GAN
A Leading B2B Supplier of Internet Gambling SaaS Solutions.
| Date | Investors | Amount | Round |
|---|---|---|---|
| N/A | €0.0 | round | |
| N/A | €0.0 | round | |
| investor | €0.0 | round | |
| investor | €0.0 | round | |
| investor | €0.0 | round | |
* | N/A Valuation: $84.4m 0.7x EV/Revenue -6.4x EV/EBITDA | Acquisition | |
| Total Funding | 000k | ||
| USD | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Revenues | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % growth | - | 114 % | 17 % | 257 % | 13 % | (9 %) | 4 % |
| EBITDA | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % EBITDA margin | (14 %) | 26 % | (46 %) | (7 %) | 118 % | (10 %) | 2 % |
| Profit | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % profit margin | (55 %) | 6 % | (58 %) | (20 %) | (140 %) | (27 %) | (6 %) |
| EV | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| R&D % of revenue | 188 % | 11 % | 31 % | 17 % | 19 % | - | - |
Source: Company filings or news article
Related Content
GAN Limited, established in 2002 as GameAccount Network by Dermot Smurfit Jr. and David McDowell, initially targeted the nascent online skill-games market, achieving early success with backgammon and regional games in Italy and Spain. Smurfit, with a background in investment banking and experience in the European gaming industry, guided the company's strategic direction. The company subsequently pivoted its strategy to encompass a broader B2B technology offering for the casino industry. This transition culminated in the development of its proprietary enterprise software system, GameSTACK™. The platform provides a turnkey solution for legal real-money internet casino games, online sports betting, and virtual Simulated Gaming.
GAN's business model is primarily B2B, operating as a SaaS provider that licenses its GameSTACK™ platform to land-based casino operators. This allows its clients, which include major casino operations like FanDuel, Wynn Resorts, and Churchill Downs, to rapidly deploy online gaming and sports betting services. Revenue is generated through a combination of upfront fees and a share of the net gaming revenue generated through its platform. The company serves both the real-money online gambling market and the social casino space, where players use virtual currency. A significant milestone was its initial public offering on the London Stock Exchange in November 2013, followed by a dual listing on the Nasdaq in May 2020.
In a strategic move to enhance its B2C capabilities and content portfolio, GAN acquired Coolbet, a B2C online sportsbook operator, in late 2020 for approximately €149 million. This acquisition provided GAN with a direct-to-consumer sports betting technology and a strong international presence. However, after a strategic review, GAN announced in November 2023 that it would be acquired by Sega Sammy Creation Inc., a subsidiary of Sega Sammy Holdings, in a deal valued at $107.6 million. This all-cash transaction, which delisted GAN from the Nasdaq, represented a significant shift in the company's trajectory, moving it from a publicly traded entity to a part of a larger global entertainment conglomerate.
Keywords: B2B gaming, SaaS, iGaming, sports betting, casino technology, GameSTACK, real-money gaming, simulated gaming, platform solutions, Sega Sammy
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