StockMarketWire.com - Gambling group Gan said it expected to deliver record earnings after swinging to a half-yearly profit thanks to internet gambling growth in the US and the accelerating adoption of Internet sports betting by numerous states.

The company also confirmed it had received multiple bids for the company, but concluded that a formal sales process would not produce the most attractive outcome. For the six months ended 30 June, the company reported a pre-tax profit of £777m, compared with a loss of £3.41m and revenue rose 145% to £11.3m.

The US remained the group's principal market and net revenue of £8.8m increased by £6m over the comparative period, accounting for 78% of net revenue. Real money gaming revenue from the Italian market has increased by 2%, and now represents 16% of total net revenue, the company said.

‘We are projecting 2019 to be a record year for revenues, and earnings (EBITDA) given our current operating performance,’ the company added. Story provided by StockMarketWire.com