Leadership team will outline plan to reach $500+ million of revenue by 2026 and set a long-term Adjusted EBITDA margin target of 30-35% at scale

GAN Limited (the “Company” or “GAN”) (NASDAQ: GAN), a leading full-service internet gaming software-as-a-service provider to the real money internet gaming, online sports betting, and simulated gaming industries, today will host a virtual investor event during which CEO Dermot Smurfit and CFO Karen Flores will outline the strategic direction for GAN as well as provide an overview of the Company’s market forecasts and financial outlook. Additional presenters will include B2B and B2C operational leaders Don Ryan and Anders Karlsen, CCO Jeff Berman, and CIO Simon Knock.

The highlights of the presentation include:

• North American B2B demand is strong. The Company is investing in talent and technology in preparation for a multi-year period of new launches and demand, including GAN’s recent opening of a new office in Miami, Florida.
• New B2B product offerings such as GAN Sports and Super RGS will enable GAN to capture more of the value chain, increase take rate and present the opportunity to service the entire spectrum of operator customers.
• The Company’s B2C growth has exceeded internal expectations and remains strong. The business is very well positioned for early stages of secular growth in exciting new markets within Latin America.
• GAN's B2B technology is increasingly scarce, proven, costly to replicate, and extremely complex. The solutions have been optimized through iterative launches and improvements over the past several years which offers a unique advantage over operators considering bringing the technology in-house.
• The Company is targeting 2023 projected revenue of $225-$250 million and confirmed its long-term target to exceed $500 million, which it believes can be achieved by 2026 (compared to $35 million in 2020). GAN also is targeting a long-term annualized adjusted EBITDA margin to range between 30-35% as the business achieves scale.

Dermot Smurfit, Chief Executive Officer of GAN commented:

“Today is an exciting and very important day in GAN’s history as we hold our first ever Investor Day event. The investment community will have the opportunity to see the depth of our executive leadership team and hear from management across the enterprise. The event also includes a comprehensive outline of our strategic direction to scale our B2B offering, accelerate our already fast-growing B2C business, prepare for our launch of GAN Sports and execute our Super RGS strategy – among many other initiatives. The investments we are making in our technology to advance our position in each of these areas, coupled with the expansion of our talented workforce, will provide a clear path toward value creation over the coming years. We already possess an industry leading B2B technological solution for operators as well as an award winning B2C offering and best-in-class international sportsbook engine. We are adding to our portfolio through the launch of our GAN Sports offering – including a sports betting gaming kiosk – and the aggregation of our exclusive content agreements with leading designers and manufacturers of the most popular and widely recognized online casino games. We are confident that we have a bright future ahead of us in the fast-growing online gaming and sports betting markets around the world as evidenced by our impressive financial targets for both 2023 and 2026. I have never been more excited for GAN’s future over our 18-year existence, and we look forward to sharing our future success with our valued shareholders.”

Financial Targets

2023 Revenue   $225-250 million

2026 Revenue   $500-600 million

Long-Term Adj. EBITDA Margin   30-35%

A webcast of the event will be available on the Investor Relations section of the Company’s website at http://investors.gan.com and can be accessed for approximately 90 days.

About GAN Limited

GAN is a leading business-to-business supplier of internet gambling software-as-a-service solutions predominantly to the U.S. land-based casino industry. Coolbet, a division of GAN, is a market-leading operator of proprietary online sports betting technology with market leadership positions in select European and Latin American markets. GAN has developed a proprietary internet gambling enterprise software system, GameSTACK™, which it licenses to land-based U.S. casino operators as a turnkey technology solution for regulated real money internet gambling, encompassing internet gaming, internet sports betting and social casino gaming branded as ‘Simulated Gaming’.

During the course of this event, the Company will make forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All such statements made during this event that do not relate to matters of historical fact should be considered forward-looking statements, including statements regarding the Company’s business opportunities and long-term outlook. Such forward-looking statements will be based on management’s current expectations. Such statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors (including, without limitation, those risks set forth under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, and in the Company’s other filings with the Securities and Exchange Commission) that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Attendees are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update or revise any forward-looking statements for any reason, except as required by law. The Company’s SEC filings are available publicly on the SEC's website at www.sec.gov.

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