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

Overall profits also increased by 2% despite a drop in B2C revenues

by - Tuesday, August 16th, 2022 9:44
Gan Limited CoolBet

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.

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

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.

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

“We are excited about the momentum behind our key initiatives, such as Super RGS, and the customer feedback surrounding the uniqueness and value of our exclusive gaming content has been highly encouraging and validating. We expect a robust launch schedule for GAN Sports throughout the U.S. in 2023, which will further our position as a leading provider of a true omnichannel gaming experience. We are excited about the prospect of a stronger second half of the year, supported by the FIFA World Cup.”

Karen Flores, CFO of GAN added:

“Our deliberate, focused efforts to improve our profitability are bearing results in the midst of the difficult macroeconomic and inflationary environment, as seen through our Adjusted EBITDA in the quarter. All of our cost savings actions have been executed without hindering our longer-term strategy or ability to accelerate future growth. During the quarter, we were also able to repurchase roughly $1 million (€0.98 million) of our stock in the open market and completed a $30 million (€29.6 million) term loan to facilitate our investment in our strategic initiatives.

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.