Benzinga | May 17, 2021 04:52PM EDT

GAN Q1 Revenue Up 262% On CoolBet Integration, New State Launches

Online casino and sports betting provider GAN Ltd (NASDAQ:GAN) reported first-quarter financial results and announced a new partnership after hours Monday.

What Happened: First quarter revenue was $27.8 million, up 262% year over year. The total came in higher than the Street consensus of $24.8 million.

GAN's new B2C segment of CoolBet outperformed expectations with $14.3 million in revenue for the first quarter. The company's B2B segment had revenue of $13.5 million.

GAN completed the launch of five real-money iGaming contracts in the first quarter. This included launches of sportsbooks for Churchill Downs Inc (NASDAQ:CHDN) in Michigan and Tennessee, iGaming for FanDuel in Michigan and sportsbook and iGaming for Wynn Resorts (NASDAQ:WYNN) in Michigan.

Related Link: GAN Shares Surge On Sports Betting, iGaming Partnership With Wynn In Michigan

New Agreement: GAN announced a new multi-year agreement with Ainsworth Game Technology. The deal will see GAN become the exclusive U.S. online casino provider of Ainsworth portfolio.

GAN will begin collecting licensing frees from Ainsworth for existing online customers in New Jersey with planned expansion for Michigan and Pennsylvania in 2021.

What's Next: Since the end of the first quarter, GAN has launched sportsbook and iGaming for Churchill Down in Pennsylvania, sportsbook for Churchill Down in Colorado and Indiana and iGaming for FanDuel in West Virginia.

GAN is guiding for full-year revenue to hit a range of $103 million to $108 million.

Price Action: Shares of GAN are down 3.3% to $15.69 in after-hours trading.