GAN in line with expectations

GAN says it performed in line with expectations during the second half of 2016 in both its real money Regulated Gaming and Simulated Gaming activities and the outlook for 2017 is positive.

The company benefited from cost management and foreign exchange movements and generated positive clean EBITDA in Q4 2016. In real money Regulated Gaming, GAN's New Jersey business continues to enjoy favourable market conditions and performed strongly in 2016. Net Revenue growth in Italy has continued in H2 where the Company has benefitted from the seasonally strong Q4 period.

GAN's US-facing Simulated Gaming business continued to benefit from the launch of major new US casino operator clients in H2 2016 including Isle of Capri, JACK Entertainment and Twin River with Chickasaw Nation, Borgata and TurningStone all scheduled for launch before the end of Q1 2017 followed by Station Casinos in Q2 2017. By the end of H1 2017 GAN anticipates operating Simulated Gaming for twelve major US casinos coast-to-coast together representing in excess of $8bn in annual land-based gaming revenues.