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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 :

MLB Odds: Stroman Gets the Nod Against Royals - The Toronto Blue Jays (70-80, –20.18 betting units) begin their final home stand of the 2017 campaign this Tuesday when they welcome the Kansas City Royals (73-76, +2.56 units) to Rogers Centre. Sportsnet has the coverage at 7:07 p.m. Eastern.

Microgaming in bingo software deal with Marathonbet - Marathonbet’s loyal customers will now be able to enjoy an extensive Bingo offering – marking another big expansion of its online gaming collection.

Microgaming QuickFire enters Coloumbia - Wplay signs for Quickfire; strategic deal sees Quickfire enter Colombian market. Colombian-licensee Wplay has signed a deal for Quickfire, powered by Microgaming.

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MLB Odds: Jays Hope to Spoil Orioles’ Visit - The 2017 season is just about over for the Toronto Blue Jays (66-77, –21.19 betting units), but they can play spoiler in Tuesday’s game against the visiting Baltimore Orioles, starting at 7:07 PM ET on Sportsnet.

Money Storm Casino - Money Storm is not your typical online casino. While many focus on the quantity of games they offer their players, this one is more focused on the quality of their games.

Big Online SLot Win on Ultimate 10X Slot - At 9.20PM on August 28th, Kasey R was enjoying the new Ultimate 10X three-reel slot at Miami Club. The game has a random 'must win' progressive jackpot that is guaranteed to pay by the time it reaches $25,000

MPN Greatest Poker Player in the Universe - The MPN announces the third annual Universal Championship of Poker (UCOP III), boasting €750,000 guaranteed across 59 tournament events this September

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Mercury Poker Live on Indian Poker Network - Mercury Poker Live on MPN's Indian Poker Network. MPN India, established in 2015, is a ring-fenced poker network dedicated to the Indian market and operating exclusively in Indian Rupees.

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