Online gambling B2B supplier GameAccount Network (GAN) closes a tough fiscal 2015 (period ending December 2015) reporting that its operating losses have doubled to £5.6 million (FY 2014:£2.6 million).Cash equivalents at the end of the year amounted to £3.8 million compared with £10.8 million in 2014. GAN Net Assets at the end of 2015 were calculated at £10.2 million compared with £15.2 million in 2014.
Dermot Smurfit, CEO of GameAccount Network commented:
“2015 has continued the period of investment for GAN, and, performance to date in 2016 is in line with our expectations.”
Following a transformational year in 2013, GAN has continued to position its business to capture growth in emerging online gaming markets in the US. 2015 saw significant progress with Simulated Gaming™, together with a number of significant commercial and strategic developments.”
“Real-money Internet gaming in New Jersey and the pace of regulation in the US market has remained slower than expected but we are confident in the long-term prospects for real-money gaming. For 2016 we believe that the opportunity for GAN with Simulated Gaming™ will substantially compensate for the delays in regulating real-money Internet gaming in the US.”
Source: SBC News
