GAN Reports April 2020 Internet Gambling Growth For New Jersey

Internet Gambling Win Increased 56% from Prior Year Monthly Period

LONDON--(BUSINESS WIRE)--GAN Limited (the “Company” or “GAN”) (NASDAQ: GAN), a leading business-to-business supplier of internet gambling software-as-a-service solutions primarily to the U.S. land-based casino industry, today updated the market following the publication on May 13, 2020, by New Jersey’s Division of Gaming Enforcement (“DGE”) of Internet gaming and Internet sports betting financial information for the calendar month of April 2020 in New Jersey.

Highlights from the DGE include:

• Internet Gaming Win was $80.0 million in April, compared to $36.6 million in the prior year period, reflecting a year-over-year increase of 118.6%.
• Total Internet Sports Wagering Handle⁽¹⁾ was approximately $54.6 million for the month of April, a significant decrease from prior months as the result of most sporting events being canceled during the global COVID-19 pandemic, which compares to:
  • $163.4 million for the month of March 2020;
  • $436.5 million for the month of February 2020; and
  • $471.1 million for the month of January 2020.

• Internet Sports Wagering Gross Revenues⁽²⁾ (after payouts) for the month of April were $2.7 million, compared to $16.6 million in April 2019, and is further comparable to:
  • $13.3 million for the month of March 2020;
  • $15.9 million for the month of February 2020; and
  • $46.7 million for the month of January 2020.

(1)	Gross amount of money accepted in wagers
(2)	Internet Sports Wagering Gross Revenues may vary from month to month due to the payouts for future events occurring months after the original wager was made and unredeemed winning wagers from prior months will become deductible upon redemption in future months

This information will be updated and published each month, following publication by the DGE, in order to enable the investor community to readily monitor growth of Internet gambling in New Jersey, which remains a key market for GAN.

About GAN Limited

GAN is a leading business-to-business supplier of internet gambling software-as-a-service solutions predominantly to the U.S. land-based casino industry. GAN has developed a proprietary internet gambling enterprise software system, GameSTACK™, which it licenses to land-based casino operators as a turnkey technology solution for regulated real-money internet gambling, encompassing internet gaming, internet sports gaming and virtual Simulated Gaming.