Gaming software and technology services provider GAN PLC witnessed a significant rise in its share prices as it had posted strong revenue projections for 2019.
The company’s shares were trading at 123.20 pence in London on Tuesday, representing a 7.1 percent increase from the previous day.
GAN posted a nearly 300 percent year-on-year increase in gross operator revenue to USD121.5 million for four months ending October from USD37.7 million for the same period the previous year.
The company expects its entire 2019 revenue to more than double from the GBP10.6 million reported in 2018.
“We are pleased that the ramp-up in real money Internet gambling is accelerating ahead off our budgeted expectations in Pennsylvania and New Jersey, particularly since the start of the American football season in early September,” Chief Executive Officer Dermot Smurfit said.
“Our clients are among the leading operators of US Internet gambling, leveraging GAN’s proven technology Platform optimized in New Jersey over several years to convert our clients’ marketing dollars into more first time online gamblers,” Smurfit added.
GAN had also posted strong gambling revenue growth par expectations in 2018 as well. It performed better than market expectation at £10.5m to £11.3m
The increase, against £9.3m in 2017, was primarily driven by its real money internet gambling which increased H2 2018 revenue by more than 40 percent compared with H1.