Jets vs. Minnesota Wild - Blake Wheeler and the Winnipeg Jets will attempt to get two points closer to the Central Division lead on Tuesday, as they take on the Minnesota Wild on the road. The Jets have started strong, and sit in second place in their division. Led by RW Blake Wheeler, the Jets look like a team that could make some noise in the West this season.

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