(Reuters) – GAN Plc said on Tuesday it expects annual revenue to more than double on strong demand for its internet gambling software in the United States after the start of the National Football League season in September, sending its shares up 10%.
British gambling companies have been expanding across the Atlantic, encouraged by a booming online sports betting market in the United States.
The company, a business-to-business supplier of internet gambling software to U.S. casinos, also said gross operator revenue more than tripled to $121.5 million for the four months ended Oct. 31, ahead of its own expectations.
“Given the rapid increase in the total addressable market for U.S. Internet gambling operators and their infrastructure providers such as GAN, we expect to see continued and rapid growth,” Chief Executive Officer Dermot Smurfit said.
London-headquartered GAN said it gets less than 1% of its gross operator revenue from the UK market.
Reporting by Tanishaa Nadkar in Bengaluru; Editing by Saumyadeb Chakrabarty and Anil D’Silva