GAN revenues boosted by increase in 'real money' betting

Internet gambling software developer GAN expects to have exceeded market expectations in its recently wrapped up trading year as a result of an increased level of "real money" online betting.

As a result of the solid trading, GAN now projects revenues between £10.5m and £11.2m for the year ended 31 December - a marked improvement on the £9.1m recorded a year earlier.

Internet gambling gaming GAN a 40% revenue boost - 85% of which was recurring revenue stemming from its new US-based operations.

While the AIM-listed group ended the period debt free with a cash balance of £5.3m, it still expects to report an EBITDA loss of £1m to £1.5m.

Chief executive Dermot Smurfit said: "We are delighted with our performance in 2018, which sets us up for strong growth in our business in 2019."

"Going into 2019, we are strategically well placed to deliver profitable growth."

As of 1220 GMT, GAN shares had climbed 7.54% to 52.80p.