I started a trial position in GAN after their latest earnings call. Some highlights. I would suggest reading or listening to the call.
we delivered 64% year-on-year revenue growth, excluding one-off revenue items last year, with the largest part of our revenue, principally derived from U.S. Internet Gambling, growing a phenomenal 108% year-on-year on the back of $142 million in gross operator revenue. We beat consensus adjusted EBITDA for the quarter and are now delivering on the promise of exclusive growth through the rest of the year.
our balance sheet carries nearly $62 million and is debt-free.
there has been significant continued execution in incremental new client acquisition with binding term sheets executed for the deployment of simulated gaming in; New Mexico, Colorado, Indiana and Mississippi.
For real money Internet gambling, we’ve reached an agreement in principle with a Tier-1 client that is looking to deploy our game stack technology in new addressable states such as Illinois, Tennessee, as well as Michigan and other states in which GAN offers considerable existing operating experience, such as New Jersey, Pennsylvania and Indiana.
Even sports betting, which we had assumed would fall by 80% in the months of April and May, has been substantially ahead of our expectations as we have experienced Super Bowl-esque spikes of activity
we’ve seen significant continued engagement by new casino operator groups seeking to move online now with simulated gaming, as well as continued legislative action in states we anticipate will legislate real money Internet sports betting, such as Ohio, where GAN has already forged a partnership with the leading retail casino operator, Jack Entertainment.
In planning for a post-COVID industry environment, we are investing in our people, expanding our bench and running fast to create the burstable engineering resources required to deploy game stack for existing and new clients.
So, we believe that the Tier 1 opportunity that we referred to is, at maturity you’re looking at $300 million to $400 million in gross operated revenue annually. This is a very large retail and also online gambling enterprise. It’s been a multi-month dialogue to reach the point we did yesterday with the execution of preliminary documents, and we will, of course, update the market in full with both identity and scope and expectations, as and when we execute definitive agreements. So, thank you for your
We set up and expanded in Las Vegas on the engineering front very successfully. We found a very thick vein of strong, technically, highly sophisticated individuals who are putting their thumbs at home and who’ve been very happy to come on board the GAN rocket ship. So, that’s been extremely successful and characterized as and we foresee more highly specialized engineers coming or in Las Vegas before the end of this quarter, but will largely be completed with that by the time we get into the end of Q3