GAN Limited has seen its Q2 financials boosted by strong performances in Latin America and Europe and from Coolbet, its new B2C segment.
Updating investors, the firm cited strong preliminary results, with expectations that revenue in the second quarter will range between $34m and $35m, while adjusted EBITDA should hit between $3m and $7m.
The higher than expected revenue will, noted GAN, more than offset strategic investments in talent and technology. The company is also increasing full year revenue guidance to a range of $125m to $135m.
In its update, the company revealed that results were primarily driven by stronger than expected performance from its B2C offering in Latin America and Northern Europe, with sports results benefiting from higher-than-expected sports betting margin of 9.7% in Q2 versus 6.8% in Q1. the first quarter, while also maintaining marketing spend efficiency.
GAN added that its revenue growth accelerated during the second half of the quarter, driven by two major international sporting events.
CEO Dermot Smurfit commented: “Momentum has carried through the second quarter and driven continued sequential top-line growth for the business. The B2B business is performing in-line with our expectations and continuing to win new clients here in the US while the B2C business is capitalizing on the Latin American market opportunity, equipped with a highly social sports offering delivering viral customer acquisition.
“Looking back, we identified and acquired a business at the outset of this year that is now performing significantly ahead of plan. We are very pleased with where we stand halfway through the year on both our segments and look forward to providing more detail next month.”
