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Aristocrat Interactive Games Now Live on Hard Rock Bet in New Jersey
GAN’s Substantial Growth in Revenue to Boost Chances for Breaking Even More Records
May 6, 2019 Aleksandra Zolotic
Lauding New Jersey’s significantly fast growth, web-based gaming service provider, GAN, broke the records and went above the expectations during the first quarter of the year. With revenues of £4.6m, a 122 percent growth for the year behind us…
…and generated positive EBITDA of £600,000, an elevated level of casino cross-selling also had a significant impact on the higher than expected financial growth. Sports betting saw quite a successful period as well, which was surely nudged along by the NFL’s Super Bowl and NCAA’s March Madness college basketball tournament.
Strong Position for Further Successes
The initiatives which were set throughout the previous year served as a solid base for further plans for the current year. This is motivated by the excellent performance expressed in top-line figures regarding EBITDA and revenue. As GAN’s CEO, Dermot Smurfit, pointed out:
“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.”
New Markets for Bigger Expansion
The year behind us was already successful for the corporations, as the numbers showed constant growth. There were many factors which had a significant impact on that, such as the increased interest for territories to accept various forms of gambling as legal, namely online and sports betting. Mississippi, NJ, West Virginia, Pennsylvania are just some of the states…
…which opened its doors to regulations. Launching Paddy Power Betfair’s FanDuel internet sports wagering and casino gaming in Pennsylvania is expected to have a positive impact on further growth. In addition to this, the company invested in various technical developments which resulted in reducing the overall loss before interest, taxes, depreciation, and amortization to GBP £1 million.
Positive Predictions for Days to Come
Looking ahead the rest of the current year, the predictions remain equally optimistic due to multiple factors. The company is more than confident in the long-term prospects for intra-state real-money gambling in the US. As far as the expectations say massively regulation of internet sports betting in the growing number of states in the US could serve as a catalyst for other states…
… to open the doors internet and sports gaming. There are several ongoing regulatory progresses noted in some states, namely Ohio, Indiana, Montana, and Tennessee. This will undoubtedly bring numerous opportunities not only for GAN to break more records but for other brands to venture into new markets and gain more consumers.
Source:
“Substantial gains to lead Gan to a record year”, casinobeats.com, May 1, 2019.
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When the company keeps on putting plenty of efforts as GAN does, it’s expected to be successful. The fact that many states legalize online and sports betting surely brings numerous chances for those who want to become big names in the industry.