The user base of British online gaming technology provider GameAccount Network (GAN) has grown to almost 3 million in the third quarter, thanks to the vibrant simulated gaming market in the United States.
GAN told the London Stock Exchange and the Irish Stock Exchange that the company posted a fifth consecutive quarter of Active Player-Days growth, up 15.2 percent to 2.996 million from 1.7 million in the same period in 2016.
Dermont Smurfit, chief executive officer of GAN, attributed the growth of its user base to the company’s increased institutional outreach to the U.S., where the company conducts the predominant portion of its business activities.
At least 13 casino operators in the U.S. have taken the services of GAN’s Simulated Gaming. GAN also has two real-money gaming clients in New Jersey after receiving its full U.S. gaming license in April.
Meanwhile, GAN has 10 clients of real money regulated gaming products in Europe.
“Five successive quarters of growth more recently driven by Simulated Gaming in the company’s key market of the U.S. Overall ‘GAN-enabled revenue’ in which GAN participates increased +5% in Q3 2017 over Q2 2017,” the company said. “Moving ‘bricks & mortar’ U.S. casinos online with GAN’s Simulated Gaming continued to deliver growth quarter on quarter despite the full impact of summer seasonality which generally reduces players’ levels of online engagement and propensity to spend money.”
The Smurfit-led company, however, saw an 8.9 percent drop in average revenue per daily active user to $6.39 in the third quarter.
GAN reported a loss of £2 million ($2.68 million) in the first half of the year, although this is lower than the £2.3 million ($3.1 million) loss the previous year. The firm reported net revenue of £4.1 million (5.5 million) in H1, or 6 percent higher than the previous year.
