GAN Limited, a leading provider of online gaming and sports betting solutions, has recently announced the appointment of Seamus McGill as its new Chief Executive Officer. McGill, who had been serving as the interim CEO since September 2023, will also remain on the company’s board of directors.
GAN’s Transition and Growth
GAN Limited, formerly known as GameAccount Network, is a B2B technology company that offers internet gambling software-as-a-service solutions to land-based casinos in the U.S. and operates its own online sports betting platforms in selected European and Latin American markets. The company was founded in 2002 by Dermot Smurfit, who stepped down as the CEO in September 2023 after 13 years at the helm. Smurfit is currently in discussions with the company to continue as a consultant.
Under Smurfit’s leadership, GAN expanded its presence and partnerships in the U.S. market, where it powers online gaming and sports betting for several operators, including FanDuel, Wynn Resorts, and Penn National Gaming. The company also launched its own B2C brand, Coolbet, in 2020, which offers online sports betting and casino games in Canada, Norway, Sweden, Finland, Estonia, and Latin America.
In December 2023, GAN announced a strategic partnership with Sega Sammy Creation, Inc., a Japanese gaming machine manufacturer and subsidiary of Sega Sammy Holdings, Inc. The partnership aims to leverage Sega Sammy’s expertise and content in the Asian market and GAN’s technology and distribution in the U.S. market. The deal, which is expected to close in the first half of 2024, will also result in Sega Sammy acquiring a 14.9% stake in GAN for $100 million.
Seamus McGill’s Vision and Experience
Seamus McGill joined GAN in 2014 as the President of its U.S. operations and has been instrumental in securing and managing the company’s key clients and contracts in the region. He has over 25 years of experience in the gaming industry, having held senior positions at Aristocrat Technologies, Cyberview Technology, and Progressive Gaming International.
McGill’s appointment as the new CEO of GAN was unanimously approved by the company’s board of directors, who expressed their confidence in his experience and leadership. David Goldberg, the company’s Chairman of the Board, said: “Seamus has the full backing of the board of directors and we are confident that his experience and leadership make him the most qualified candidate to be GAN’s next CEO. Seamus has been with the company since 2014 and has a deep understanding of GAN’s products, customers, and strategy. On behalf of the entire Board of Directors, I’d like to congratulate Seamus on his appointment and we look forward to his success.”
McGill, who will be based in Las Vegas, Nevada, said: “It’s an honor to be named GAN’s CEO and I’d like to thank David and the board for their vote of confidence. Going forward, our focus remains unchanged. We remain committed to a timely closing of our transaction with Sega Sammy to maximize value for all of our stakeholders.”
McGill also outlined his vision and goals for the company, which include:
- Enhancing GAN’s technological edge and innovation in the online gaming and sports betting sector
- Expanding GAN’s global footprint and market share in existing and new jurisdictions
- Diversifying GAN’s product portfolio and revenue streams across B2B and B2C segments
- Strengthening GAN’s customer relationships and satisfaction
- Growing GAN’s talent and culture
GAN’s Outlook and Performance
GAN expects to report its full-year 2023 financial results in March 2024. The company’s preliminary unaudited results indicate that it generated revenue of $120 million in 2023, representing a 40% increase from 2022. The company also expects to report positive adjusted EBITDA for the year, despite increased investments in product development and marketing.
GAN’s stock price closed at $1.56 per share on February 19, 2024, down 0.64% from the previous day. The company has a market capitalization of $189 million and a price-to-sales ratio of 1.58. The company’s stock price has declined by 68% in the past year, reflecting the challenges and uncertainties in the online gaming and sports betting industry amid the COVID-19 pandemic and increased competition.
However, some analysts remain optimistic about GAN’s prospects, citing its strong customer base, diversified product offering, and strategic partnership with Sega Sammy. According to TipRanks, GAN has an average price target of $2.67 per share, implying a 71% upside potential from the current level. The company also has a consensus rating of Moderate Buy, based on three buy ratings and one hold rating.
