Online betting and gaming technology provider GAN has cited ongoing growth in the US sports betting and igaming markets as the main driver of a 128.3% year-on-year increase in revenue during the second quarter.
Gross operator revenue, which includes real-money igaming and sports betting, as well Simulated Gaming, amounted to $54.8m (£45.2m/€49.6m) in the three months to 30 June. This was a significant improvement on the $24.0m generated in the corresponding period last year but down 7.3% on the first quarter of 2019.
GAN ‘s average revenue per active player day has rocketed from from $7.66 in Q2 of 2018 to $11.52 in the most recent quarter. This is also up 2.86% on $11.20 recorded in the first quarter.
GAN also noted a 20.50% year-on-year increase in active player days, with this climbing from 3,133,054 last year to 4,761,209. However, this is down 7.28% on a quarter-on-quarter basis, compared to 5,281,235 in Q1.
The figures come after GAN last month revealed trading in the second quarter of its financial year beat internal projections.
“The extraordinary year on year growth rate experienced in Q2 reinforces our confidence in the US strategy executed on by GAN following the repeal of PASPA, as well as our platform technology’s ability to scale to meet the needs of our diverse clients,” GAN chief executive Dermot Smurfit said.
“The rapid rate at which states continued to legalise internet gambling in Q2 continues to validate our confidence in the US market opportunity and the seasonality in Q2 was both anticipated and exaggerated by US internet sports betting.”
Smurfit also spoke about GAN’s commitment to continuing to grow its business in the US, having appointed Jack Wielebinski to lead its investor relations efforts in the country. Wielebinski will also oversee the implementation of a new corporate website before the end of the current year.
GAN expects to release its full results for the first half of 2019 on September 27.