GAN notes that Coolbet has surpassed all expectations

Malta Registered Sports Betting Operator Coolbet “Exceeded expectations” according to financial report GAN Plc for Q1 2021, bringing in $ $ 14.3 million in revenue.

GAN closed its acquisition of Coolbet in January 2021, combining the company's sports betting technology and operations with the long-term goal of leveraging the capabilities of the Estonian operator. opportunities and experience to strengthen its position in the US market.

Subject to the terms of the "final agreement" signed with Coolbet. operating company Vincent Group Malta In november 2020 , GAN paid a total remuneration of € 149 million to a bookmaker in the Baltic markets.

GAN Brands, listed on NASDAQ Coolbet as one of the fastest growing European operators for its investors to secure a takeover.

The acquisition follows a series of successful trading years for Coolbet, recording 12 months revenue of € 26 million and a 46% CAGR revenue from 2018 to 2020.

“We started the new year on a strong note. with 263% revenue growth year over year, fueled by both organic growth and the acquisition of Coolbet, ”said Dermot Smurfit , CEO of GAN.

“We completed a record five launches of RMiG partners during the first quarter, marked by our groundbreaking launch and strong results in Michigan, as well as our exciting new partnership with Wynn and Churchill Downs.

“We have carried this momentum into the second quarter, now 10 launches from the beginning of the year to the current date, exceeding all 2020.”

$ 19 Coolbet. 3 million contributions to the B2C GAN segment drove 263% in the company's first quarter of 2021 revenue to $ 27.8 million, up from £ 7.7 million 12 months earlier, complementing the firm's B2B growth, reaching 5.8 million in revenues. dollars.

In addition, the acquisition of the Estonian group increased the segment's gross profit by 220% with Coolbet's contribution of US $ 8.3 million, with a profit of US $ 19.1 million versus US $ 6 million in the first quarter of 2020.

However, a net loss of US $ 4.5 million compared to a net profit of US $ 0.7 million was also charged to purchase in relation to the acquired intangible assets of US $ 2.9 million.