Coolbet Owner GAN Limited Reports 2% Revenue Increase in Q2 2022

Online gambling software provider and Coolbet owner, GAN Limited, has announced its unaudited financial results for Q2 2022 revealing a revenue increase of 2% from $34.4 million (€33.9 million) in Q1 to $35 million (€34.5 million) in Q2.

However, the increase in B2B revenues was partially offset by a decrease in B2C revenues as a result of lower sports margins and foreign currency fluctuation. B2C revenues for Q2 from the company’s Coolbet product totaled $20.8 million (€20.5 million) a drop of 13.3% on the $24 million (€23.6 million) reported in the previous quarter. This was despite an increase of 8% in wagering through Coolbet as the sports margin dropped to 7.1%. Meanwhile, the company also reported a $2.4 million (€2.3 million) impact as a direct result of the unfavorable impact of foreign currency fluctuation.

Gross profits for the period came to $24.5 million (€24.1 million), a 2% increase on the $24 million (€23.6 million) reported in Q1.

Dermot Smurfit, CEO of GAN stated:

“We continue to make strong progress toward the launch of GAMESTACK 2.0 and GAN Sports in U.S. markets as we position GAN for improved performance in the face of a difficult macroeconomic environment. Our cost saving initiatives and other productivity measures are working and will enhance our long-term profitability profile. Both our B2B and B2C segments continue to demonstrate unique technology and capabilities, as customer adoption and new launches remain on a positive trend. GAN is now licensed in 16 U.S. states, Canada, and has begun the initial stages of entering the Mexican market.”

Coolbet Owner GAN Limited Reports 2% Revenue Increase in Q2 2022

Jenny Tang

An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.