(Alliance News) - Gambling software supplier GAN PLC on Monday reported a rise in fourth-quarter revenue, helped by the launch of its internet sports betting offering in the US state of Indiana.
In the final quarter of 2019, gross operator revenue nearly tripled to USD120.8 million from USD41.8 million a year before. Quarter-on-quarter, gross operator revenue was up 49% from USD80.9 million.
The company launched a sports betting platform in Indiana during the recent quarter. GAN in May said that Indiana had become the tenth US state to legalise and regulate sports betting in the country, having signed legislation allowing state-wide use of mobile and internet wagering.
The fourth quarter also benefited from increased demand for betting on America's National Football League, GAN said. The NFL season, which begins in the autumn, leads to a seasonal boost in fourth quarter gambling wagers.
Active player-days, the number of unique active gamblers who placed wagers at least once online per day, more than doubled year-on-year in the fourth quarter to 9.0 million from 4.6 million.
Chief Executive Dermot Smurfit said: "Continued year-on-year growth rate experienced in the fourth-quarter demonstrates our platform technology's ability to scale successfully for our diverse clients of real money US internet gambling, simulated gaming as well as our long-standing Italian clients.
"The fourth quarter benefited from strong seasonal demand during the American Football NFL season; cross-selling of US sports bettors to internet casino gaming in the states of New Jersey and Pennsylvania; and the launch of Internet sports betting in the state of Indiana."
GAN shares were 2.8% higher at 193.80 pence each in London on Monday morning.
By Eric Cunha; ericcunha@alliancenews.com
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