Software, services and online gaming content provider Gan has today hosted its annual general meeting, as part of which the organisation’s continued US-based increases are falling under the microscope.

A number of agreements undertaken led to the firm reporting substantial gains and 2019 first quarter revenues of £4.6m, with partnerships alongside FanDuel Group, the US arm of Flutter Entertainment, and Parx Casino gaining particular attention.

Dermot Smurfit, chief executive officer of Gan, commented: “Since last year’s AGM, Gan has been firmly focused on taking advantage of the incremental US internet sports betting opportunity which we launched online in New Jersey in September 2018,” he stated.

“Since launch, sports betting has driven substantial increases in our clients’ revenues, in which Gan participates. We also prepared to launch internet gambling in Pennsylvania for the largest retail operator, Parx Casino, as well as extending our relationship with FanDuel Group, the US arm of Flutter Entertainment plc (formerly Paddy Power Betfair plc) to rapidly deploy our platform in selected additional US states. 2018 was clearly therefore a pivotal year for Gan.”

Before moving on to welcome the spread of regulation across the country, with the firm recently welcoming legalisation of sports gambling in Illinois and Tennessee: “Since the beginning of 2019, we have witnessed the rapid and accelerating regulation of internet gambling in other US States including Montana, Indiana, Iowa, Tennessee and Illinois. Today, 58 million Americans, representing nearly 20 percent of the entire US population, now have legislation in place permitting one or more forms of internet gambling.

“Furthermore, industry analysts believe more than half of all Americans will be permitted to gamble online as a result of accelerating incremental state-by-state regulation within just a few more years.”

In its latest financial report Gan heaped particularly praise on New Jersey as the firm beat financial expectations, a primary driver of which was said to be higher than expected growth of the Garden State’s sports betting, in addition to an elevated level of casino cross-selling.

Smurfit explained: “We are especially pleased with our financial performance to date, building on the momentum achieved during the first quarter, during which we generated record revenues.

“All the company’s operational KPI’s continue to trend positively and therefore remain excited by the potential for the remainder of the year, starting with the imminent launch of Parx Casino in Pennsylvania.”

Adding: “In conclusion, 2018 was a pivotal year for Gan, and we firmly believe 2019 will be another year of tremendous operational and financial progress, and I look forward to updating shareholders with our financial results for the first half of the current financial year in due course.”