{"id":179047,"date":"2021-07-07T18:14:20","date_gmt":"2021-07-08T01:14:20","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=179047"},"modified":"2021-07-08T12:03:16","modified_gmt":"2021-07-08T19:03:16","slug":"gan-stock-surges-following-upbeat-q2-full-year-revenue-guidance","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/gan-stock-surges-following-upbeat-q2-full-year-revenue-guidance\/","title":{"rendered":"GAN Stock Rockets Higher After Lifting Q2 EBITDA, Revenue Guidance"},"content":{"rendered":"

GAN Ltd. stock (NASDAQ:GAN) soared more than 17 percent in Wednesday’s after-hours trading session after the gaming technology provider raised its earnings before interest, taxes, depreciation and amortization (EBITDA) and revenue guidance for the second quarter, as well as its full-year sales forecast.<\/p>\n

\"GAN
GAN CEO Dermot Smurfit (left) at a Fantini Research conference in 2017. The company lifted revenue guidance, sending its stock soaring. (Image: YouTube)<\/figcaption><\/figure>\n

That’s a sign the acquisition<\/a> of European iGaming and sportsbook provider Coolbet, announced last November, is paying off for GAN. The UK-based company paid $175 million in cash and equity for Coolbet.<\/p>\n

Based on preliminary financial results, the company currently expects to report second quarter revenue of $34.0 million to $35.0 million and positive Adjusted EBITDA ranging from $3.0 million to $7.0 million, as higher than expected revenue more than offset strategic investments in talent and technology,\u201d according to a statement issued by GAN.<\/p><\/blockquote>\n

The gaming cloud computing firm also said it expects full-year sales of $125 million to $135 million<\/strong>.<\/p>\n

Coolbet a Good Bet for GAN<\/h2>\n

GAN adds that the buoyant preliminary results are enhanced by increasing activity for its business-to-consumer (B2C) platform in Latin America and Northern Europe.<\/p>\n

That’s another sign the Coolbet buy could prove prescient<\/a> for GAN. Coolbet has customers in Norway, Sweden, Finland, Iceland, Estonia, and Chile, and recently expanded into Canada and Peru. When the deal was announced last November, GAN forecast it would be accretive to earnings, and it appears that call is proving accurate.<\/p>\n

\n

In Latin America and Norther Europe, GAN sports betting results got a lift from \u201chigher-than-expected sports betting margin (calculated by dividing Gross Gaming Revenue by Amount Wagered) of 9.7 percent for the quarter, as compared to 6.8 percent in the first quarter, while also maintaining marketing spend efficiency. The Company noted that its revenue growth accelerated during the second half of the quarter, driven by two major international sporting events,\u201d said the tech firm.<\/p>\n<\/div>\n

It remains to be seen, but if that pattern holds true to form, the current quarter could be another strong period for GAN, thanks to the UEFA European Championship, Copa America in Latin America, and the looming Summer Olympic.<\/p>\n

Needed Jolt for GAN Stock<\/h2>\n

News of the bullish revenue forecasts couldn’t come at a better time for GAN stock. The shares slid 7.85 percent during traditional trading hours today, extending the year-to-date decline to north of 25 percent.<\/p>\n

While GAN stock is scuffling this year, the late Wednesday rally extends a tradition of the name being highly sensitive to positive news — a trend that’s emerged in a brief time. GAN went public in the US<\/a> in May 2020.<\/p>\n

\u201cLooking back, we identified and acquired a business at the outset of this year that is now performing significantly ahead of plan,\u201d said CEO Dermot Smurfitt.<\/strong><\/p>\n

GAN delivers second-quarter results on Aug. 16.<\/p>\n","protected":false},"excerpt":{"rendered":"

GAN Ltd. stock (NASDAQ:GAN) soared more than 17 percent in Wednesday’s after-hours trading session after the gaming technology provider raised its earnings before interest, taxes, depreciation and amortization (EBITDA) and revenue guidance for the second quarter, as well as its full-year sales forecast. That’s a sign the acquisition of European iGaming and sportsbook provider Coolbet, […]<\/p>\n","protected":false},"author":46,"featured_media":179048,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,16693],"tags":[],"acf":[],"yoast_head":"\nGAN Stock Surges Following Upbeat Q2, Full-Year Revenue Guidance<\/title>\n<meta name=\"description\" content=\"GAN stocks gets needed jolt as company provides upbeat second-quarter and full-year revenue guidance.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GAN Stock Surges Following Upbeat Q2, Full-Year Revenue Guidance\" \/>\n<meta property=\"og:description\" content=\"GAN stocks gets needed jolt as company provides upbeat second-quarter and full-year revenue guidance.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/gan-stock-surges-following-upbeat-q2-full-year-revenue-guidance\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-08T01:14:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-07-08T19:03:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/07\/GAN.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/gan-stock-surges-following-upbeat-q2-full-year-revenue-guidance\/\",\"url\":\"https:\/\/www.casino.org\/news\/gan-stock-surges-following-upbeat-q2-full-year-revenue-guidance\/\",\"name\":\"GAN Stock Surges Following Upbeat Q2, Full-Year Revenue Guidance\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/gan-stock-surges-following-upbeat-q2-full-year-revenue-guidance\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/gan-stock-surges-following-upbeat-q2-full-year-revenue-guidance\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/07\/GAN.jpg\",\"datePublished\":\"2021-07-08T01:14:20+00:00\",\"dateModified\":\"2021-07-08T19:03:16+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"GAN stocks gets needed jolt as company provides upbeat second-quarter and full-year revenue guidance.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/gan-stock-surges-following-upbeat-q2-full-year-revenue-guidance\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/gan-stock-surges-following-upbeat-q2-full-year-revenue-guidance\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/gan-stock-surges-following-upbeat-q2-full-year-revenue-guidance\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/07\/GAN.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/07\/GAN.jpg\",\"width\":1280,\"height\":720,\"caption\":\"GAN CEO Dermot Smurfit (left) at a Fantini Research conference in 2017. 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