GAN provides strategic update after securing 30m loan

GAN has assured shareholders the company is planning for a successful future, having secured a $30m loan to fund a B2C expansion and return capital to investors

GAN has assured shareholders the society is preparation for a successful future, having secured a $30m loan to fund a B2C expansion and paying back capital to investors.

The technology provider, which has traditionally focused on the B2B market, also has a B2C offering through and through Coolbet, a sports and esports betting operator.

The $30m loan, which has been financed by Beach Point Capital, is to follow repaid o'er a four-and-a-half-year period, with a lower limit one-year involvement place of 9.5%.

In the little term, $5m of this testament follow used to repurchase shares from investors, after the fellowship has full disclosed its Q1 financial results. As component of its initial statement, GAN announced Coolbet’s hold improved throughout Q1, averaging 7%.

GAN testament also look to implement cost-cutting measures crosswise its trading operations to improve Earnings Before Interest Taxes Depreciation and Amortization metrics sledding forward.

GAN CFO Karenic Flores commented: “Today’s promulgation ensures we hold the capital letter available to thrust improved shareholder returns going forward. The incremental flexibleness provided past the loan allows us to put to death our balanced majuscule storage allocation program centred around investment in our B2B offering, growing Coolbet and our B2C front and returning great to shareholders during a time when we believe our portion cost undervalues the long-term opportunities out front of us.

“We are simultaneously taking steps to speed up our track to improved Adjusted Earnings Before Interest Taxes Depreciation and Amortization propagation and profitability, as we are acutely focussed on our security deposit profile and efficiency measures.”

The majority of GAN’s business comes through and through its B2B operation, licensing its GameStack turnkey technology to partner operators, across sports betting and iGaming sectors.

GAN’s partners include FanDuel, Betfair, William J. J. Hill and Wynn Resorts.