DAVY VIEW

The near-term outlook for global gambling companies is clearly challenged, but GAN’s statement confirms a good start to 2020 (gross operator revenue to be up at least 140% year-on-year) and a set of opportunities that can still drive strong activity for the year. Further out, it continues to strengthen its customer base with the addition of two new clients in the US. That US growth opportunity is the primary rationale for moving its equity listing to NASDAQ. While clearly subject to market conditions and the best interests of shareholders, this strategy is unchanged. It will publicly file its F-1 registration document with the SEC today.