Gan Ltd. (GAN) is an Irvine, California-based software company that offers casinos the ability to manage digital analytics, messaging, operations, promotions, and transactions.
The company operates in both the real money gaming (RMG) space, as well as in the simulated gambling sector – where players don’t use real money to play.
And this business model has paid off in spades for the digital gaming company…
In the first quarter of 2021, GAN reported revenue surged by 263% year over year to $27.98 million. In its second quarter, GAN anticipates revenue will continue to grow, with an estimate of $34 million to $35 million.
But this growth could continue over the long term as well…
That’s because GAN is partnered with casinos, racetracks, and other digital gambling companies that rely on its services. This includes Meadowlands Racetrack, the largest online player in sports bettering, which accounts for 54% of the total market.
Yet, even beyond existing collaborations, GAN is also making moves to expand its solutions. Earlier in 2021, the company purchased Coolbet for $175.9 million. Coolbet is a company with patented sports betting technology that GAN will integrate with its current software.
These factors combined have pushed B. Riley to maintain its “buy” rating for GAN stock. The financial services company also said GAN has the potential to grow its share price to $26.
That represents a 60% upside from GAN’s present price – signaling the company has plenty of growth opportunities ahead.
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