GAN Ltd
gan.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q1 FY2025 10-Q, filed May 9, 2025. Its latest SEC filing is a 15-12G from Jun 9, 2025.
10-Q for Q1 FY2025, filed May 9, 2025
The sections below describe the company as of the FY2024 annual report.
What Did They Do?
Provides online casino and sports-betting technology to casino operators, and runs an online betting and casino platform directly for consumers.
10-K for FY2024, filed Mar 14, 2025GAN Limited is an exempted holding company organized in Bermuda and through its subsidiaries, consists of two lines of business. We are a…View ↗
In our B2B segment, we feature our technology platform, which we market as the GameSTACK™ internet gaming platform (“GameSTACK”). The B2B…View ↗
In our B2C segment, we operate a B2C casino and sports betting platform doing business as “Coolbet” that is accessible for gambling through…View ↗
How Did They Make Money?
Casino operators are billed monthly for fees tied to their gaming revenue or sportsbook winnings; Coolbet earns from customer wagers after player winnings and bonuses, as wagers and games settle.
10-K for FY2024, filed Mar 14, 2025The Company charges fees as consideration for use of its internet gaming system, game content, support and marketing services based on a…View ↗
The Company’s promise to provide the RMiG SaaS platform and content licensing services on the hosted software is a single performance…View ↗
The Company manages an online sportsbook allowing users to place various types of wagers on the outcome of sporting events conducted around…View ↗
The Company offers live casino through its digital online casino offering in select markets, allowing users to place a wager and play games…View ↗
In each of the online gaming products, a single performance obligation exists at the time a wager is made to operate the games and award…View ↗
$135M
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10-K for FY2024, filed Mar 15, 2025
$135M ↗
Who Were Their Customers?
Retail casino operators and online casino brands use its business software; gaming partners can provide an indirect route to casino operators. Coolbet offers betting and casino games directly to players through its website and mobile devices.
10-K for FY2024, filed Mar 14, 2025In our B2B segment, we feature our technology platform, which we market as the GameSTACK™ internet gaming platform (“GameSTACK”). The B2B…View ↗
Our principal B2C offerings are real-money online sports betting, online casino and peer-to-peer poker. We offer these products directly to…View ↗
Our principal B2B customers are retail casino operators and online casino brands.View ↗
10-K for FY2024, filed Mar 14, 2025
During the years ended December 31, 2024 and 2023, one customer in the B2B segment individually accounted for 15.3% and 16.4% of total…View ↗
Did Revenues Turn Into Profits?
Not on paper. It lost $8M in FY2024, but brought in more cash than it spent: $5.3M of free cash flow.
10-K for FY2024, filed Mar 15, 2025
−$3.6MView ↗
10-K for FY2024, filed Mar 15, 2025
−$8MView ↗
10-K for FY2024, filed Mar 15, 2025
$5.3MView ↗
How Were They Changing?
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May 27, 2025
A SEGA SAMMY affiliate completed its acquisition of GAN
GAN became a wholly owned subsidiary, and its ordinary shares ceased trading on Nasdaq.
Sources
8-K, filed May 27, 2025
On the May 27, 2025 (the “Closing Date”), pursuant to and in accordance with the Merger Agreement, Merger Sub merged with and into the…View ↗
Added sportsbook platform
The older report described GameSTACK and an opportunity to integrate sports-betting technology; the latest describes GAN Sports as a sportsbook platform for casino operators, including retail kiosks and mobile betting.
10-K for FY2021, filed Apr 15, 2022 10-K for FY2024, filed Mar 14, 2025In our B2B segment, we feature our technology platform, which we market as the GameSTACK™ internet gaming platform (“GameSTACK”). Our…View ↗
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