GAN(US:GAN)2021-03-30 16:00Financial Performance - Revenue for Coolbet increased by 50% from $23.6 million in 2019 to $35.5 million in 2020, although these results are not included in the company's financials due to the timing of the acquisition [24]. - Gross Operator Revenue generated on the technology platform increased by 73% to $545.2 million in 2020, up from $315.8 million in 2019 [57]. - The RMiG business in Italy grew revenues by 13% in 2020 compared to 2019, contributing 15% of total revenues for the year ended December 31, 2020 [60]. Platform and Technology - GameSTACK platform supports both simulated online casino gaming and real money iGaming, measuring player engagement through Active Player-Days, Gross Operator Revenue, and Average Revenue per Daily Active User [20]. - GameSTACK provides a unified platform for both real money and social casino offerings, allowing for rapid market entry into real money gambling [38]. - The platform integrates with third-party payment processors, enabling operators to accept cash deposits onsite at retail casino properties [44]. - GameSTACK's data analytics capabilities allow casino operators to optimize their marketing spend and maximize loyalty program value through insights derived from player data [41]. - GameSTACK's Super RGS configuration allows existing operators to access a library of over 1,000 Internet casino games, providing cost and time savings for managing game content [23]. - The Super RGS product, launched in August 2020, includes a content library of over 1,000 casino games and is currently available in New Jersey, Pennsylvania, and Michigan [55]. Market Expansion and Strategy - The company launched three operator clients online in Michigan in January 2021, demonstrating its ability to support market expansion [22]. - The company expects to offer a fully integrated iGaming and sports betting solution in the second half of 2021 without significant additional integration costs [62]. - The integration of GameSTACK and Coolbet platforms is expected to diversify revenue streams and customer bases, with 83% of revenues generated from the B2B business in the U.S. for the year ended December 31, 2020 [62]. - The company plans to pursue selective mergers and acquisitions to strengthen its competitive position in the iGaming market [61]. Licensing and Compliance - The company is licensed or approved to operate its RMiG platform in seven states, including New Jersey and Michigan, and is pursuing licensure in additional states [30]. - The company holds gaming licenses in multiple jurisdictions, including the U.K., New Jersey, Pennsylvania, and Sweden, and is subject to various regulatory requirements [78][79][80]. - The company has faced challenges related to compliance with anti-money laundering laws and regulations, requiring due diligence on customer transactions [82]. Employee and Workplace Policies - Approximately 74% of the company's employees were located outside the United States at year-end 2020, with 79% working in operations [87][88]. - The company has implemented a compensation philosophy that offers market-based, competitive wages, ensuring all employees were paid above the applicable legal minimum wage at year-end 2020 [92]. - The workforce gender distribution is 70% male and 30% female, reflecting a commitment to diversity and inclusion [91]. - The company has a wellness program to support employees during the pandemic, focusing on mental, physical, and social wellness [94]. - The company has conducted global employee engagement surveys to assess and improve employee support and communication during remote work [97][98]. - The company is committed to promoting diversity and inclusion in all policies and practices, aiming to create a respectful and understanding workplace environment [90]. Audit and Oversight - The company has been audited by BDO LLP since 2013, ensuring consistent oversight of financial statements [295]. - The audit procedures included assessing risks of material misstatement due to error or fraud, providing a reasonable basis for the audit opinion [294].