GAN Provides April 2020 Internet Gambling Market Update For Pennsylvania as Reported by the Pennsylvania Gaming Control Board
19 May 2020 - 9:00PM
Business Wire
Internet Gambling Win Increased 84% from
December
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 May 18, 2020, by the Pennsylvania Gaming Control Board (“PGCB”)
of Internet gaming and Internet sports betting financial
information for the State of Pennsylvania during the calendar month
of April 2020.
Highlights from the PGCB include:
- Internet Gaming Win was $43.1 million in April, reflecting an
increase of 73.1% from the prior sequential month. This compares
to:
- $24.9 million for the month of March;
- $19.5 million for the month of February; and
- $14.0 million for the month of January.
- Total Internet Sports Wagering Handle(1) was approximately
$46.0 million for the month of April, a significant decrease from
prior months as the result of most sporting events being canceled
during the global COVID-19 pandemic. This compares to:
- $118.3 million for the month of March, which was partially
affected by the pandemic;
- $294.1 million for the month of February, which includes the
Super Bowl, the largest single day for end user gambler activity
and sports betting handle; and
- $308.6 million for the month of January.
- Internet Sports Wagering Gross Revenues(2) (after payouts) for
the month of April were $3.2 million. This compares to:
- $7.9 million for the month of March;
- $10.8 million for the month of February; and
- $26.7 million for the month of January.
(1)
Gross amount of money accepted in
wagers
(2)
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 PGCB. The complete report is publicly available on
the PGCB’s website at www.gamingcontrolboard.pa.gov. GAN is
providing the information to enable the investor community to more
readily monitor Internet gambling in Pennsylvania, which remains a
key market for GAN. The numbers and trends reported are for the
overall market in Pennsylvania as reported by the PGCB. They are
not historic 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200519005319/en/
Investor Contacts:
GAN Jack Wielebinski Head of Investor Relations (214)
799-4660 jwielebinski@GAN.com
The Equity Group Adam Prior (212) 371-8660
aprior@equityny.com
Carolyne Sohn (415) 568-2255 csohn@equityny.com
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