Game Account Network (GAN), the Dermot Smurfit jnr led developer and supplier of enterprise-level B2B gaming software and online gaming content, has reported a loss before tax of £0.9 milion (€1.15m) for the six months to June 30th 2014.
Net revenues at the company, which launched Simulated Gaming in Connecticut & signed two new US casino clients during the period under review, fell by 53 per cent to £4.2 million. However, the company said that it is “ actively engaging with multiple potential system buyers” and it remains confident that it can continue to deliver on sales of its gaming system to casino equipment manufacturers although the timing of such sales remains uncertain.
When system sales are excluded, underlying net revenue increased by 34 per cent to £3.1 million.
Dermot Smurfit, CEO of GameAccount Network, said that 2013 was a “transformational year” and that performance to date in 2014 is in line with expectations.
While real-money gaming in New Jersey and the pace of regulation in the US market has been “slower than expected” Smurfit said he is confident in the long-term prospects for real-money gaming in the years ahead.
“For 2015 we believe that the opportunity for GameAccount Network with Simulated Gaming will substantially compensate for the slower than expected pace of the development of real-money gaming in the US.”
GAN also announced this morning that it has extended its Simulated Gaming product into Australia in partnership with a consortium of major land-based Australian community clubs . It expects to launch this product in the first quarter of 2015.
