Online casino technology provider GAN reported narrowed losses in 2016 thanks to revenue rising nearly one-third.

Figures released Tuesday by the UK-listed GAN (formerly GameAccount Network) show the company generated net revenue of £7.8m last year, up 30% from 2015’s result. B2B revenue was up 37% to £7.4m while the company’s comparatively minor B2C operations fell nearly one-third to just over £400k.

While the company says its ‘clean earnings’ loss was down 69% year-on-year to £900k, the company reported a pre-tax loss of £5.2m, down only marginally from £5.6m in 2015. After-tax loss came to £3.8m, a bigger improvement from 2015’s £5m, thanks in part to development tax credits.

As he did in 2015, GAN CEO Dermot Smurfit blamed much of his company’s sluggish performance on the “slower than expected” pace of real-money online gambling regulation in the United States, where GAN derives most of its income. But Smurfit said GAN’s free-play Simulated Gaming product will “more than adequately compensate” for US laggardness in hopping on the real-money online train.