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GAN Ltd provides Software-as-a-Service solutions for online casino gaming and sports betting applications. The company has two operating segments B2B and B2C. The B2B segment develops, markets, and sells instances of GameSTACK, GAN Sports, and iSight Back Office technology that incorporates comprehensive player registration, account funding, and back-office accounting and management tools that enable the casino operators to efficiently, confidently, and effectively extend their presence online in places that have permitted online real money gaming, and The B2C segment, which includes the operations of Coolbet, develops and operates a B2C online sports betting and casino platform that is accessible through its website in markets across Northern Europe, Latin America, and Canada.
2019
626
LTM Revenue $139M
LTM EBITDA $13.6M
$90.8M
Benchmark forward-looking revenue and EBITDA valuation multiples across generative AI, climate tech, semiconductors, online marketplaces, vertical SaaS and 220 more verticals.
GAN.com has a last 12-month revenue of $139M and a last 12-month EBITDA of $13.6M.
In the most recent fiscal year, GAN.com achieved revenue of $135M and an EBITDA of $3.1M.
GAN.com expects next 12-month revenue of XXX and NTM EBITDA of XXX
See GAN.com valuation multiples based on analyst estimates| FY 2023 | FY 2024 | FY 2025 | LTM | NTM | |
|---|---|---|---|---|---|
| Revenue | $129M | $135M | XXX | XXX | XXX |
| Gross Profit | $99.9M | $90.7M | XXX | XXX | XXX |
| Gross Margin | 77% | 67% | XXX | XXX | XXX |
| EBITDA | -$13.2M | $3.1M | XXX | XXX | XXX |
| EBITDA Margin | -10% | 2% | XXX | XXX | XXX |
| Net Profit | -$197M | -$34.4M | XXX | XXX | XXX |
| Net Margin | -153% | -26% | XXX | XXX | XXX |
| Net Debt | n/a | $3.6M | XXX | XXX | XXX |
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As of April 15, 2025, GAN.com's stock price is $2.
GAN.com has current market cap of $79.2M, and EV of $90.8M.
See GAN.com trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $90.8M | $79.2M | XXX | XXX | XXX | XXX | $-0.15 |
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Sign UpAs of April 15, 2025, GAN.com has market cap of $79.2M and EV of $90.8M.
GAN.com's trades at 0.7x LTM EV/Revenue multiple, and 6.7x LTM EBITDA.
Analysts estimate GAN.com's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See valuation multiples for GAN.com and 10K+ public comps| FY 2024 | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|
| EV | $90.8M | XXX | XXX | XXX |
| EV/Revenue | 0.7x | XXX | XXX | XXX |
| EV/EBITDA | 29.6x | XXX | XXX | XXX |
| P/E | -10.0x | XXX | XXX | XXX |
| P/E/Growth | n/a | XXX | XXX | XXX |
| EV/FCF | 33.8x | XXX | XXX | XXX |
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Sign UpGAN.com's NTM/LTM revenue growth is 9%
GAN.com's revenue per employee for the last fiscal year averaged $0.2M, while opex per employee averaged $0.2M for the same period.
Over next 12 months, GAN.com's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .
Analysts estimate GAN.com's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See operational valuation multiples for GAN.com and other 10K+ public comps| FY 2024 | NTM | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|---|
| Revenue Growth | 4% | XXX | XXX | XXX | XXX |
| EBITDA Margin | 2% | XXX | XXX | XXX | XXX |
| EBITDA Growth | -123% | XXX | XXX | XXX | XXX |
| Rule of 40 (SaaS-only) | 12% | XXX | XXX | XXX | XXX |
| Revenue per Employee | $0.2M | XXX | XXX | XXX | XXX |
| Opex per Employee | $0.2M | XXX | XXX | XXX | XXX |
| S&M Expenses to Revenue | 19% | XXX | XXX | XXX | XXX |
| G&A Expenses to Revenue | 23% | XXX | XXX | XXX | XXX |
| R&D Expenses to Revenue | n/a | XXX | XXX | XXX | XXX |
| Opex to Revenue | 73% | XXX | XXX | XXX | XXX |
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Benchmark public comps and private revenue and EBITDA valuation multiples across GRC software, cloud infrastructure, DevOps, online marketplaces and so much more!
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | |
| High Roller Technologies | XXX | XXX | XXX | XXX | XXX | XXX |
| Ainsworth Game Technology | XXX | XXX | XXX | XXX | XXX | XXX |
| Aristocrat Leisure | XXX | XXX | XXX | XXX | XXX | XXX |
| BlueBet Holdings | XXX | XXX | XXX | XXX | XXX | XXX |
| BetMakers | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
GAN.com acquired XXX companies to date.
Last acquisition by GAN.com was XXXXXXXX, XXXXX XXXXX XXXXXX . GAN.com acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX ).
See M&A valuation multiples| Acquired Company | EV | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
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Sign Up| When was GAN.com founded? | GAN.com was founded in 2019. |
| Where is GAN.com headquartered? | GAN.com is headquartered in United States of America. |
| How many employees does GAN.com have? | As of today, GAN.com has 626 employees. |
| Who is the CEO of GAN.com? | GAN.com's CEO is Mr. Seamus McGill. |
| Is GAN.com publicy listed? | Yes, GAN.com is a public company listed on NAS. |
| What is the stock symbol of GAN.com? | GAN.com trades under GAN ticker. |
| When did GAN.com go public? | GAN.com went public in 2020. |
| Who are competitors of GAN.com? | Similar companies to GAN.com include e.g. High Roller Technologies, Ainsworth Game Technology, Aristocrat Leisure, BlueBet Holdings. |
| What is the current market cap of GAN.com? | GAN.com's current market cap is $79.2M |
| What is the current revenue of GAN.com? | GAN.com's last 12-month revenue is $139M. |
| What is the current EBITDA of GAN.com? | GAN.com's last 12-month EBITDA is $13.6M. |
| What is the current EV/Revenue multiple of GAN.com? | Current revenue multiple of GAN.com is 0.7x. |
| What is the current EV/EBITDA multiple of GAN.com? | Current EBITDA multiple of GAN.com is 6.7x. |
| What is the current revenue growth of GAN.com? | GAN.com revenue growth between 2023 and 2024 was 4%. |
| Is GAN.com profitable? | Yes, GAN.com is EBITDA-positive (as of the last 12 months). |
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