Online casino technology provider GAN is blaming America’s glacial path towards online gambling regulation for the company’s 2015 financial losses.

On Friday, the UK-listed GAN (aka GameAccount Network) released its annual report for 2015, which showed revenue falling 9% year-on-year to £6m while the company reported a net loss of £3m.

GAN’s Simulated Gaming social casino product flexed its muscles in 2015, reporting revenue of £2.4m, up from just £0.5m in 2014. Simulated Gaming was the only one of GAN’s verticals to post a year-on-year gain, while its share of GAN’s overall revenue went from 8% to 40%.

Simulated Gaming signed five new US casino clients and a consortium of six land-based gaming clubs in Australia last year. The vertical continues to grow, inking a deal with Rock Gaming’s three Ohio casino properties in February.