First quarter momentum has carried through into 2021’s Q2, reports GAN, with the group’s preliminary results driven by the group’s new B2C segment, including its €149.1m Coolbet property.
The group notes an expectation to report second quarter revenue of $34m to $35m and positive adjusted EBITDA ranging from $3m to $7m, as higher than expected revenue more than offset strategic investments in talent and technology. The company is also increasing full year revenue guidance to a range of $125m to $135m.
In the update, GAN notes that results were primarily driven by stronger than expected performance from the company’s B2C offering in Latin America and Northern Europe.
This saw sports results benefit from higher-than-expected sports betting margin of 9.7 per cent in Q2 versus 6.8 per cent in Q1, with acceleration helped along by two major international sporting events.
Dermot Smurfit, CEO of GAN, commented: “Momentum has carried through the second quarter and driven continued sequential top-line growth for the business.
“The B2B business is performing in-line with our expectations and continuing to win new clients here in the US while the B2C business is capitalising on the Latin American market opportunity, equipped with a highly social sports offering delivering viral customer acquisition.
“Looking back, we identified and acquired a business at the outset of this year that is now performing significantly ahead of plan. We are very pleased with where we stand halfway through the year on both our segments and look forward to providing more detail next month.”
Last month, GAN linked-up with Incredible Technologies to obtain the exclusive online rights to the group’s current and future online games, which will grow to over 110 games during the term of the contract.
Lauded as the company’s “second major agreement for exclusive content,” the agreement adds further depth to the group’s content acquisition strategy, with online licensing fees immediately being derived from the existing Garden State operations.