Losses Persist At Gameaccount Network

LOSSES PERSIST AT GAMEACCOUNT NETWORK

01st October, 2016 at 08:14:50
Source: http://www.azonlinecasinos.com

On the bright side, social casino activity is looking up.

On Friday Dermot Smurfit's GameAccount Network (GAN) business posted its H1-2016 numbers, reporting a net pre-tax loss of 2.3 million - an improvement on the 2.6 million it lost in the same period last year.

On the brighter side, the company's social casino operations produced a 75% rise to 1.4 million in revenue thanks to some solid deals in the US for its Simulated Gaming social casino product.

Other highlights from GAN's half-year included:

* Gross income of 15.9 million;

* Net revenue of 3.9 million - up 35% y-o-y;

* Online gambling revenue from real-money operations rose 21% to 2.5 million. These activities are generating cash from the UK, Italy, Spain and New Jersey in the USA, where a legalised online gambling market is available;

* Two thirds of revenue came from US operations, vindicating Smurfit's decision to focus strongly on tribal and other land casino markets with his Simulated Gaming product, although US take-up has been slower than he would like;

* Cash on hand down significantly at 4 million (H1-2015: 7.6 million), although a post-period fund raising drive has delivered another 1.8 million to the company treasury.

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