Losses Persist At Gameaccount Network
By Casinomeister, Last updated Oct 7, 2016
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 GBP 2.3 million – an improvement on the GBP 2.6 million it lost in the same period last year.
On the brighter side, the company's social casino operations produced a 75 percent rise to GBP 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 GBP 15.9 million;
* Net revenue of GBP 3.9 million – up 35 percent y-o-y;
* Online gambling revenue from real-money operations rose 21 percent to GBP 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 GBP 4 million (H1-2015: GBP 7.6 million), although a post-period fund raising drive has delivered another GBP 1.8 million to the company treasury.
Online Casino News Courtesy of Infopowa
The man with the plan here at Casinomeister. Bryan Bailey has been running Casinomeister since its launch in June of 1998. He has watched the industry grow from its primeval stage to what it is now. The Meister has attended nearly 100 conferences in the past 20 years and has either been a speaker or a panel moderator for at least 60 events. He has always been an advocate of fairness and reason and is known to like German beer, a good Scotch, and astrophotography.
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