GAN announces Goldbet as its 9th client in Italy

Goldbet has an approximately three-per-cent market share of Internet casino gaming in Italy and is anticipated to be accretive to GAN’s Net Revenues and EBITDA derived from Italy commencing in H2 2018.

2018-04-18

Italy

Reading time 1:30 min

Goldbet has an approximately three-per-cent market share of Internet casino gaming in Italy and is anticipated to be accretive to GAN’s Net Revenues and EBITDA derived from Italy commencing in H2 2018.

GAN delivers 500+ high-quality casino slots, table games and non-traditional games in Italy to eight Italian clients who together represent more than forty per cent of Italy’s Internet casino gaming market by Gross Gaming Revenue. Goldbet has an approximately three-per-cent market share of Internet casino gaming in Italy and is anticipated to be accretive to GAN’s Net Revenues and EBITDA derived from Italy commencing in H2 2018.

Dermot Smurfit, CEO of GAN commented:

"Italy remains a strategic stronghold for GAN and represents a substantial long-term investment in a market which first regulated Internet skill-based games in 2009, Casino Table games in 2011 and Casino Slot Games in 2013. The Italian regulated Internet gaming market appears locked in a structural growth cycle which GAN continues to benefit from by delivering an increasing number of high-quality Internet casino games to its clients. We very much welcome the addition of Goldbet as our ninth client in Italy.”

Internet gaming was effectively outlawed in Italy until 2008 when legislation permitted Italy’s existing retail & online sports betting operators to launch skill-based games online including Poker and traditional Italian card games played person-to-person. Legislation permitting casino Table games passed in 2011 and casino Slots in 2013.

GAN launched its first Italian client SNAI SpA online in September 2008. In CY2017 Italy represented 31% of GAN’s GBP 9.12m ($12.9m) in Net Revenues. The Internet casino market in Italy averaged EUR 57.7m ($71.3m) in Gross Gaming based on the trailing three (3) months of February 2018, January 2018 and December 2017 market share information reported by the Italian regulator AAMS. This was an increase of +31.3% Year on Year on the three (3) month average of EUR 44.0m ($49.4m) in February 2017, January 2017 and December 2016.

There are sixty-nine (69) active operators of licensed Internet casino gaming in Italy. GAN’s nine (9) clients, including Goldbet, represent in aggregate more than 44% of the Internet casino market in Italy based on the trailing three (3) months of February 2018, January 2018 and December 2017 market share information reported by the Italian regulator AAMS.