StockMarketWire.com - Gan said higher-than-expected growth of New Jersey's sports betting saw revenues swell to a record during the first quarter of the year, beating management's expectations.

GAN generated record revenues of £4.6M during the first quarter ended March 31, 2019, up 122% on a year-over-year basis, when compared to the first quarter of 2018 and approximately £0.2M, or 5% ahead of its own expectations.

This was primarily driven by higher-than-expected growth of New Jersey's sports betting in addition to higher-than-expected casino cross-selling from internet sports bettors into internet casino gaming during the Q1 period, the company said.

The company also generated positive earnings (EBITDA) of £0.6M in the first quarter 2019, following the strategic investment cycle to expand the Company's engineering resources.

Gan maintained its full-year guidance of mid to high double-digit revenue growth with positive EBITDA.

Dermot Smurfit, CEO of GAN, said: 'We are very pleased with our performance through the first three months of 2019 with a record top-line figure and return to a positive EBITDA.

'We remain focused on landing new clients, and expanding upon existing contracts with clients, in addition to preparing ourselves for a rapidly expanding market due to an acceleration in sports betting-led online gambling regulation in the United States.'


At 8:29am: [LON:GAN] GAN Plc share price was +1p at 60p



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