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GAN Limited (GAN)

Participants
Todd McTavish Chief Legal Officer
Dermot Smurfit Chief Executive Officer
Karen Flores Chief Financial Officer
Chad Beynon Macquarie
Ryan Sigdahl Craig-Hallum
Josh Nichols B. Riley FBR
Greg Gibas Northland Securities
Call transcript
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Operator

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

Todd McTavish

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

Karen Flores

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

Dermot Smurfit

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

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Karen Flores

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Dermot Smurfit

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Operator

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

Chad Beynon

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

Dermot Smurfit

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

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Chad Beynon

Great.

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Dermot Smurfit

Yeah.

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Chad Beynon

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Dermot Smurfit

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

Chad Beynon

much. you Thank very

Operator

Thank you.

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

Ryan Sigdahl

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

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

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Dermot Smurfit

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

Ryan Sigdahl

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

Dermot Smurfit

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

Ryan Sigdahl

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

Dermot Smurfit

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

Ryan Sigdahl

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

Karen Flores

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

Ryan Sigdahl

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

Dermot Smurfit

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

Ryan Sigdahl

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

Karen Flores

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

Ryan Sigdahl

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

Dermot Smurfit

Thanks, Ryan.

Operator

Thank you.

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

Josh Nichols

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

Dermot Smurfit

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

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Josh Nichols

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

Dermot Smurfit

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

Josh Nichols

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

Dermot Smurfit

Thanks.

Operator

you. Thank

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

Greg Gibas

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

Karen Flores

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

Greg Gibas

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

Dermot Smurfit

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

Greg Gibas

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?

Karen Flores

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

Greg Gibas

you. Got Thank it.

Operator

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