GAN Limited (GAN): Análisis PESTLE [Actualizado en Ene-2025]

En el mundo dinámico de los juegos digitales, GAN Limited se encuentra en la encrucijada de la innovación tecnológica y la compleja dinámica del mercado. Este análisis integral de morteros revela el intrincado panorama que da forma al posicionamiento estratégico de la compañía, explorando cómo las regulaciones políticas, los cambios económicos, las tendencias sociales, los avances tecnológicos, los marcos legales y las consideraciones ambientales influyen colectivamente en el ecosistema comercial de GaN. Desde navegar por la legalización del juego en línea de estado por estado hasta aprovechar las plataformas impulsadas por la IA de vanguardia, GAN demuestra una notable adaptabilidad en un mercado de juegos digitales cada vez más complejo.

Gan Limited (GaN) - Análisis de mortero: factores políticos

Impacto en los mercados de juegos de azar en línea regulados

A partir de 2024, GAN opera en múltiples jurisdicciones de juego en línea reguladas con marcos legales específicos:

Estado	Estado legal de juego en línea	Potencial de mercado
Nueva Jersey	Totalmente legal	Mercado anual de $ 1.3B
Pensilvania	Totalmente legal	Mercado anual de $ 816 millones
Michigan	Totalmente legal	Mercado anual de $ 542 millones

Estado por estado de la legalización de igamias

Legalización del estado actual del panorama:

• 6 estados con legalización completa de juegos de azar en línea
• 12 estados con legislación pendiente
• Expansión del mercado potencial en 18 estados adicionales

Legislación potencial de juego en línea de nivel federal

Consideraciones regulatorias federales potenciales clave:

• Discusiones compactas potenciales de juego interestatal
• Posibles modificaciones del marco fiscal federal
• Requisitos de estandarización tecnológica entre estados

Tensiones geopolíticas que afectan la expansión del mercado

Desafíos de expansión del mercado internacional:

Región	Nivel de riesgo político	Complejidad regulatoria
Reino Unido	Bajo	Altos requisitos de cumplimiento
unión Europea	Medio	Variables regulaciones nacionales
América Latina	Alto	Marcos regulatorios emergentes

Gan Limited (GaN) - Análisis de mortero: factores económicos

La transformación digital continua de la industria del juego impulsa el potencial de crecimiento del mercado

El tamaño global del mercado de juegos de azar en línea alcanzó los $ 63.53 mil millones en 2022, proyectado para crecer a $ 145.6 mil millones para 2030, con una tasa compuesta anual del 10.9%. El posicionamiento de la plataforma digital de Gan Limited se alinea con esta trayectoria del mercado.

Segmento de mercado	Valor 2022	2030 Valor proyectado	Tocón
Mercado de juego en línea	$ 63.53 mil millones	$ 145.6 mil millones	10.9%

Las incertidumbres económicas pueden afectar el gasto discretario del consumidor en los juegos en línea

El gasto discrecional del consumidor de EE. UU. Mostró una disminución del 2.4% en el tercer trimestre de 2023, lo que potencialmente afecta el gasto de juego en línea. Los ingresos de Gan para 2022 fueron de $ 95.3 millones, lo que representa un crecimiento año tras año.

Métrica financiera	Valor 2022	Crecimiento año tras año
Ingresos limitados de GAN	$ 95.3 millones	11.5%

Inversión continua en infraestructura tecnológica y desarrollo de plataformas

GAN asignó $ 15.2 millones para la investigación y el desarrollo en 2022, lo que representa el 16% de los ingresos totales. La inversión tecnológica admite la expansión de la plataforma y el posicionamiento competitivo.

Categoría de inversión	Cantidad de 2022	Porcentaje de ingresos
Gasto de I + D	$ 15.2 millones	16%

Los tipos de cambio de divisas fluctuantes afectan el desempeño comercial internacional

La exposición a los ingresos internacionales de GAN incluye múltiples monedas. El tipo de cambio de USD a EUR fluctuó entre 0.91-1.10 en 2022-2023, impactando los valores de transacción internacional.

Pareja	2022-2023 bajo	2022-2023 alto
Tipo de cambio de USD/EUR	0.91	1.10

Gan Limited (GaN) - Análisis de mortero: factores sociales

Aumento de la aceptación social de las plataformas de juegos y juegos digitales en línea

Según Statista, se proyecta que el mercado global de juegos de azar en línea alcanzará los $ 92.9 mil millones para 2024, con una tasa de crecimiento anual compuesta del 11.7% de 2020 a 2024.

Año	Tamaño del mercado de juego en línea	Porcentaje de crecimiento
2020	$ 53.7 mil millones	8.5%
2024	$ 92.9 mil millones	11.7%

Creciente demografía de usuarios más jóvenes expertos en tecnología que adoptan experiencias de juegos digitales

PwC informa que el 75% de los Millennials y la Generación Z se involucran regularmente con las plataformas de juegos digitales, con juegos móviles que representan el 51% de los ingresos totales de los juegos.

Grupo de edad	Compromiso de juego digital	Participación en los ingresos del juego móvil
Millennials/Gen Z	75%	51%

Cambiar las preferencias del consumidor hacia soluciones de juegos móviles e interactivas

Newzoo Research indica que los ingresos del juego móvil alcanzaron los $ 90.7 mil millones en 2023, lo que representa el 49% del mercado mundial de juegos.

Plataforma	2023 ingresos	Cuota de mercado
Juego móvil	$ 90.7 mil millones	49%

Conciencia aumentada de las prácticas de juego responsables y la protección del jugador

La Comisión de Juego del Reino Unido informó que el 22% de los operadores de juegos de azar en línea aumentó el gasto en medidas de juego responsables en 2022, por un total de £ 100 millones.

Año	Inversión de juego responsable	Porcentaje de operadores que invierten
2022	£ 100 millones	22%

Gan Limited (GaN) - Análisis de mortero: factores tecnológicos

Inversión continua en IA y aprendizaje automático

Gan Limited asignó $ 6.2 millones para IA y Investigación y Desarrollo de Aprendizaje Machine en 2023. Los gastos de I + D de tecnología de la compañía representaban el 14.3% de los gastos operativos totales.

Categoría de inversión tecnológica	Gasto 2023 ($)	Porcentaje del presupuesto de I + D
Desarrollo de IA	3,750,000	60.5%
Algoritmos de aprendizaje automático	1,450,000	23.4%
Tecnologías de personalización	1,000,000	16.1%

Tecnología de plataforma basada en la nube

La infraestructura en la nube de GAN admite tiempo de actividad del 99.97% con capacidades de procesamiento de datos de 2.3 petabytes por mes. La compañía utiliza Amazon Web Services (AWS) para soluciones de juegos escalables.

Métrica de rendimiento de la nube	2023 estadística
Tiempo de actividad de la plataforma	99.97%
Procesamiento de datos mensual	2.3 PB
Proveedor de servicios en la nube	Servicios web de Amazon

Medidas avanzadas de ciberseguridad

GAN invirtió $ 4.5 millones en infraestructura de ciberseguridad en 2023, implementando autenticación multifactor y protocolos de cifrado de extremo a extremo.

Componente de ciberseguridad	Detalles de implementación
Inversión de ciberseguridad	$4,500,000
Capas de autenticación	Autenticación de 3 factores
Estándar de cifrado	AES 256 bits

Tecnologías emergentes

GAN ha asignado $ 1.2 millones a la exploración de tecnología Blockchain, con una posible integración en las plataformas de juego en línea estimadas para 2025.

Métrica de tecnología blockchain	Proyección 2023-2025
Inversión en I + D de blockchain	$1,200,000
Año de integración proyectado	2025
Mejora de la eficiencia de transacción potencial	37%

Gan Limited (GaN) - Análisis de mortero: factores legales

Requisitos complejos de cumplimiento regulatorio en múltiples jurisdicciones

Cumplimiento jurisdiccional Overview:

Jurisdicción	Cuerpo regulador	Requisitos de cumplimiento	Costo de cumplimiento anual
Nueva Jersey	División de Aplicación de Juez de Nueva Jersey	Licencia de juego interactiva	$250,000
Pensilvania	Junta de control de juegos de Pensilvania	Certificación del operador de juegos en línea	$200,000
Michigan	Tablero de control de juegos de Michigan	Licencia de operador de casino en línea	$150,000

Desafíos legales continuos en los mercados emergentes de juegos de azar en línea

Estadísticas de disputas legales:

Mercado	Casos legales pendientes	Gastos de litigio	Probabilidad de resolución
Ohio	3 casos activos	$375,000	62%
Indiana	2 casos activos	$225,000	55%

Regulaciones estrictas de protección de datos y privacidad

Métricas de cumplimiento regulatorio:

• Costo de cumplimiento de GDPR: $ 1.2 millones anuales
• Inversión de protección de datos: $ 850,000
• Gastos de auditoría de privacidad: $ 450,000

Procesos de licencia y certificación

Desglose de licencias:

Tipo de licencia	La autoridad emisora	Costo de aplicación	Frecuencia de renovación
Licencia de juego interactiva	Comisión de juegos de Nevada	$500,000	Anual
Licencia de operador de juego remoto	Comisión de Juego del Reino Unido	$375,000	Bienal

Gan Limited (GaN) - Análisis de mortero: factores ambientales

Aumento del enfoque en prácticas comerciales sostenibles en el sector de la tecnología digital

La estrategia ambiental de GAN Limited refleja el compromiso del sector de tecnología digital con la sostenibilidad. Según el informe de sostenibilidad de 2023, la compañía ha implementado iniciativas ambientales específicas.

Métrica ambiental	2023 rendimiento	Objetivo 2024
Reducción de emisiones de carbono	12.4% de reducción	15% de reducción
Uso de energía renovable	37% de la energía total	45% de la energía total
Tasa de reciclaje de desechos electrónicos	68%	75%

Huella de carbono reducida a través de operaciones de plataforma digital y basadas en la nube

Optimización de la infraestructura en la nube ha sido una estrategia clave para Gan Limited para minimizar el impacto ambiental. Las operaciones en la nube de la compañía demuestran ganancias de eficiencia significativas.

Métrica de eficiencia de nubes	2023 rendimiento
Eficiencia energética del servidor	22% de mejora
Utilización de recursos en la nube	Optimización del 78%
Tasa de virtualización	65% de infraestructura

Consideraciones de eficiencia energética en el centro de datos e infraestructura tecnológica

GAN Limited ha invertido en tecnologías avanzadas de gestión de energía para sus centros de datos.

• Efectividad del uso de potencia (PUE): 1.3 en 2023
• Consumo anual de energía: 4.2 millones de kWh
• Eficiencia del sistema de enfriamiento: Reducción del 40% en el consumo de energía

Creciente interés de los inversores y las partes interesadas en las iniciativas de sostenibilidad ambiental

El desempeño ambiental se ha convertido en un factor crítico para la evaluación de los inversores.

Métrica de inversión de sostenibilidad	2023 datos
Asignación de inversión de ESG	$ 12.5 millones
Inversiones de cumplimiento ambiental	$ 3.7 millones
Cumplimiento de informes de sostenibilidad	Divulgación 100%

GAN Limited (GAN) - PESTLE Analysis: Social factors

You're looking at GAN Limited's (GAN) external environment, and the social landscape is changing faster than any other factor right now. The public's tolerance for aggressive gambling marketing is gone, and the focus has shifted entirely to player protection. This isn't just a compliance issue; it's a core business risk for a company like GAN, which operates a B2B platform in the US and a B2C business internationally, especially in Europe where the rules are tightening fast. Your strategy must prioritize tech-driven responsibility, or you'll face significant financial penalties and reputational damage.

Growing global demand for stricter responsible gambling tools like mandatory deposit and loss limits

The global consensus is moving toward mandatory, proactive responsible gambling (RG) tools, shifting the burden from the player to the operator. This is a critical trend for GAN's B2B platform, GameSTACK, which must integrate these features seamlessly for its US casino clients. In Europe, this is already a reality: Germany's new Interstate Treaty on Gambling, for instance, mandates deposit limits and a national self-exclusion register. The UK Gambling Commission began implementing enhanced financial checks for high-spending players in January 2025, forcing operators to verify a player's financial capacity before allowing large wagers. This is a huge operational lift.

The good news is that technology can turn this risk into an opportunity. Operators leveraging AI 2.0 technologies have seen a 50% improvement in identifying at-risk players before significant harm occurs, which is a massive win for both ethics and long-term customer value. Your B2C segment, which reported 235 thousand active customers in Q1 2025, must embed these AI-driven checks to ensure sustainable growth, defintely.

Increased public and regulatory focus on player protection, driving the need for sophisticated self-exclusion systems

The days of simple, paper-based self-exclusion are over. Regulators demand sophisticated, cross-operator systems that work instantly. Germany's nationwide self-exclusion register is a prime example of this regulatory push. For a technology provider like GAN, this means investing heavily in system interoperability and advanced identity verification.

The industry is exploring emerging technologies to meet these demands. Early pilot programs using Blockchain transparency for immutable self-exclusion and spending logs have shown a reduction in fraudulent account activities by 70%. That's the kind of precision and security you need to aim for. The goal is to make self-exclusion an immediate, frictionless process across all platforms, protecting the player and shielding the operator from regulatory fines.

Consumer preference shift toward operators with visible sustainability and ethical (ESG) initiatives

Consumers, especially younger demographics, increasingly favor brands with strong Environmental, Social, and Governance (ESG) credentials. In the gambling sector, the 'S' for Social is paramount and is defined by responsible gaming commitment. The US commercial casino industry, which generated $72 billion in gaming revenue in 2024, commits nearly half a billion dollars annually to responsible gaming efforts, which shows how seriously the industry takes this. This level of investment is now the price of entry for public trust.

GAN's B2C segment, which has a strong presence in Europe and Latin America, needs to make its responsible gaming tools and ethical marketing visible to its customer base. You can't just have the tools; you must actively promote them. This is a strategic imperative, not a footnote in the annual report.

Need to adapt marketing to comply with new European restrictions on untargeted gambling advertising

Advertising restrictions are the most immediate and quantifiable social risk impacting GAN's international B2C operations. The era of blanket, untargeted advertising is over in major European markets, forcing a fundamental shift in customer acquisition strategy. This directly impacts your B2C Marketing Spend Ratio, which was 18% in Q1 2025, and requires a move toward highly targeted, permission-based marketing.

Here's the quick math on the compliance challenge across key European markets:

Country	Key 2025 Restriction	Impact on Advertising Strategy
Spain	TV, radio, and YouTube ads restricted to 1 AM and 5 AM; bans celebrity endorsements.	Eliminates prime-time mass-market reach; forces shift to late-night or digital-only channels.
Ireland	Gambling advertising watershed between 5:30 AM and 9 PM.	Restricts 15.5 hours of daily broadcast advertising, covering all peak viewing times.
Croatia	Broadcast/digital ad ban between 6 AM and 11 PM (effective Jan 1, 2026).	Requires immediate re-allocation of Q4 2025 ad spend away from mass media.
EU-wide	Google Ads gambling rules took effect on April 14, 2025, requiring higher licensing and compliance standards.	Increases cost-per-acquisition (CPA) on digital channels; non-compliant ads are blocked.

The fragmentation of rules means you cannot use one ad campaign for all European countries. You must localize your messaging and timing to avoid the heavy penalties that come with non-compliance. Your next step is clear: Marketing: Deliver a fully compliant, country-specific advertising plan for the B2C segment by the end of this quarter, focusing on high-LTV (Lifetime Value) channels over mass-market reach.

GAN Limited (GAN) - PESTLE Analysis: Technological factors

Core B2B offering is the GameSTACK platform for real-money and simulated gaming.

GAN Limited's technological backbone is the proprietary GameSTACK platform, a Software-as-a-Service (SaaS) solution that powers both real-money internet gaming and Simulated Gaming (social casino) for its B2B partners, primarily in the U.S. land-based casino industry. It's a turnkey solution, meaning it provides a complete, ready-to-use technology stack. The platform's modular design, which includes the iSight Back Office for embedded business intelligence and the iBridge Framework to connect online play with a casino's physical loyalty system, is a key competitive advantage.

This B2B segment, while strategically important for North American growth, saw revenue drop to $5.1 million in Q1 2025 from $12.3 million in Q1 2024 due to a contract expiration, signaling a near-term risk in platform reliance on a few large clients. Still, the platform's core value-the patented system-to-system technology-remains defintely strong.

Industry trend toward using AI and machine learning for enhanced player personalization and compliance monitoring.

The iGaming industry is moving fast toward hyper-personalization, and AI (Artificial Intelligence) and machine learning (ML) are the engines driving it. For GAN, this trend is a clear opportunity to enhance its B2C Coolbet offering and provide more sophisticated tools to its B2B partners. The goal is simple: use predictive analytics to understand player behavior in real-time.

This technology is crucial for two reasons. First, it drives engagement, as personalized calls-to-action (CTAs) can outperform generic versions by over 200% in the broader e-commerce space. Second, it's vital for regulatory compliance (Responsible Gaming), using ML models to flag anomalous betting patterns that suggest problem gambling or fraud. The capital investment in this area is continuous; for context, GAN's total capitalized software development costs were $7.4 million in the full year 2024.

Continued investment in emerging tech, including a $1.2 million allocation toward blockchain exploration for gaming platforms.

While the immediate financial focus is on core platform stability, GAN has stated a strategic allocation of $1.2 million toward exploring emerging technologies like blockchain for gaming platforms. This allocation is a forward-looking move to assess how decentralized ledger technology (DLT) could be used for provably fair gaming, enhanced security, or tokenized loyalty programs (NFTs).

To be fair, the broader blockchain gaming sector is still highly volatile, having raised only $293 million in investment in the first three quarters of 2025, a sharp drop from the prior year. GAN's approach is a prudent, controlled investment in R&D to maintain optionality, rather than a full-scale pivot. It's a small bet on a potentially massive future market, estimated at $24.4 billion globally in 2025.

High reliance on mobile gaming technology as the primary access point for B2C revenue growth in Europe and Latin America.

Mobile technology is the lifeblood of the B2C segment, which is the primary revenue driver for GAN as of 2025. The Coolbet platform is fundamentally optimized for mobile, which is why the B2C segment delivered robust revenue of $24.3 million in Q1 2025. This strong performance is heavily concentrated in international markets.

Here's the quick math on regional reliance for the B2C segment in Q1 2025:

Region (B2C Segment)	Q1 2025 Revenue	Percentage of Total B2C Revenue
Europe	$15.5 million	63.8%
Latin America (Latam)	$8.4 million	34.6%
US & Remaining International	$0.4 million	1.6%
Total B2C Revenue	$24.3 million	100%

The platform's SENSE3 Mobile component and native iOS/Android apps are essential to capturing this international growth. What this reliance hides is a vulnerability: any regulatory changes or app store policy shifts in Europe or Latam could immediately impact over 98% of the B2C revenue stream.

GAN Limited (GAN) - PESTLE Analysis: Legal factors

Merger Required Extensive Regulatory Approvals, Delaying Close

You're looking for certainty in a volatile market, and the biggest legal factor for GAN Limited in 2025 is the finalization of its acquisition by SEGA SAMMY HOLDINGS INC. The complexity of gaming regulation, especially in the US, means these deals take time. While the Nevada Gaming Commission approved the merger in October 2024, securing all necessary regulatory clearances proved a longer process, forcing an extension of the final deadline to May 31, 2025.

This delay kept the company in a transitional state for the first half of the year. The merger, valued at approximately $107.6 million, involves a cash payment of $1.97 per share to GAN Limited shareholders. The expected close in the second quarter of 2025 means that the company's Q1 2025 results-which showed a total revenue of $29.4 million and a net loss of $6.8 million-were released while the deal was still pending. The regulatory process is the final hurdle for the company's privatization.

Stricter Know Your Customer (KYC) and Anti-Money Laundering (AML) Compliance

Across all operating jurisdictions, from the US to Europe and Latin America, the regulatory environment for Know Your Customer (KYC) and Anti-Money Laundering (AML) is getting demonstrably tighter. This isn't a future trend; it's the current cost of doing business. Global AML/KYC penalties hit an estimated US $4.5 billion in 2024, showing regulators are serious about enforcement.

For a global operator like GAN Limited, this means higher compliance costs and a constant need to update technology. In the US, the FinCEN Beneficial Ownership Information (BOI) reporting rule entered into force in January 2025, requiring millions of firms to file BOI, which banks must reconcile for foreign entities. In the European Union, the new Anti-Money Laundering Regulation (AMLR) is harmonizing rules and will impose maximum fines of up to €10 million or 10% of a firm's annual turnover. You simply can't afford to get this wrong.

Here's a quick look at the compliance pressure points:

• Customer Due Diligence (CDD): More rigorous checks on source of funds and wealth.
• Real-Time Monitoring: Need for continuous, perpetual monitoring (cKYC) to flag suspicious activity immediately.
• Technology Investment: Increased spend on RegTech (Regulatory Technology) to automate verification and screening.

UK Gambling Commission Enhanced Financial Checks

The UK market, a key region for GAN Limited's B2C segment (Coolbet), saw a significant regulatory shift in early 2025 aimed at player protection. The UK Gambling Commission (UKGC) implemented enhanced financial vulnerability checks on high-spending players. This is a direct revenue risk, as friction in the deposit process can lead to player churn.

The 'light-touch' financial checks, which began at a net deposit threshold of £500 per 30-day period, were lowered to just £150 in net deposits over a 30-day rolling period, effective February 28, 2025. This lower threshold is highly impactful: an analysis of bank data suggests that around 25% of UK gamblers would have triggered these checks based on the new £150 limit. These players collectively generate nearly 97% of gross deposits, meaning the bulk of the market is now subject to this new regulatory friction.

Also, new online game design rules came into force on January 17, 2025, banning features like auto-play and quick-spin options to slow down the pace of play. This directly affects game design and player engagement metrics.

India's Promotion and Regulation of Online Gaming Act, 2025

The most disruptive legal event in the Asia-Pacific region for the global gaming industry, including international operators like GAN Limited, was the enactment of India's Promotion and Regulation of Online Gaming Act, 2025. The President assented to the Act on August 22, 2025.

The law criminalized most real-money online gaming (RMG) by banning 'Online Money Games' that involve monetary stakes, even if they are skill-based. This ban is explicitly designed to close loopholes for overseas operators by applying to any service offered within India or operated from abroad but targeting Indian users. The Indian RMG industry was previously valued at over ₹20,000 crore (approximately $2.4 billion USD) annually.

The penalties are severe and are meant to be a strong deterrent:

Offense	Maximum Fine	Maximum Imprisonment
Offering/Facilitating Online Money Gaming	₹1 crore (approx. $120,000)	3 years
Advertising Online Money Games	₹50 lakh (approx. $60,000)	2 years
Repeat Offenders (Operators)	₹2 crore (approx. $240,000)	5 years

The Act creates a zero-tolerance legal environment for real-money gaming in one of the world's largest potential markets, forcing any international operator with exposure to completely exit that revenue stream.

GAN Limited (GAN) - PESTLE Analysis: Environmental factors

Primary environmental impact is energy consumption from data centers hosting the GameSTACK and Coolbet platforms.

You need to see GAN Limited's primary environmental footprint not in a physical factory, but in the cloud. As a B2B software provider, GAN's core platforms-GameSTACK and Coolbet-are deployed in customer-owned or third-party cloud data centers. This means the biggest environmental exposure is the indirect energy consumption of the servers running your software. In 2025, global data center electricity consumption is predicted to be about 536 terawatt-hours (TWh), representing approximately 2% of global electricity consumption. That's a huge number, and it directly impacts the carbon profile of every transaction on your platform.

The good news is the industry is moving fast. The average carbon emissions per unit of energy consumed for data centers fell to 312.7 mtCO2e/GWh in 2024, down from 366.9 mtCO2e/GWh in 2019, because of cleaner power sources. Still, the sheer volume of data demand, especially with the rise of AI, means overall electricity sales in the U.S. will likely increase by an additional 2.4% in 2025, driven by this demand. This rising tide of consumption is a cost and a reputation risk you must manage through strategic cloud partnerships.

Industry-wide pressure to adopt green data centers powered by renewable energy for online operations.

The pressure to go green is no longer a niche investor concern; it's a core operational mandate. Your customers-the casino operators-are increasingly demanding verifiable environmental credentials from their tech stack, and that flows down to GAN. Hyperscale cloud platforms, which host a significant portion of the iGaming infrastructure, are leading the charge, using renewable sources for approximately 91% of their total energy needs. Data center providers generally are catching up, reaching about 62% renewable energy use.

This is where your leverage lies. You should be using your procurement power to favor cloud providers who can demonstrate a high Power Usage Effectiveness (PUE) and a clear renewable energy commitment. It's a simple choice: partner with green providers or risk having a higher-cost, less-competitive platform.

Data Center Environmental Metric (2025)	Value/Projection	Implication for GAN Limited
Global Electricity Consumption (Estimate)	536 TWh (approx. 2% of global total)	Directly correlates to the indirect carbon footprint of GameSTACK and Coolbet.
Hyperscaler Renewable Energy Use	Approximately 91%	Opportunity to significantly lower Scope 3 emissions by prioritizing these providers.
U.S. Electricity Sales Growth (2025)	Increase by 2.4%	Rising energy costs for customers, increasing the value of GAN's energy-efficient code.
E-Waste Management Market Size (2025)	Estimated at $75.61 billion	Highlights the growing regulatory and market focus on digital hardware lifecycle.

Increased investor and regulatory expectation for transparent ESG reporting, a key focus for the broader iGaming sector in 2025.

Honesty is now a compliance issue. Investors, especially large institutional ones like BlackRock, are scrutinizing environmental, social, and governance (ESG) disclosures more than ever, especially in a high-growth sector like iGaming. The trend in 2025 is for more granular, region-specific data. You need to be ready to report on your Scope 3 emissions-the indirect emissions from your value chain-which, for GAN, is primarily the energy used by your customers' data centers to run your software.

What this estimate hides is the risk of 'greenwashing' accusations if your reporting is vague. Your focus must be on transparency and setting verifiable targets.

• Quantify your platforms' energy draw in a standard unit.
• Obtain renewable energy certificates (RECs) or similar documentation from your hosting partners.
• Align reporting with a recognized standard like the Task Force on Climate-Related Financial Disclosures (TCFD).

Operational focus on reducing e-waste by optimizing digital infrastructure and extending hardware lifespan.

Even though you don't manufacture hardware, you contribute to e-waste (electronic waste) through the lifecycle of the servers running your code. The global e-waste management market is estimated to be worth $75.61 billion in 2025, and that market is driven by strict government rules and the need to recover valuable materials. Your action here is purely digital.

You defintely reduce hardware turnover by writing more efficient code. Optimizing your digital infrastructure-GameSTACK and Coolbet-to require less computing power per user transaction directly extends the useful life of the underlying servers. Less computational load means less heat, less cooling, and a longer hardware lifespan, which cuts down on e-waste. This also saves your customers money on their utility bills, which is a powerful sales point in 2025.

Next Step: Product & Engineering: Deliver a Q4 2025 report quantifying the computational load (CPU/RAM/I/O) reduction per user transaction for the Coolbet platform following the latest optimization update, and present it to the Investor Relations team by December 15.