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Private company

GAN Ltd

Computer programming, data processing services company based in Irvine, Bermuda1

In its 2025 annual report the company says: “We offer marketing and customer services to our casino operator customers to support their deployment of our RMiG and SIM solutions.”4

Last updated Oct 21, 2026.

Overview

  • IndustryServices-Computer Programming, Data Processing, Etc.1
  • HeadquartersIrvine, California1
  • Incorporated inBermuda2
  • Business address400 Spectrum Center Drive, Suite 1900, Irvine, Ca 926182
  • Filer category, Emerging growth company2

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We offer marketing and customer services to our casino operator customers to support their deployment of our RMiG and SIM solutions.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

-2.7%Operating margin5
-5.9%Net margin5
4.3%Revenue growth, 20245
$5.3MFree cash flow5

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Other costs100¢$134.7M
  • Income tax0¢$275.0K

Out of $135.0M in revenue.5 The company lost money this year.

Where each dollar of operating cash went, fiscal 2024

  • Capital spending9¢$536.0K
  • Kept or used elsewhere91¢$5.3M

Out of $5.8M of cash from operations.5

Financial statements

Revenue6785$135.0M in 2024+284% since 2020
0$50.0M$100.0M$150.0M2020: $35.2M$35.2M20202021: $124.2M$124.2M2021+253%2022: $141.5M$141.5M2022+14%2023: $129.4M$129.4M2023−9%2024: $135.0M$135.0M2024+4%
Operating income6785-$3.6M in 2024−82% since 2020
-$200.0M-$150.0M-$100.0M-$50.0M02020: -$19.5M-$19.5M20202021: -$31.2M-$31.2M2021+60%2022: -$192.5M-$192.5M2022+517%2023: -$30.3M-$30.3M2023−84%2024: -$3.6M-$3.6M2024−88%
Net income6785-$8.0M in 2024−61% since 2020
-$200.0M-$150.0M-$100.0M-$50.0M02020: -$20.2M-$20.2M20202021: -$30.6M-$30.6M2021+51%2022: -$197.5M-$197.5M2022+546%2023: -$34.4M-$34.4M2023−83%2024: -$8.0M-$8.0M2024−77%
Fiscal year201920202021202220232024
Revenue$35.2M6$124.2M7$141.5M8$129.4M5$135.0M5
Operating expenses$155.4M7$334.0M8$159.7M5$138.6M5
Operating income-$19.5M6-$31.2M7-$192.5M8-$30.3M5-$3.6M5
Interest$395.0K6$2.0K6
Income before tax-$30.8M7-$193.6M8-$34.3M5-$8.2M5
Income tax$353.0K6-$211.0K7$3.9M8$138.0K5-$275.0K5
Net income-$20.2M6-$30.6M7-$197.5M8-$34.4M5-$8.0M5
Earnings per share-$0.737-$4.668-$0.785-$0.185
Earnings per share (diluted)-$4.668-$0.785-$0.185
Shares (weighted, basic)42.0M shares742.4M shares844.2M shares545.4M shares5
Shares (weighted, diluted)42.4M shares844.2M shares545.4M shares5

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Corporate structure

GAN Ltd sits at the top of its group. 22 entities, 12 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of GAN Ltd

  • Goldman Sachs Filed SCHEDULE 13G/A on GAN Ltd, latest May 9, 2025 (4 filings since Feb 8, 2023)
  • Roger M. Klein Filed SC 13G on GAN Ltd, latest Jul 16, 2024
  • Antara Capital LP Filed SC 13G/A on GAN Ltd, latest Feb 14, 2024 (2 filings since Feb 14, 2023)
  • BlackRock Filed SC 13G on GAN Ltd, latest Jul 8, 2022 (2 filings since Feb 4, 2022)
  • GAN Ltd Irvine, California
    • Big Blind Limited Subsidiary · Isle of Man
    • CheckBox Limited Subsidiary · Malta
    • Coolbear Ontario Limited Subsidiary · Malta
    • DoubleSpin Ltd Subsidiary · Guernsey
    • GAN (UK) Limited Subsidiary · United Kingdom
    • GAN Chile SpA Subsidiary · Chile
    • GAN Digital Ltd Subsidiary · Israel
    • GAN Ontario Inc. Subsidiary · Canada
    • GAN Services Limited Subsidiary · United Kingdom
    • GAN Software Services BG Ltd Subsidiary · Bulgaria
    • Isle of Bear Limited Subsidiary · Isle of Man
    • Juegos a Distancia S.A.C. Subsidiary · Peru
    • Lockbox Games Limited Subsidiary · United Kingdom
    • Oso Plateado S. de R.L. de C.V. Subsidiary · Mexico
    • OsoCity S. de R.L. de C.V. Subsidiary · Mexico
    • PayFlow Limited Subsidiary · Malta
    • Polar Ltd Subsidiary · Malta
    • StayCool OÜ Subsidiary · Estonia
    • SureWin Limited Subsidiary · Malta
    • VG Estonia OÜ Subsidiary · Estonia
    • Vincent Group Ltd Subsidiary · Malta

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What GAN Ltd reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Computer equipment and software$12.8M5 Dec 31, 2024$11.3M5 Dec 31, 2023+13.9%
Property and equipment, before depreciation$6.1M5 Dec 31, 2024$7.3M5 Dec 31, 2023−15.9%
Accumulated depreciation$3.1M5 Dec 31, 2024$3.1M5 Dec 31, 2023−1.0%
Property and equipment, net$3.0M5 Dec 31, 2024$4.2M5 Dec 31, 2023−27.2%
Operating-lease assets (leased space)$3.4M5 Dec 31, 2024$4.3M5 Dec 31, 2023−21.3%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$38.7M5 Dec 31, 2024$38.6M5 Dec 31, 2023+0.4%

Intangibles and goodwill

ItemLatestA year beforeChange
Finite-lived intangibles, gross$48.3M5 Dec 31, 2024$50.8M5 Dec 31, 2023−5.0%
Accumulated amortization$39.4M5 Dec 31, 2024$38.5M5 Dec 31, 2023+2.5%
Finite-lived intangibles, net$8.8M5 Dec 31, 2024$12.4M5 Dec 31, 2023−28.6%

Properties, in its own words

Our corporate headquarters is located at 10845 Griffith Peak, Suite 200, Las Vegas, Nevada 89135. In addition to our corporate headquarters, we have regional offices in Bulgaria, Israel, and Estonia. We lease our corporate headquarters and each of our regional offices. Our B2C segment operates out of our European regional offices, and our B2B segment operates out of our corporate headquarters in Las Vegas. We believe that our current facilities are adequate to meet our needs for the near future and that suitable additional or alternative space will be available on commercially reasonable terms to accommodate our foreseeable future operations.

Item 2 of the 10-K filed Mar 14, 2025.4

Leadership

Who has led GAN Ltd, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Dermot S. Smurfit2021–2023
  2. Glenn Anders Karlsen2021–2022
  3. Seamus M. McGill2023–now

President

  1. Dermot S. Smurfit2021–2023
  2. Glenn Anders Karlsen2022
  3. Endre Nesset2022–2023
  4. Giuseppe Gardali2023–now

Chief financial officer

  1. Karen Flores2021–2022
2025
Board members and other officers (12)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Big Blind Limited Isle of Man3
  • CheckBox Limited Malta3
  • Coolbear Ontario Limited Malta3
  • DoubleSpin Ltd Guernsey3
  • GAN (UK) Limited England and Wales3
  • GAN Chile SpA Chile3
  • GAN Digital Ltd Israel3
  • GAN Ontario Inc. Canada3
  • GAN Services Limited England and Wales3
  • GAN Software Services BG Ltd Bulgaria3
  • Isle of Bear Limited Isle of Man3
  • Juegos a Distancia S.A.C. Peru3
  • Lockbox Games Limited England and Wales3
  • Oso Plateado S. de R.L. de C.V. Mexico3
  • OsoCity S. de R.L. de C.V. Mexico3
  • PayFlow Limited Malta3
  • Polar Ltd Malta3
  • StayCool OÜ Estonia3
  • SureWin Limited Malta3
  • VG Estonia OÜ Estonia3
  • Vincent Group Ltd Malta3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. May 27, 20258-K Completed an acquisition or sale; Listing notice or transfer; Change to shareholders' rights29
  2. May 19, 20258-K Regulation FD disclosure30
  3. May 9, 20258-K Results of operations31
  4. Apr 11, 20258-K Director nominations32
  5. Mar 14, 20258-K Results of operations33
  6. Feb 7, 20258-K Entered a material agreement34
  7. Jan 21, 20258-K Listing notice or transfer35
  8. Nov 8, 20248-K Results of operations36
  9. Oct 9, 20248-K Regulation FD disclosure37
  10. Aug 9, 20248-K Results of operations38
  11. Jun 27, 20248-K Regulation FD disclosure39
  12. May 9, 20248-K Results of operations40
  13. Oct 6, 2023New chief executive Seamus M. McGill becomes CEO12
  14. Nov 30, 2021New chief executive Glenn Anders Karlsen becomes CEO14
  15. Jan 4, 2021New chief executive Dermot S. Smurfit becomes CEO13

Calendar

When it reported results

  1. May 9, 2025Reported quarterly or annual results31
  2. Mar 14, 2025Reported quarterly or annual results33
  3. Nov 8, 2024Reported quarterly or annual results36
  4. Aug 9, 2024Reported quarterly or annual results38
  5. May 9, 2024Reported quarterly or annual results40
  6. Mar 13, 2024Reported quarterly or annual results41
  7. Aug 9, 2023Reported quarterly or annual results42
  8. May 10, 2023Reported quarterly or annual results43

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

229 filings to the SEC since October 2021: 5 annual reports, 14 quarterly reports, 46 major events, 119 insider forms, 9 large holders, 36 other. The latest 20:

  1. Jun 9, 202515-12G EDGAR
  2. May 30, 2025EFFECT EDGAR
  3. May 28, 2025POS AM EDGAR
  4. May 28, 2025S-8 POS EDGAR
  5. May 28, 2025S-8 POS EDGAR
  6. May 28, 2025S-8 POS EDGAR
  7. May 28, 2025S-8 POS EDGAR
  8. May 28, 2025POSASR EDGAR
  9. May 27, 20254 EDGAR
  10. May 27, 20254 EDGAR
  11. May 27, 20254 EDGAR
  12. May 27, 20254 EDGAR
  13. May 27, 20254 EDGAR
  14. May 27, 20254 EDGAR
  15. May 27, 20254 EDGAR
  16. May 27, 20254 EDGAR
  17. May 27, 20254 EDGAR
  18. May 27, 20258-K EDGAR
  19. May 19, 20258-K EDGAR
  20. May 9, 20254 EDGAR

The 229 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

12 open-market trades by officers, directors and large owners since October 2021: 5 buys and 7 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 1, 2022MCGILL SEAMUS MChief Executive OfficerBuy5,000$2.51$12.6KForm 4
Aug 30, 2022Smurfit Dermot S.President, CEOSale150,000$2.70$405.0KForm 4
Aug 29, 2022Smurfit Dermot S.President, CEOSale100,000$2.90$290.0KForm 4
Aug 23, 2022Flores KarenEVP, Chief Financial OfficerBuy6,500$2.97$19.3KForm 4
May 19, 2022MCGILL SEAMUS MChief Executive OfficerBuy5,000$3.32$16.6KForm 4
Nov 22, 2021Karlsen Glenn AndersPresident B2CBuy10,000$10.90$109.0KForm 4
Nov 19, 2021MCGILL SEAMUS MChief Executive OfficerBuy10,000$10.85$108.5KForm 4
Nov 17, 2021Smurfit Dermot S.President, CEOSale155,414$12.24$1.9MForm 4
Nov 16, 2021Smurfit Dermot S.President, CEOSale2,402$13.00$31.2KForm 4
Nov 15, 2021Smurfit Dermot S.President, CEOSale42,184$13.18$556.0KForm 4
Oct 21, 2021Smurfit Dermot S.President, CEOSale6,439$16.50$106.2KForm 4
Oct 20, 2021Smurfit Dermot S.President, CEOSale250$16.50$4.1KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2024Sylvia Tiscareño48$428$58748
2024Seamus McGill73$50248
2024Brian Chang43$367$48348
2023Chief Financial Officer$329$68848
2023Chief Legal Officer$416$51448
2023Chief Executive Officer$11448

SEC filer profile

How GAN Ltd is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARGAN Ltd1
  • CIK0001799332
  • Filer statusAccelerated filer an emerging growth company; a smaller reporting company; a shell company4
  • Incorporated inBermuda4
  • Fiscal year endsDecember 311
  • Industry code (SIC)7370 Services-Computer Programming, Data Processing, Etc.1
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance1
  • Business address400 Spectrum Center Drive, Suite 1900, Irvine, CA 926181
  • Phone702-964-57771
  • Shares outstanding46,460,423 as of May 6, 202511
  • Public float$72.1M as of Jun 30, 20244
  • AuditorGRANT THORNTON LLP, Los Angeles, California PCAOB ID 248; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceJan 31, 20201
  • Filings328 in all: 4 (126), 8-K (59), 3 (19), 10-Q (13), 4/A (8), CORRESP (8), DEFA14A (7), 6-K (6)1
    All 46 form types

    UPLOAD (6), 10-K (5), F-1/A (5), SC 13G (5), 144 (4), DEF 14A (4), EFFECT (4), S-8 (4), S-8 POS (4), 10-Q/A (3), 3/A (3), 8-K/A (3), 424B4 (2), DRSLTR (2), F-1 (2), NT 10-K (2), SC 13D (2), SC 13G/A (2), 10-K/A (1), 15-12G (1), 25-NSE (1), 424B3 (1), 8-A12B (1), CB (1), CERT (1), DEFM14A (1), DRS (1), F-1MEF (1), F-X (1), POS AM (1), POSASR (1), PREM14A (1), S-1 (1), S-1/A (1), S-3ASR (1), SC 13D/A (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 14, 2025
    Quarterly report (10-Q) May 9, 2025
    Proxy statement (DEF 14A) May 1, 2025
    Latest 8-K (8-K) May 27, 2025

Securities registered for trading

ClassSymbolExchange
Ordinary Shares, par value $0.01 per shareGANNasdaq

From the cover page of the 10-K filed Mar 14, 2025 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks GAN Ltd names in Item 1A of its 10-K filed Mar 14, 2025: 37 risks under these headings, as written.4

  • Risks Related to Our Business
  • We have incurred net losses in the past with negative cash flows and may not be able to generate and sustain profitability or sufficient liquidity.
  • We operate in a rapidly evolving industry and if we fail to successfully develop, market or sell new products or adopt new technology platforms, it could materially adversely affect our results of operations and financial condition.
  • The online gaming industry is highly competitive, and if we fail to compete effectively, we could experience price reductions, reduced margins or loss of market share.
  • Under our revenue arrangements, if existing customers do not continue the use of our products or services, our results of operations could be materially adversely affected.
  • We have historically relied on a small number of customers for a substantial portion of our revenue.
  • Our B2C sports betting operations exposes us to losses as a result of a failure to determine accurately the odds in relation to any particular event and/or any failure of its sports risk management processes, or if outcome-driven events result in unfavorable results.
  • A reduction in discretionary consumer spending, from an economic downturn or disruption of financial markets or other factors, could negatively impact our financial performance.
  • Macroeconomic conditions can materially adversely affect the Company’s business, results of operations and financial condition.
  • We face the risk of fraud, theft, and cheating.
  • We face cyber security risks that could result in damage to our reputation and/or subject us to fines, payment of damages, lawsuits and restrictions on our use of data.
  • Systems failures and resulting interruptions in the availability of our websites, applications, products, or services could harm our business.
The other 26 risks
  • We have experienced significant non-cash impairment charges to our intangible assets, which may affect our results of operations in the future.
  • We rely on relationships with third-party content providers for a significant portion of our revenue.
  • If we are unable to protect our intellectual property and proprietary rights, our competitive position and our business could be materially adversely affected.
  • We face the risk that third parties will claim that we infringe on their intellectual property rights, which could result in costly license fees or expensive litigation.
  • We face risks related to health epidemics and other widespread outbreaks of contagious disease, which could disrupt our operations and impact our operating results.
  • We are subject to risks related to corporate social responsibility, responsible gaming, reputation and ethical conduct.
  • Risks Related to the Merger
  • Regulatory approvals of the Merger may not be received, may take longer than expected, or may impose conditions that could allow SEGA SAMMY CREATION to abandon the Merger.
  • The Merger Agreement between us, SEGA SAMMY CREATION and Merger Sub may be terminated in accordance with its terms and the Merger may not be completed.
  • We may not be able to effect the Merger pursuant to the Merger Agreement, and failure to complete the Merger could negatively impact our stock price and the future business and financial results of the Company.
  • Risks Related to Regulation
  • The online gaming industry is heavily regulated and the Company’s failure to obtain or maintain applicable licensure or approvals, or otherwise comply with applicable requirements, could be disruptive to our business and could adversely affect our operations.
  • To the extent new online gaming jurisdictions are established or expanded, we cannot guarantee we will be successful in penetrating such new jurisdictions or expanding our business or customer base in line with the growth of existing jurisdictions.
  • Once a gaming license is granted violations of any gaming related requirements could result in the revocation of a gaming license, the imposition of fines, conditions, or limitations, all of which could adversely affect our operations and financial viability.
  • The online gaming industry is rapidly expanding and evolving, which the proliferation of new and changing regulatory frameworks increases costs and increases the risk of non-compliance.
  • Our B2C operations generate a significant portion of its revenues from “unregulated” markets and changes in regulation in those markets could result in us losing business in those markets, incurring additional expenses in order to comply with any new regulatory scheme, or potentially exiting the market.
  • Our B2C operations generate a significant portion of our revenue in markets where tax regulations are evolving, and could result in additional tax liabilities that could materially affect our financial condition and results of operations.
  • Compliance with evolving data privacy regulations may cause us to incur additional expenses, and any violation could result in damage to our reputation and/or subject us to fines, payment of damages, lawsuits and restrictions on our use of data.
  • Any violation of the Bank Secrecy Act or other similar anti-money laundering laws and regulations could have a negative impact on us.
  • We have identified a material weakness in connection with our internal control over financial reporting which, if not remediated, could adversely affect our business, reputation and stock price.
  • Risks Related to our International Operations
  • We have business operations located in many countries and a significant level of operations outside of the U.S., which subjects us to additional costs and risks that could adversely affect our operating results.
  • Our results of operations may be adversely affected by fluctuations in foreign currency values.
  • The expansion of our business will subject us to taxation in a number of jurisdictions and changes in, or new interpretation of, tax laws, tax rulings or their application by tax authorities could result in additional tax liabilities and could materially affect our financial condition and results of operations.
  • U.S. Holders of our ordinary shares could be subject to material adverse tax consequences if we are considered a Passive Foreign Investment Company for U.S. federal income tax purposes.
  • Risks Related to Corporate Governance Matters
  • Ownership in our ordinary shares is restricted by gaming laws and our by-laws, and persons found “unsuitable” may be required to dispose of their shares.
  • We are a Bermuda company and it may be difficult for you to enforce judgments against us or certain of our officers.
  • Our by-laws restrict shareholders from bringing legal action against our officers and directors.
  • We have provisions in our by-laws that may discourage a change of control.

Legal proceedings

The Company may be subject to legal actions and claims arising from contracts or other matters from time to time in the ordinary course of business. Management is not aware of any pending or threatened litigation, which are considered other than routine legal proceedings. The Company believes the ultimate disposition or resolution of its routine legal proceedings will not have a material adverse effect on its financial position, results of operations or liquidity.

The opening of Item 3, Legal Proceedings.4

Sources

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