GAN down due to ‘expiration of multistate B2B commercial contract’
GAN generated revenue of $29.4m, for the first quarter ended March 31, 2025, down four per cent, primarily attributable to a decrease in the B2B segment.
Seamus McGill, GAN’s Chief Executive Officer, said: “I’m pleased with the continued progress during the first quarter as we continue to execute on our business plan while refining our cost structure. Our B2C results were particularly strong and underscore the strength of our market position in European and Latin American markets. We are nearing the conclusion of the regulatory requirements to close our merger with Sega Sammy, which we expect to be successfully completed in the second quarter of 2025.”
B2B segment revenue was $5.1m versus $12.3m. The decrease was primarily attributable to the expiration of a multistate B2B commercial contract.
B2C segment revenue was $24.3m versus $18.3m. The increase was driven by growth in both Europe and Latin America.
