GAN H1 losses narrow as social casino revenue spikes 75%

Online gambling technology provider GAN saw its social casino revenue rise three-quarters in H1 2016 but the company continued to post seven-figure losses.

Figures released Friday show the UK-listed GAN generating gross income of £15.9m and net revenue of £3.9m in the six months ending June 30. GAN reported a net loss before tax of £2.3m, £300k less than it lost in H1 2015.

The net revenue figure is 35% higher than the same period last year, driven by contributions from its Simulated Gaming social casino product, which saw revenue jump 75% to £1.4m. GAN’s real-money online gambling revenue was up 21% to £2.5m.

Nearly two-thirds of the company’s revenue was generated in the United States, reflecting the string of Simulated Gaming deals with leading commercial and tribal casino operators. GAN says its social gaming business has been a godsend by helping to offset the slower than expected rollout of US intrastate online gambling markets.