GAN Provides May 2020 Internet Gambling Market Update for Pennsylvania as Reported by the Pennsylvania Gaming Control Board
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 June 16, 2020, by the Pennsylvania Gaming Control Board (PGCB) of historical Internet gaming and Internet sports betting financial information for the State of Pennsylvania during the calendar month of May 2020.
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 June 16, 2020, by the Pennsylvania Gaming Control Board (“PGCB”) of historical Internet gaming and Internet sports betting financial information for the State of Pennsylvania during the calendar month of May 2020.
Highlights from the PGCB include:
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Internet Gaming Win was $55.8 million in May, reflecting an increase of 29.7% from the prior sequential month. This compares to:
- $43.1 million for the month of April;
- $24.9 million for the month of March; and
- $19.5 million for the month of February.
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Total Internet Sports Wagering Handle(1) was approximately $77.5 million for the month of May, up 68.4% from the prior sequential month despite the continued suspension/cancellation of most sporting events during the global COVID-19 pandemic. This compares to:
- $46.0 million for the month of April;
- $118.3 million for the month of March, which was partially affected by the pandemic; and
- $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.
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Internet Sports Wagering Gross Revenues(2) (after payouts) for the month of May were $5.9 million. This compares to:
- $3.2 million for the month of April;
- $7.9 million for the month of March; and
- $10.8 million for the month of February.
| (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 historical 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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