GAN Limited (the “Company” or “GAN”) (NASDAQ: GAN), a leading business-to-business supplier of internet gambling software-as-a-service solutions primarily to the U.S. land-based casino industry, today updated the market following the publication on June 12, 2020, by New Jersey’s Division of Gaming Enforcement (“DGE”) of historical Internet gaming and Internet sports betting financial information for the State of New Jersey during the calendar month of May 2020.
Highlights from the DGE include:
- Internet Gaming Win was $85.9 million in May, compared to $38.3 million in the prior year period, reflecting a year-over-year increase of 124.1%.
Total Internet Sports Wagering Handle(1) was approximately $117.8 million for the month of May, up 115.8% from the prior sequential month despite the continued suspension/cancellation of most sporting events during the global COVID-19 pandemic. This compares to:
- $54.6 million for the month of April 2020;
- $163.4 million for the month of March 2020, which was partially affected by the pandemic; and
- $436.5 million for the month of February 2020, which includes the Super Bowl, the largest single day for end user gambler activity and sports betting handle.
Internet Sports Wagering Gross Revenues(2) (after payouts) for the month of May were $10.1 million, compared to $13.7 million in May 2019, and is further comparable to:
- $2.7 million for the month of April 2020;
- $13.3 million for the month of March 2020; and
- $15.9 million for the month of February 2020.
Gross amount of money accepted in wagers
Internet Sports Wagering Gross Revenues may vary from month to month due to the payouts for future events occurring months after the original wager was made and unredeemed winning wagers from prior months will become deductible upon redemption in future months
The information in this press release is taken from a report published by the DGE. The complete report is publicly available on the DGE’s website at https://www.nj.gov/oag/ge/financialandstatisticalinfo.html. GAN is providing the information to enable the investor community to more readily monitor Internet gambling in New Jersey, which remains a key market for GAN. The numbers and trends reported are for the overall market in New Jersey as reported by the DGE. They are not historical or expected results of operations for GAN.
About GAN Limited
GAN is a leading business-to-business supplier of internet gambling software-as-a-service solutions predominantly to the U.S. land-based casino industry. GAN has developed a proprietary internet gambling enterprise software system, GameSTACK™, which it licenses to land-based casino operators as a turnkey technology solution for regulated real-money internet gambling, encompassing internet gaming, internet sports gaming and virtual Simulated Gaming.