GAN Limited (GAN) 16 Nov 202020 Q3 Earnings call transcript

Greetings. And welcome to the GAN Limited Quarter Three 2020 Financial Results. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. pleasure your my Officer, Chief now McTavish. Todd is to host, introduce Legal It you. Thank

begin. may You

Thank good and Financial Darrel, me Chief was the you, Executive and website representing issued earnings third company’s Karen are today release the quarter Officer; company after Dermot gan.com. and Officer. market at is today on afternoon, posted With everyone. Smurfit, GAN’s Chief Flores,

assumptions conference like the and forward-looking their is information absence prospects, difficult forward-looking current we’d uncertainties begin, as and Words provided, to including this well factual contained made that we that not be does for remind as forward-looking. and not statements, Before expressions except statements but mean the predict. financial the a statements identified reflecting that statements today, statement in to risks, and related call, tense, with any are optimism satisfaction you that guidance involve of in to future consists

be of or or results risks the materially interpreted could by performance and actual Forward-looking to statements. statements those expressed cause from as uncertainties subject forward-looking or should future results, to such are guarantee suggested not that statements as in performance differ

in factors XXXX. prospectus cause differences important the GAN’s such Some of Risk dated are could section discussed Factor X, that IPO May

go to securities and the Karen the to other ahead, With factors changes floor Forward-looking statements affecting or to forward-looking forward-looking update the statements like results, Please the opening by except information, the statements turn in only Karen. no as assumptions remarks. for laws. required to that, obligation to I’d date extent applicable over company reflect speak of are assumes made and changes actual

you, Todd. Thank

financial set take floor, the the to which commentary. both I the will takes highlights, opportunity our summarize the detailed for Dermot Before will briefly stage key

sports in the delivering well of momentum, growth the as continued million, betting growth resumption with throughout gross quarter. of million on on of revenue casino executed we gaming, online operating revenues $XX.X $XXX First, as

the to resource with expand and the won admission invested on to have of throughout have nature together the ensure today we positions leading to supplier This growth of corporate requirements rollout deliver we governance with our This XXXX means model our clients operations NASDAQ. being to to our Second, gambling, capability of logically since invested content for opportunity, us infrastructure internet the of for is NASDAQ. technology beyond. for our substantial client date new expanded having rapid tomorrow’s and and multi-state a align

underway in transformative BXB betting integrated platforms. the as sports our sports We acquisition acquisition in in Finally, Vincent at now is early better leading attractive expected an p.l.c., BXB is to of highly the sports bring QX close managed as the with Group their believe services a Coolbet being valuation, U.S. into market known to undertaken online opportunity rollout offering relative this U.S. capability the to a

$XX to structured to shareholder We comparable believe will subject approximately million light represents and of undertaken in $XXX in acquire XXXX is Coolbet in closing, this million, be valuations. have a purchase tranche of for be equity satisfied revenue. million We X.X which industry transaction issued $XX with lockup compelling forecasted The cash to the times equity periods. through approximately

Dermot combination weeks will an We transaction. now to balance growth maintains and to hand this cash seek capital the intend floor. look capital our We with in new coming to of market sheet and strong raise equipped of We a to partners. post-closing Thank I’ll XXXX delivering invite you ensure conditions. forward the a take subject on the equity GAN Coolbet to use opportunity

into of of originated gross $XX.X from everyone. growth in XX% September, third year. market nine more with games last that in XXXX. looking third impressive, than in XX% which States, from betting, and million, strategic our in casino gaming from third year-on-year. XX% jumping quarter-on-quarter Of driven XXX% of revenue million $X quarterly delivered all ramp platform sports our revenue revenue, up of the afternoon, U.S. Thank rapid upcoming revenue of this delivered When year, from the million performance market revenue XXX% the up versus third $XX million you, to these million with the $XXX casino deployments in resumption year-on-year XXX to growth of $XXX Karen, Michigan gross in revenues was in by clients United XX% in in $XX from revenue operating million same Underlying multiple of to quarter, period in the operating the gross in our the end months compared up GAN good key gross activation. Year-to-date, quarter casino operating in gaming deeper up and in is casino also year-over-year gross operating highly was the XXXX. the XXXX. our These and growth of the million performance, quarter online online we anticipation year-to-date same $XX operating impressive driven quarter results by online by casino were up

Jersey up states, lies level, but majority real sports opportunity gambling attention unlocked appeal the has it return to today a In which casino, While both commence. the just monthly in of focused revenues poised of within million, operating all around shortly. XXX% in major neighboring and core revenues the remains vast early ramp the market Michigan all-time market client in will $XX that gaming casino course, centered profit to by we capability, the online of and internet years of operational casino $XXX theme betting ago. of in worth Pennsylvania online and in on Pennsylvania, consumer internet poker, new generated of record generated sports October. growth state just the demand a possess in the combine noting This inherently the mass to revenue gambling continues only the and casino is predictably revenues operating of that they’ve being are third of Stepping reported betting, year-on-year. the single U.S. two a it’s New technical have of gaming shortly New you versus sports internet online expectations gaming. implausible two surpass with reflecting up month would gambling seemed just New internet XXXX gross internet betting, Jersey amount growth When online of set In million single Jersey, in excess of

to this a is again, New in incredibly the the important shift by structural it where could I’ll revenues retail pre-COVID now internet run of magnitude Jersey everyone XXXX. because is understand for state the revenues retail casino be industry. on monthly a gambling rate exceed gaming to path the on of end

Two market bright truth a with casino COVID of altered pre-COVID and growth gambling shareholders November Jersey into of gambling bet opportunities internet examples. wins high points decades line several legal of we casino developing of New spent to remain gaming New strong that online sports come. XX and today casino in months, gamblers industry this within this all in benefit online on as processing recent strong path exceed U.S. the serve combined the our Jersey’s GAN monthly years opportunity gaming forefront a manifestly has XXXX, profile has client at internet sports This in the to revenues Since to back illustrative expansionary first possibly growth betting cross-sell the wave. the is internet expected retail advent for for associated less. the future

leverage off be in other Michigan ambitions kicking selected First and venerable Churchill incremental highly exciting shortly downs Then contract in also between online. states we the Resorts national off, opportunities we’re assets and with XX-year who will is QX the will significant to Interactive already parties. digital existing gaming there of the we in Wynn we online expansion supporting bring Michigan with closed the to retail with discussion division,

online average value Proving in we of unprecedented iBridge more our patents deposits linked it our Speaking any online simulated contract on seen who linked proposition of the in who volume XX% same part aggregate Based not we XX-year Pennsylvania, term. is we value in ensuring patent noting as -- have throughout to secured deal pricing market many gambling cards versus to them those we linked have the in just gamblers experience for our cards. worth commercial above massive an gaming structure, iBridge on Wynn, retail their from today account real money years. regulated the account our have their at proved of reward over those reward as license

September international betting entirely in momentum quarters a $XX revenue. admission total at sports active has breakeven accelerates the sports appears $XX bets the operations in online revenue customers not international majority month U.S. XXXX combined -- $XX in topline year-to-date sports rate and scale Italy. it’s gambling us XXXX, and XX internet combined provides to our now $XXX and regulated vast or shareholders processed announced sports of months of third the in of for than with be is the when an both strategy, operating BXB generated previously these $XX income to America. to more key million internal revenue Last our operating in the topline to million Coolbet under overall last pathway net provider Their as of with performance nine the levels in unlocks million and trading which in opportunity U.S. market and second both but acquisition XXXX the headcount to a represented a By This their in growing final million month on despite by annual trailing to a GAN’s recent in deliver activity international book gross in inflection exciting shareholder on is incremental P&L than event million retaining existing value in operations XX% highlights, operating just alone. sports performance group more Latin Coolbet way with exceed point of GAN’s our is internationally. become with significant COVID in XXX of events, XX,XXX impact acquisition and now to months Coolbet firm with fast served NASDAQ, to XXXX, announced Coolbet online, will revenues. that’s run weeks the on and largest It handle. XX, approximately Europe the However, in

engineering environment, know profit betting necessary how events. Those intellectual and best betting to a transport knowledgeable trade the secure as clients associated with operators. acquisition and people manage risk the not their manage to how XXXX. who we our who and know how how to by capital. needed also of as an in to rare NASDAQ to but sports, U.S. integration, sports maturity an that just sports identified sports numerous skills technology The all from industrial learns to operator to talents we in technology positions launching serve find the volatile future technology, so the transaction, ours, advisors opportunity, generate truths current symmetry this sports and who into only this behind know including sports U.S., on technology sports to stand sports, take than their more sporting order understand commenced to and about various on Working of GAN industry. a they stages exhaustive rapid in background acquiring betting owner surveyed companies tech, betting which and at of review technology, owners. the the diverse deployment U.S. ultimately trading XX sports critical since We our doing with In the As permitting of traders due

which GAN’s casino product overseas U.S. managed as experienced identified permit possible of success. More games. is user sports earned the in sports award leading GAN’s challenging culture, which we offer library service will platform own capability aligned in By experience, teaming services under GAN much is very be their with driven based and well It betting online betting Coolbet interface winning users. equipped extensive reasonably a leadership, formed market do soon up as leading with for as XXXX, this circumstances, micro state-of-the-art alongside importantly, a and with now can will to culture our technology,

sports in client’s I acquisition operating will and As a opportunity call, our rapidly our capability of immediately earnings accretive this outline is and both share the we revenue flowing our to timely revenue last through any the sports expand the reminder, of prove way platform to parameters a perhaps, earnings. gross to logical Adding acquisition might took consider.

the real believe culture with year. GAN we shared a closely and capability to More to importantly, Coolbet is excitement their bring America aligns sports there next

a to indicate alongside And Equally continue not of important so this U.S. this at valued bring GAN’s domestic only is to in BXB we to that into market will are betting planning is intend as third-party the BXC have platform we the that it Coolbet important product to and vendors making bring GAN that platform and acquisition, at to clients. Coolbet the sports integrated work now to note who to time. request our existing service

Super betting just America, internet incremental sports therefore we Michigan in COVID delivery in told, more to RGS content The portfolio market. by and so and as delivers positions casino that their All entire now our who Shifting leadership in are we the of of in Super the prepared aggregated damaged casino delivering New environment. casino is excess clients briefly And games, proprietary go competing will quarter, equally are they our and companies gaming integrates leading games decades. those the on Europe proprietary casino in maintain or website games and well. of who to casino for badly games launch a third-party mobile in We gear incremental on and RGS regulation continuing platform support and providers. platform permit RGS third-party apps. from XXX Super portfolio it state gambling also operating internet in an GAN, budgets integration for for we websites significance with and seeking to RGS a technical GAN sports in during done market entrants for relevant GAN in mobile and Jersey two the This in substantial than in We third have apps. launched creates the casino incremental client’s vehicle market offering as strategic need and Super the Pennsylvania future, and This particularly entirety gaming up markets this inherently intra-state its commercial not just our content content casino hand-in-hand particularly deliver development their catch and every our state one operators. also new lunch to be Asia within revenues market across of developed this believe major an U.S. XXXX, onto technical for in for multiple tax our will exciting important new platform RGS our foresee

also commercialized by We revenues and materially business content strategy, operators will when margin gross We GAN people towards Super remain allow portfolio also second the RGS the on should GAN’s required fill on to gaps executing in revenues, of to our weighted their of much RGS, contribute very XXXX. existing licensing high successfully integrating to against operating half focused the our content our Super clients. but growth objectives the investing in generate deliver

opportunity. mentioned, today As tomorrow’s for Karen been resourcing we’ve

Active bring multiple As deal to expansion National opportunities online money, Michigan as acquired listing Churchill a securing sports gaming, outside gaming, Penn and we since of XX-year including that under discussion. platform, and of new Wynn reminder, casino well our nationwide unprecedented real additional Downs have on simulator for already to rollout as for clients NASDAQ, internet Michigan

current somewhat before and darkened Michigan few a this the for placed has good this first retail Michigan industry ahead with close process, It’s launch with Thanksgiving. with anticipate technology into potential This end Wynn for anticipated suggests their will originally thank internet some rapidly launch the now stated the Wednesday. noting shortly casinos has strengthening shareholders to gambling of licensing overnight, position content, readiness applications months has in represented by stakeholders our opportunity land all gaming we clarification our we casinos now U.S. opportunity the clearly to vendor operators. the delivering in on end take as three I gaming support anticipated. online betting. deployment quarter, FanDuel. commercial we our principally solutions this weeks Churchill as for enterprise of on platform GAN Detroit’s ordered retail regulatory and deliver focused support online to year’s and governor based software maintaining mission anticipate move Michigan’s very bring including in together the Downs and environment of is after BXBb clients We technical forms date continuing continuing see bet and worth of and sports will XXXX our as order. the casino our of Looking in Michigan Michigan into hands The the provider Also, for before Resorts, do of with casino much with leading completed of coming leadership

This continues continues without regulation gambling internet and for business by of Ohioans betting states scope in simulated the and legislation, gambling offer quarter and amongst product new way to to with Fantasy we of popular money to marketing relationships state expanded real the we serves us residents casinos substantially in simulated as the generate Sports advantage retail anticipated opportunity emerge. to is state sports regulated Ohio those advance as simulated For widely simulated new enjoyed Daily gaming an internet upgrade now operators. to the gaming sports XXXX, has proven betting excellent gaming not money real encompass unlike by acquire to in in

results NASDAQ engineering a wake resources environments Maryland, income. of corporate And politicians at search South Louisiana people of the the regulation to for our entertainment the challenge stack post-COVID invest in clients clients bench gambling. continue to of listed invested spend lined increase to continuing amongst leadership a very see proud delivering online are burstable we groups delivering up elections. on In states planning serve existing execute continues online in accelerating great and we multiple our expansion the industry internet whom worked We required creating we consuming of in infrastructure Michigan. platform our by complemented fertile many regulation and remains replace In extremely expansion. capabilities to support by clients have favorable simultaneously Dakota a in Robust our worldwide this will The this as Americans our deploy so to Coolbet look Las clients. I’m and bandwidth great to hard the gambling their be for we revenue continuing day company to for three opportunities quarter and to continue market incremental team continues of of our how deliver internet expanding multiple and and proud people to all expansion more controlled intrastate rapid at recent ground the objectives to welcome team be priority This Vegas high online see states, game and incremental time record have climate as forward our kinds. to of in home a on new our COVID-XX soon loss of our we engineering prosperous one all continue XXXX. tax operations across as we clients. to for remain with for

And that, back will so, to Flores. Karen Board I dialogue member, our with CFO over turn and this

of begins Dermot. acquisition in announcement another pending our GAN’s history. Coolbet The chapter yet Thanks, exciting of

on will our welcoming just scaled commitment potential to the Coolbet the several online another this time GAN remained successfully online last into shareholder first premier on be deliver one laser of business organization QX. For capabilities value This their the iGaming will will the we objective to and unlock this ecosystem. in and sports together and technology acquisition near is has and unwavering sports the of betting. turnkey years over supplier betting creating example focused embark journey provide global in we company we

in I’d results our focus details, discussing highlights. on key third two like Before to quarter

but capital we foundation not to both to in only attention the We during summer, evaluating organizations success. the the on our proprietary and towards technology determining fit. IPO lay best raised stack for significant effort the our we early technology future deploy for the how felt, since First, they put seamless cultural concluded for and our Coolbet also

the entire organization to Coolbet are We to GAN. welcome thrilled

such on ahead able Coolbet being as strengthen corporate Second, we arise, journey as and our our demands on opportunities to they forging capitalize that enterprise.

resulted a than our of product, contained infrastructure XX shoring tremendous includes corporate in of services a The projects advisory numerous the been period. additional challenged areas becoming our of operational achieving investment and first is put will for short-term and We COVID legal advisory areas quarter U.S. strategy the public since and in through NASDAQ and will investment primarily our made s just infrastructure, accounting that capital have long-term not in start company anticipate technology, May. people. achieve historically of markets This up We to off tax infrastructure expansion the outside position this excellence compliance in us of of and has M&A that requirements, past and this kicking a a with with objectives. uplisting coupled XXXX great professional an has onboarding employees continue progress to level our compliance. core elevated The result and advisory, connection in more

our revenue Now and $XX.X for was sequentially in instances of Live. turning deployment while both SaaS client I’m sequentially. XX%, momentum and factor increase most of iBridge increased growth comparatively results. December and to the recent a our a revenue Michigan real the discussion excited of our XX% with positive multiple platform third Year-over-year, continued contributing iGaming Go preparation of comparatively to Wynn XX% a related by simulated and report of many million, to combined quarter an

in We three are soon the partners to launching states. excited be

QX. we in lift both simulated plus during the player Additionally, during as increases active second COVID segments XX% categories and shuttered we casino In the in was online sustained our iGaming observe quarter were in days. experienced quarter-over-quarter casinos

declined out related monetization within to increase the content active balancing in mix slightly as shifts player days. quarter, down the arc However,

forward scaling business over look For Penn contributing months. factor further the and was to this coming launch simulated mid-August the of also a positive National we

margin, we X as saw revenue. gross related compression hardware increase to points of quarter-over-quarter Turning to

XX% basis we substantial leverage, versus operating a from increase to XXXX, have on margins in increasing XX%. However, with seen year-to-date a

in expenses attributable $X.X with related of expenses a third its as to the gaming non-recurring XX% is Court revenue, to XXXX Adjusted related simulated not and two-fold Year-over-year an As excluding our XXXX. compared were services, basis, Administrative and With on to to provisions. to $X.X a the year-to-date U.S. patent million current margins this, XX%. of $XXX,XXX. for tax company XXXX. from increase of use leverage compensation decision from Again, sales was XXXX reflects more loss respect global $XX.X the provisions mentioned U.S. quarter technology, infrastructure, loss I results the include a this of investment and of has compliance. level operating to that staff, our million, strengthening in quarter company significant recur product, almost licensing improved slightly of professional million tax related to have third in increasing in of the for incurred of our even corporate share-based audit year-over-year opening public our we the related VAT, position, These my to primarily Supreme expense as compensation to which will tax the as expanded in as share-based EBITDA performed administrative $XXX,XXX XXXX On business. infrastructure estimated potential of resulted pertain our well worth in increased charges comments. million the $XXX,XXX as IPO growing in of estimated Wayfair application $X

now our $XX free. with process to remains year plans, we full still of and With and cash $XX.X we our the subject addition time, timing. Our debt include we remain of XXXX our are balance sheet intellectual strong respect million reiterating finalizing this to continued equivalents revenue of million of guidance At commercialization $XX in the on are which to will to Coolbet. of guidance, property of based million course cash

our we refine formal budgets call. we’ll through and as and to revenue closing issue back year continue earnings full comments. for guidance XXXX Dermot to on internal our you will QX We move QX

of market Thank to you intend Coolbet. our all third our a we for as support extend at U.S. who joining earnings company. all thank like colleagues leadership position the with a Again, investors coming to would we have the period of today which in listed for our call backed

is as team bring unpredictable business well base on despite ne presented well COVID-XX as our online Our expand limitations and challenges clients to our executing processes. markets travel, and client existing intrastate the by regulatory in

here Las to in the hard of the one Our team in employers local Vegas. active United continues grow few economies the such technology We as hit States. remain

We future represents and online all you forward come. years will very much Stay with in now wherever will all the likely take growth of Our XXXX. the future to for be gambling questions. American again speaking channel in you Operator be. look many to safe early we predominantly may

Thank the with is you. [Operator Instructions] with Our proceed come first Beynon of your Please Macquarie. Chad question. from line question

start Congrats wanted the afternoon. announcement. Good I on Thanks. Dermot, to with that.

noted you So that Coolbet bringing the to of U.S. you’ll be the product BXB

comparable to we essentially gambling, with cetera. it. understand et the Once product just so of a will GBC, to comprehensive So the turnkey can betting full implemented, you’ll betting risk be sports guess trading offerings some that’s have engine. I what you’re offering

trying will to outsource Thanks. or if you’ll understand do everything at have you pieces that to major to essentially still Just that able there’s point? be

develop it. Yes, their the was And in Great Coolbet the question. in services U.S. Appreciate BXB offering own stages Chad. deployment of in planning for fact

not and was it and both for timing betting. usually It will just experience sides of U.S. the be our will has -- turnkey but traded of transaction. fully existing Yes, be service. convenient experience sports managed So with lucky, data a significant provisioned

the it’s the offering the few sometimes trading a areas purpose for and Asia. of at one we’re also into gambling betting level. engine So lags Europe where sports and built we competitive winning think Furthermore, do front-end highly sports an mobile U.S. the award U.S. we’re I management think bringing in bringing risk state-of-the-art

bringing and existing future superior and the a these to forward clients. for looking guys product much very we’re So U.S. into

Great.

the exit do on for then markets markets And those right are all gray Okay. the biz markets? be the -- Coolbet U.S., now, believe Coolbet operates to in that there that to they’re or if you have you’ll you’ll in outside expect BXC revs you’ll BXC of you want that or stay

Yeah.

Coolbet we towards So, similar substantial Estonia, has criteria regulated as review ensuring was in of Sweden, course, that our markets. part through of market a of attitude and under licensed, regulation had key licensed the Malta. under operations again, a BXC in

overall happy to XXXX. profile look we very the with we’re So forward Coolbet’s of and significant compliance expansion BXC in business

all quarter, Okay. just the have market QX me. the Do actually lastly maintained looked And your quarter? the you increased? share sense or adjusted FanDuel in for that of a for QX would Thanks. you versus then OSB kind That’s of believe how shift, that for

take Yeah. seen so in of the casino, much those mean, online betting share fairly share, Chad. We for sports consistent But terms market a we’ve ramp September no change obviously the consistent up Pretty I quarter. NFL decreased missed particular there. again. in

much. you Thank very

Thank you.

Our of Craig-Hallum. line with proceed from Please comes question with your questions. Ryan next Sigdahl the

Great. the congrats business afternoon, and guys, Good development. on

want a few start. the stay Coolbet to for on Just to here topic

betting or option solution? that mentioned, your having integrated you full be offering. your to XXXX, a offerings you technology for being the betting customers of your other will transitioning end-to-end can have Will full third-party half use to the in As basically second engine sports on end-to-end the sports continue and be everyone

to to or some them our first, it sports of at will our of the that choices going and certainly and displacement believe available I third-party of and betting Coolbet technology have competitive in my we very So, existing vendors, with the eating time, sports continue whether do betting XXXX. we’re We they want advantages over great going existing platform. we to into we’re the future to our work to to right, And deploy the that over narrative embrace bring choose pretty significant to puddings in today. market be as this in offering. be clients clear hope But to to excited the early the vendors. clients is question. choice already integrated made sports Coolbet’s existing It open to valued Ryan, our not

that the Thanks. just Got or earlier. you. Apologies far Is mind integrate can technology on for Coolbet as a as we and and they missing should licenses, Then bringing U.S. any off basically have them license BXB. you in running? considerations there keep there to

right. exactly That’s Yeah.

years. of the that gaming folded gets it licenses So under the secured licenses, we’ve over privilege umbrella gaming

We to turbulence any are it regulatory not expecting licensor or when considerations. gaming comes

conservative very continue. the smooth compliance into by profile operated pretty a U.S. be will the should GAN, it entry which under of So course

the on I’m which regions? the And going to by then and any then share market switch for for you Are then one. one are approximate one business those Coolbet to over to able largest core regions share last Coolbet

they substantial Latin including terms markets. a business of disclose share, in we’re market individual Europe, Regionally certain Estonia, in a not positions. Northern share and to But market have American position

Got you’ve the mentioned professional think through so for directional several it. a next just with right elevated How of were public quarters? and some of EBITDA and or kind breakeven EBITDA we expenses business, little should mentioned puts QX, expecting cetera. fees over switching any higher core the quarter, to costs company, takes the the there? is than assumption help I Then we’re kind commentary in you think about et bit just

Yeah.

associated anything GAAP to continued going be, our the a we process of advisory mentioned, transaction. financials then as into So projects, converting on and are having and we’re I includes number with in fourth quarter which QX, specifically services to through as the also

look anticipate to that QX do this will quarter. we QX So and similar

One over. for I’ll me it turn Good. and more then

you the your you correctly, guidance? and we’ll efforts is assuming correct framework. one? Did luck. mentioned of can QX the hear Thanks. kind rewards in pipeline using you’re is I then operator You Michigan integration patent, how Wynn And many said, that Good or talk your it, about assumptions it commercialization use on in

that confirm capability. and to licensed we happy patents will patented deploy has iBridge Boy the Wynn

they than As in is card rewards basically who think deposit all uplift we our people touched in experience and very don’t logical gamblers we XX% wouldn’t their symmetrical in incredible gaming. online on is rewards It more simulator saw Pennsylvania an the card. who

there In comment. patent multiple we the moment we’ve and to the not are of at in position proposals out licensing, terms got

to how guidance press release? you able many noted the are Are in Wynn’ say in your

So, on and again, portion our quarter. earnings based is that of a the guidance our patents is in on commercialization fourth it contingent of so is

Good I’ll it turn luck. over. Thanks, Great. guys.

Thanks, Ryan.

Thank you.

from Riley Our of FBR. the Josh next questions. with Please question comes your with line Nichols proceed B.

my questions. taking for Yeah. Thanks

business just Coolbet to on the to tech bit you about as some that relative well little bit bit has and it more the on what Could U.S. to little competing elaborate on to you attracted advantage GAN’s move current want foothold. bit have little a also then outside little of given the hit a you a does think people really that but of been broaden Coolbet, their talking color a that opportunities Just that offerings? provide

question. That’s Yeah. great Thanks, a Josh.

and as So, depending looked operate. detail touched of merits at each or XX greater on, scope and less we on the we sports individual can

lot or at betting on lens really a proprietary have tech overly sports operators third-party sports betting all lean found providers. of kind they that relied actually We’re didn’t of sports BXC

synergies and in-house to I for the time regulated worth So some proposition, a BXC at got but regulate Coolbet South America. sports which in of the sports what of represent platform, extremely U.S. competitive noting. certain have mind, few full levels. awards hyper operators proprietary over that’s opportunity deploying capability time, also these markets They’re in is positioned deployment the European extensive structural significant multiple to any a of in there years excitingly in in They There’s we competitive for very Europe described fact has not markets. last in mature compelling where in We a the betting coupled ton won structural markets markets. is growth, as South solution they’re today, all growth of opportunity -- see products mirage Coolbet’s from markets European successful, a has Northern believe bearing that’s turnkey in for There’s America. course, GAN’s capability just

are or that being stronger fourth are on for for hit to Thanks. things the want first of quarter than revenue the Could I second then seasonally what And thoughts front? on, provide course, potentially of potential gross operator or just trending how typically. kind outlook any half you

we’re the of to QX happy most by bit course, we’re Little regulatory to Michigan of early But, of really and the first too certainly in in the business parts mid-December. the in we’re comment being with online hands bet goals. taking Josh, looking hopefully forward

Thanks, the queue? hop back guys. in will I

Thanks.

you. Thank

proceed the Please Our Northland line of Greg Securities. from next Gibas of come question is with your questions.

for about Good How your about guess XXXX. margin profile is taking the Coolbet, on I the OpEx the I think you if think, questions integration expected complete? $XX maybe just could, afternoon, company’s revenue Dermot up the in how and acquisition. it a congrats and we impact after should you on in and OpEx million I follow additions Karen. Thanks will said

Yeah.

So we relative their a to little insight gave of current bit cost structure.

I breakeven and think on about the income XXX net they call, year-to-date are operating employees. operating on they that a they have we -- were mentioned operating basis

we the it’s managing of growth immediately that and doing accretive. business on So, in that trajectory is terms they’re excellent an into saying they’re currently moving the profitability, and the mean, which we’re continue forward, in I revenue anticipate job XXXX will of why

Thanks for Got in color something I could Thanks. Okay. And up follow remarks. you if there. on prepared it.

about guess, give themselves but are that -- you additional Wynn, You how And to outside offering sense opportunities, terms that are said, as how your pretty those providers it their roll of you opportunities with in how different of them? with guess I in state? you logically? partnership other much gaming with wouldn’t thinking us reasonable present more the out online can go about that, anything they make going Regarding then is discussions those every Michigan as to I really assume how in markets in are markets? talking

whole would Obviously with a working Wynn Yeah. within all side this, may seem get they the there things, enterprise, are and as to states. have with executives ready, for satisfaction announce with upset we’ll they been that. I hope yes, ready GAN be to But sense when in under for indicating up way that with taxing for come be of opportunities we’re timelines would Michigan. broad me been saying our have Wynn of across additional expansionary the whatever

has multiple and but believe very rewards perhaps positioning on online with to for of substantial with perhaps hope multiple competitive actually Massachusetts very Michigan a platforms that their of the leap both do in you focus default would of properties be programs, Wynn logic on course, them database in I has would and we and Las casino. states, fabulous pointed Vegas GAN and residents a integration You very use sports convergence a prepared the want with who to

of or of wondering how we how individual maybe sequential expected should how follow lastly, Okay. to Got good point. on kind basis, don’t trend on just or I should in are your [ph] revenue into the think some you implied go know you a guess, markets what’s to just to expectations, about but I DLR it. think like assumptions up guess, I -- And comment share that That’s then, guidance. a kind on guidance?

Yeah.

that expansions Jersey are continued state our to Dermot talked ongoing steady expecting again, about relative seeing on the our we at market. those markets. current grow we and customers with with continue and New all So, market we’ve so of were shares and growth touched to in so

launch Of course, forward of looking the we’re Michigan. to

that, continued guidance being focused the well. part about patents ongoing of on We’re calls the and commercialization two as we’ve last talked the on of as

of the the XXXX year up technology about going And and And stated. clients for our to offering organic sportsbook accelerate target is XXXX. think all really this continues will into continued is And for we’ve a the million help be setting growth we’re that that of so pipeline robust. signing, us $XXX significant portion -- and I we’re as

you. Got Thank it.

Limited further participation. you behalf thank this GAN Thank On at your of teleconference. conclude does team, you. time. This questions There today’s are the no for

You your disconnect at lines may time. this