March 14, 2024 3 min read


GAN Limited’s 2023 Financial Report Shows a Year of Mixed Performance

In the fourth quarter of 2023, GAN disclosed a total revenue of $30.7 million, indicating a 17% decline from the corresponding period in 2022

GAN Limited, a NASDAQ-listed gaming solutions provider, announced its financial results for the quarter and full year ending December 31, 2023. Despite a decline in revenue, the company witnessed a reduction in net loss, reflecting a mixed performance for the year.

Revenue Dips 17% with B2B and B2C Segments Showing Declines

For the fourth quarter of 2023, GAN reported total revenue of $30.7 million, marking a 17% decrease compared to the same period in 2022. This decrease was attributed to declines in both its B2B and B2C segments. 

B2B segment revenue stood at $11.8 million, down 16.5%, while B2C segment revenue amounted to $18.9 million, down 17.1%. Geographically, while Europe showed growth with $12.1 million in revenue, the US, Latin America, and the rest of the world experienced declines.

Operating expenses for the quarter were notably lower at $39.3 million, primarily due to a reduction in impairment charges compared to the previous year. This led to a pre-tax loss of $9.6 million, significantly lower than the $145.5 million loss reported in the same period in 2022. 

Adjusted EBITDA widened to a loss of $3.9 million from $368,000 in Q4 2022. Despite this, the net loss decreased substantially from $147.7 million to $9.4 million.

For the full year 2023, GAN reported total revenue of $129.4 million, an 8.6% decrease from 2022. B2B segment revenue declined by 20.2% to $43.2 million, while B2C revenue experienced a more modest drop of 1.4% to $86.3 million. The decrease in B2B revenue was attributed to contractual changes, whereas the decline in B2C revenue was linked to a reduction in active customers in Latin America.

GAN’s Strategic Moves and Pending Sega Sammy Merger

The company’s adjusted EBITDA for the year was a loss of $8.4 million compared to a positive EBITDA of $6 million in 2022. This shift to negative earnings was primarily due to reduced revenue and development activities within the B2B segment. 

The net loss for the full year decreased significantly from $197.5 million to $34.4 million, mainly due to reduced impairment charges compared to the previous year.

It is worth noting that Sega Sammy Holdings will acquire GAN Limited for $84.4 million through a Bermuda-based special purpose company, with the acquisition expected to close by the third quarter of the fiscal year ending March 2025. 

The move aligns with Sega Sammy’s growth strategy, aiming to expand its gaming business, particularly in the US market, leveraging GAN’s technology solutions and market reach. 

GAN shareholders will receive $1.97 per share in cash, with GAN emerging as the surviving corporation following the merger.

Overall, despite challenges in revenue, the GAN’s strategic initiatives and pending merger with SEGA SAMMY reflect its commitment to growth and expansion in the gaming industry.


Silvia has dabbled in all sorts of writing – from content writing for social media to movie scripts. She has a Bachelor's in Screenwriting and experience in marketing and producing documentary films. With her background as a customer support agent within the gambling industry, she brings valuable insight to the Gambling News writers’ team.

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