GAN Limited (GAN): Business Model Canvas [Dec-2025 Updated]

You're looking at a company that just went through a massive ownership change-the merger with SEGA SAMMY HOLDINGS INC. closed in May 2025 for $1.97 a share-so understanding its engine room is critical now. As an analyst who's seen a few of these transitions, I can tell you the core model, which mixes B2B platform licensing via GameSTACK with its B2C sports betting arm, Coolbet, is what matters most as they integrate. With Q1 2025 revenue hitting $29.4 million, it's clear the pieces are still moving, but how they generate that cash and what resources they rely on post-acquisition needs a deep dive. Check out the full Business Model Canvas below to see the nine blocks defining their strategy moving forward.

GAN Limited (GAN) - Canvas Business Model: Key Partnerships

The partnership structure for GAN Limited, now a wholly-owned subsidiary of SEGA SAMMY HOLDINGS INC., is defined by its new ownership, its B2B client base, its content supply chain, and the necessary regulatory relationships.

SEGA SAMMY HOLDINGS INC. as the new parent company and strategic owner

The merger with SEGA SAMMY CREATION INC. (SSC), an affiliate of SEGA SAMMY HOLDINGS INC., finalized on May 27, 2025. The total purchase price for the acquisition was $96.0 million. Shareholders received $1.97 in cash for each ordinary share. This cash consideration represented a premium exceeding 121% relative to GAN's closing stock price on November 7, 2023. Following the close, GAN's ordinary shares stopped trading on the Nasdaq stock exchange at the conclusion of trading on May 27, 2025.

Land-based casino operators in the U.S. for B2B platform licensing

GAN Limited's B2B segment licenses its proprietary GameSTACK platform to U.S. land-based casino operators for regulated real money internet gaming and Simulated Gaming. The B2B segment's performance in the first quarter of 2025 showed a significant shift following a major contract expiration early in the year. The estimated market share for GAN Limited in the B2B platform space, based on 2025 operational focus, was <0.2%.

Here's the quick math on the B2B segment's reported revenue and operator revenue for the three months ended March 31, 2025:

The total segment contribution for the B2B segment in Q1 2025 was $18.7 million, offset by growth in the B2C segment.

Third-party game developers for content distribution via Super RGS

The Super RGS (Remote Game Server) is a key component, allowing game developers to distribute their content across GAN Limited's operator network. Third-party content providers supply a significant portion of the revenue for the B2B segment. The company continues to invest in expanding the gaming content library and third-party integrations for its GameSTACK platform.

Gaming regulatory bodies across multiple U.S. states and international jurisdictions

GAN Limited's operations are subject to the laws and regulations of the jurisdictions where it conducts business. The B2B platform has been deployed in geographies including:

• U.S. states (for regulated real money iGaming and Simulated Gaming)
• Italy
• Australia
• Canada

The B2C division, Coolbet, operates in select markets across Northern Europe, Latin America, and Canada. The completion of the SEGA SAMMY acquisition was contingent upon securing all necessary gaming regulatory approvals.

GAN Limited (GAN) - Canvas Business Model: Key Activities

You're looking at the core engine room of GAN Limited (GAN) as it transitioned into a wholly owned subsidiary of SEGA SAMMY CREATION INC. following the merger closing in the second quarter of 2025. The key activities revolve around technology delivery, direct consumer engagement, and navigating the complex U.S. regulatory landscape.

Software-as-a-Service (SaaS) Platform Development and Maintenance (GameSTACK™)

This is the B2B backbone, the proprietary GameSTACK™ platform, which you know is the versatile and scalable technology solution for U.S. gaming operators. The continuous development is reflected in the capital investment; for the fiscal year ended December 31, 2024, capitalized software development costs totaled $7.4 million, with associated amortization expenses of $2.8 million for that same year. This activity is crucial for maintaining the platform's competitive edge, even as the B2B segment revenue faced a significant headwind in early 2025.

The operational focus on this technology is evident in the segment performance for the first quarter of 2025:

• B2B segment revenue was $5.1 million for Q1 2025.
• This represented a sharp drop from $12.3 million reported in Q1 2024.
• The primary driver for this revenue decline was the expiration of a multistate B2B commercial contract.

B2C Online Sports Betting and iGaming Operations (Coolbet)

The B2C operations, primarily through the Coolbet brand, serve as a significant revenue driver and a proving ground for the technology in international regulated markets. The strength here helped offset the B2B contract loss in early 2025. The B2C segment showed robust growth, which underscores the market position in Europe and Latin America.

Here's the quick math on the B2C segment's revenue performance:

The B2C segment's revenue jumped to $24.3 million in Q1 2025, a clear positive trend for the business unit.

Regulatory Compliance and Licensing for U.S. Real-Money Gaming (RMiG)

Securing and maintaining licenses for U.S. real-money gaming is a non-negotiable key activity for the B2B segment's growth potential in North America. While specific 2025 licensing updates are proprietary, the historical footprint shows the depth of this activity; the company was previously licensed in 16 U.S. states. This compliance work is directly tied to the successful consummation of the merger with SEGA SAMMY CREATION INC., which was expected to close in Q2 2025 after regulatory requirements were met. The final purchase price for the acquisition was reported at $96.0 million.

Continuous Cost-Saving Initiatives

A major operational focus has been on refining the cost structure to drive profitability, especially in light of the B2B revenue contraction. The company explicitly executed cost-saving initiatives, including a reduction of compensation costs and headcount. This focus is quantified by the stated reduction in operating expenses for the full fiscal year 2024, which were brought down to $98.2 million.

Even looking at the first quarter of 2025, this discipline continued:

• Operating expenses were $23.7 million in Q1 2025.
• This was an improvement from $24.6 million in Q1 2024.
• Despite lower expenses, the Net Loss for Q1 2025 widened to $6.8 million from $4.2 million in Q1 2024, mainly due to the B2B revenue drop.
• Adjusted EBITDA for Q1 2025 was a loss of $(1.5) million.

Finance: draft 13-week cash view by Friday.

GAN Limited (GAN) - Canvas Business Model: Key Resources

The foundation of GAN Limited (GAN) as of late 2025, following its acquisition by SEGA SAMMY CREATION INC. on May 27, 2025, rests heavily on its established technology assets and regulatory footholds.

Proprietary GameSTACK™ platform technology and intellectual property is central to the B2B offering. This is the internet gaming enterprise software system that GAN licenses to land-based casino operators as a turnkey technology solution for regulated real money internet gaming, covering internet gaming, internet sports gaming, and virtual Simulated Gaming. The platform is continuously developed to ensure it remains scalable and compliant with evolving gaming regulations. The B2B segment, which markets GameSTACK, GAN Sports, and iSight Back Office technology, historically operated on a Software-as-a-Service (SaaS) model involving a platform licensing fee plus a revenue-share component.

The proprietary Coolbet sports betting and trading technology forms the core of the B2C segment's strength, which has market leadership positions in select European and Latin American markets. Coolbet's platform, uniquely developed in-house, offers online real-money gaming across sports, casino, and virtual e-sports. This technology was integrated into GAN's B2B stack to create GAN Sports, which was adapted for the U.S. B2B market. Coolbet launched in early 2016 and boasts an award-winning user interface.

Financial resources provide the necessary operational runway, although the company transitioned to a private entity. Cash and cash equivalents were reported at \$39.9 million as of March 31, 2025, an increase from \$38.7 million at the end of 2024, driven by favorable changes in working capital. Following the merger consummation on May 27, 2025, former GAN Ordinary Shares were converted into the right to receive \$1.97 net cash per share.

Regulatory licenses and expertise in regulated U.S. and international markets are critical barriers to entry that GAN possesses. The company has over eight years of experience in moving manufacturers from offline to online spaces within regulated U.S. markets and internationally. For instance, GAN received regulatory approval from the State of Nevada to hold a gaming license, marking Nevada as the 3rd state where its GAN Sports technology would be operational. Separately, the Coolbet B2C operations hold gambling licenses in Estonia, Sweden, and Malta.

The reliance on these technological and market-access resources is clearly reflected in the segment revenue performance for the first quarter of 2025, illustrating the immediate impact of contract dynamics on the B2B side:

The human capital supporting these resources includes a team that, as of 2024, totaled 626 employees, primarily focused on engineering and operations.

The key intangible assets supporting the business model include:

• Proprietary intellectual property for the GameSTACK platform.
• The established brand and operational footprint of Coolbet in international markets.
• The accumulated expertise in navigating complex gaming regulatory frameworks.
• The GAN Sports technology platform, adapted from Coolbet for the U.S. B2B market.

Finance: draft 13-week cash view by Friday.

GAN Limited (GAN) - Canvas Business Model: Value Propositions

You're looking at the value propositions for GAN Limited (GAN) right after its acquisition, which fundamentally changed its resource base as of late 2025. The core value remains rooted in its dual B2B technology and B2C operations, but the new ownership by SEGA SAMMY CREATION INC. adds a significant layer.

For B2B: Turnkey, compliant iGaming and sports betting platform for U.S. casinos.

The value here is providing the GameSTACK™ enterprise software system as a complete, ready-to-go technology solution for regulated real money internet gaming, including sports gaming and Simulated Gaming, primarily to U.S. land-based casinos. This proposition was under pressure leading up to the May 27, 2025, merger completion, as evidenced by the segment's recent performance.

Here's the quick math on the B2B segment's recent financial health:

What this estimate hides is the impact of the contract expiration that caused that revenue drop, so the value proposition needs to pivot on stability and new client acquisition under the new parent.

For B2B: Rapid deployment of third-party game content via Super RGS.

The Super RGS (Remote Game Server) is the mechanism that helps casino operators quickly bring in diverse third-party game content onto their platform. This speed and breadth of content integration is a key differentiator for the turnkey offering.

• Integrate third-party content fast.
• Expand game libraries for U.S. operators.
• Leverage proprietary internet gaming enterprise software.

For B2C (Coolbet): Localized, proprietary sports betting and casino experience in Europe/LatAm.

Coolbet, GAN's B2C division, provided a strong counter-balance to the B2B segment's challenges, showing significant top-line strength before the acquisition.

The value proposition centers on its proprietary technology and deep localization efforts in its core regions. Coolbet operates across 10 markets, focusing heavily on Northern Europe and Latin America, where its sports-led brand and aggressive odds proposition resonate.

The B2C segment delivered substantial revenue in the first quarter of 2025:

• Coolbet Q1 2025 Revenue: $24.3 million.
• Key focus: Sportsbook-centric experience in LatAm.

Access to a global gaming and entertainment leader's resources post-acquisition.

This is the newest, most transformative value proposition. The merger with an affiliate of SEGA SAMMY HOLDINGS INC. closed on May 27, 2025. This transition ended GAN's run as a publicly traded entity, with shareholders receiving $1.97 in cash per share, valuing the company at about $96.0 million in the transaction.

The value now is the infusion of resources from a global entertainment leader, which is expected to bolster product offerings and market reach, especially for the B2B side that saw revenue decline from $12.3 million to $5.1 million year-over-year in Q1 2025.

GAN Limited (GAN) - Canvas Business Model: Customer Relationships

You're analyzing GAN Limited as it transitions under new ownership following its May 2025 acquisition by SEGA SAMMY CREATION INC. for $1.97 cash per share. Customer relationships are clearly segmented across the B2B technology supply and the B2C operator arms.

Dedicated account management and technical support for B2B casino clients.

For B2B clients, which include retail casino operators and online casino brands, the relationship focus is on high-touch, complex service delivery. This support covers product setup, training on the GameSTACK™ technology platform, and ongoing account management to ensure smooth, 24/7 online operations. The nature of this support requires technical expertise and personalized attention, as the client's operations depend on the reliability of GAN Limited's enterprise Software-as-a-Service (SaaS) solutions.

Automated digital self-service and in-app support for B2C players.

The B2C segment, primarily operating under the Coolbet brand in European and Latin American markets, relies on support emphasizing speed and convenience for the end-user. The relationship strategy here leans on automated digital self-service and in-app support channels to handle individual player inquiries efficiently. This approach supports the segment's strong performance, with Q1 2025 revenue reaching $24.3 million.

The shift in focus is evident when comparing the segments' financial contributions as of Q1 2025:

Regulatory-driven, long-term contracts with B2B operators.

GAN Limited's B2B relationships are fundamentally structured around regulatory compliance and long-term agreements. The business model experienced a significant headwind in early 2025 due to the expiration of a multistate B2B commercial contract, which caused B2B revenue to drop to $5.1 million in Q1 2025 from $12.3 million year-over-year. The B2B Gross Operator Revenue also saw a sharp decline to $144.6 million in Q1 2025 from $632.0 million in the prior-year period. The terms of these contracts are critical, as their loss directly impacts the financial trajectory, even as the company moves to a private structure.

Data-driven player retention and loyalty programs in the B2C segment.

The B2C segment demonstrates a focus on data-driven efficiency, which supports customer loyalty and retention dynamics. This is evidenced by operational metrics showing improved unit economics. You can see this focus in the following performance indicators for Q1 2025:

• B2C sports margin increased to 8.6%.
• The B2C marketing spend ratio fell to 18% year-over-year.
• The segment maintained a strong contribution margin of 64.9%.

Finance: draft Q2 2025 cash flow projection incorporating the SEGA SAMMY acquisition finalization by Friday.

GAN Limited (GAN) - Canvas Business Model: Channels

You're looking at how GAN Limited gets its product and service value to the customer, which is split clearly between its B2B technology supply and its B2C operation. The channels reflect this dual focus, moving from direct casino partnerships to direct-to-player digital platforms.

The B2B channel, centered on the GameSTACK™ platform, relies on direct engagement with U.S. land-based casino groups for licensing and integration. This is a high-touch sales process, though the results can be lumpy based on contract rollouts. For instance, in the first quarter of 2025, B2B segment revenue was reported at only $5.1 million, a significant drop from the $12.3 million seen in the first quarter of 2024, largely due to the expiration of a multistate B2B commercial contract. Still, the underlying volume processed through the platform, which is B2B Gross Operator Revenue (GOR), was $144.6 million in Q1 2025, down sharply from $632.0 million in the prior year period. For the full year 2024, the B2B segment was a growth driver, bringing in $50.7 million in revenue, which represented a 17% year-on-year increase.

The B2C channel is primarily executed through Coolbet's established websites and mobile applications, focusing on Europe, Latin America, and Canada. This channel showed strong growth in the first quarter of 2025, with B2C segment revenue climbing 32% year-over-year to $24.3 million. This contrasts with the full-year 2024 B2C revenue of $84.3 million, which was a slight 2% decline. The active customer base on these platforms reflects this reach.

Here's the quick math on where the B2C revenue landed in Q1 2025, showing the regional concentration:

The total number of active customers across the Coolbet B2C base was 235,000 for the three months ending March 31, 2025, an increase from 222,000 in the same period last year.

Direct integration of the GameSTACK™ platform into client infrastructure is the core mechanism for the B2B channel. This involves embedding the technology directly into the systems of U.S. land-based operators, which is how the B2B revenue is generated. The company's capitalized software development costs were $7.4 million for the fiscal year ended December 31, 2024, showing investment in the platform being channeled out.

While not explicitly detailed with separate revenue figures, the Remote Game Server (RGS) functionality is inherent to the GameSTACK™ B2B offering, serving as the content distribution pipeline to other B2B operators. This channel supports the delivery of GAN's gaming content portfolio to licensed partners. The company maintained a liquidity position of $38.7 million in cash and cash equivalents as of December 31, 2024, which supports the ongoing development and deployment of these technology channels.

Key channel metrics to watch, especially given the pending merger with SEGA SAMMY CREATION INC. expected in Q2 2025, include:

• B2C segment contribution margin reached 64.9% in Q1 2025.
• B2C marketing spend ratio fell to 18% in Q1 2025.
• B2C sports margin was 8.6% in Q1 2025.
• Operating expenses were reduced to $23.7 million in Q1 2025 from $24.6 million YoY.

Finance: draft 13-week cash view by Friday.

GAN Limited (GAN) - Canvas Business Model: Customer Segments

You're looking at the customer base for GAN Limited right before its expected acquisition close in the second quarter of 2025. The business model clearly splits between providing technology to other operators and running its own consumer-facing brands. This split shows up clearly in the first quarter 2025 financial figures.

The B2B segment targets Regulated U.S. Land-Based Casino Operators seeking an online presence, primarily through the GameSTACK™ platform. This segment is crucial for the company's long-term strategy as a technology provider, though it faced a significant headwind in early 2025.

• The B2B segment revenue for the first quarter ended March 31, 2025, was reported at $5.1 million.
• This represented a sharp decline from the $12.3 million reported in the first quarter of 2024.
• The drop was attributed to the expiration of a multistate B2B commercial contract.
• B2B Gross Operator Revenue (GOR) for Q1 2025 was $144.6 million.

The B2C customer base consists of Online sports bettors and casino players in Northern Europe, Latin America, and Canada, operating under the Coolbet brand. This group showed strong momentum in early 2025, offsetting the B2B dip.

• B2C segment revenue for Q1 2025 grew to $24.3 million, up from $18.3 million in Q1 2024.
• The number of B2C Active Customers reached 235,000 for the three months ending March 31, 2025.
• Regional revenue breakdown for the B2C segment in Q1 2025 showed Europe as the largest contributor at $15.5 million.
• Latin America followed with $8.4 million in revenue for the quarter.
• The U.S. B2C arm posted $4.7 million in revenue for Q1 2025.

The third customer group involves International iGaming operators utilizing the Super RGS for content. Since the Super RGS is part of the GameSTACK™ technology suite, these operators fall under the B2B segment reporting, which services regulated markets.

Here's a quick look at how the two main segments stacked up in Q1 2025 compared to the prior year, showing the B2C strength against the B2B contraction.

The company's overall financial health in Q1 2025 reflected this dynamic, with total revenue at $29.4 million and a net loss of $6.8 million. Finance: draft 13-week cash view by Friday.

GAN Limited (GAN) - Canvas Business Model: Cost Structure

You're looking at the major drains on cash for GAN Limited as they navigated the post-public transition and merger activity in late 2025. The cost structure clearly reflects a company focused on operational efficiency, especially following the significant cost-cutting measures implemented throughout 2024.

Employee salary and benefits remain a substantial, though actively managed, component of the overall operating costs. The full-year 2024 results showed a clear commitment to streamlining this area, with operating expenses falling to $98.2 million for the year, down from $121.0 million in 2023. This reduction was primarily attributed to a decrease in compensation costs and a lower headcount realized as part of ongoing cost saving initiatives. For the most recent quarter available, Q1 2025, operating expenses were further tightened to $23.7 million, continuing the trend of reducing personnel-related overhead.

Technology infrastructure and software development costs are a core investment area, evidenced by the figures capitalized. For the full fiscal year 2024, the amount capitalized for software development was $7.4 million. This investment in the GameSTACK platform and proprietary technology is balanced by the non-cash expense of amortization, which totaled $2.8 million for the same period.

The table below summarizes the key quantifiable cost elements for the latest full year and the most recent reported quarter:

Marketing and customer acquisition costs for the B2C Coolbet brand are managed to support revenue growth in key regions like Europe, but also reflect strategic retrenchment. For instance, the company noted limited customer acquisition efforts in Latin America during the period leading up to the merger, suggesting a focus on maximizing return on marketing spend rather than broad, expensive market entry.

Regulatory compliance and licensing fees across multiple jurisdictions represent an ongoing operational cost, though specific annual figures aren't explicitly broken out in the latest reports. You know that operating in regulated markets like Nevada and various international territories requires continuous investment in licensing renewals and adherence to evolving compliance standards. Historically, content licensing fees were a notable expense, with a previous agreement involving fixed fees totaling $30.0 million over five years, which was later reduced.

• Operating Expenses for FY 2024 were $98.2 million, a significant reduction from $121.0 million in 2023.
• The B2C segment, Coolbet, saw its Q4 2024 revenue reach $22.7 million, indicating marketing spend was driving activity in certain areas.
• The Q1 2025 operating expense of $23.7 million shows continued expense control post-year-end.

Finance: draft 13-week cash view by Friday.

GAN Limited (GAN) - Canvas Business Model: Revenue Streams

You're looking at how GAN Limited converts its technology and operations into cash flow as of the first quarter of 2025. The revenue picture is clearly bifurcated, showing a strong consumer-facing engine balancing out a segment facing significant contract headwinds. Honestly, the story here is the B2C segment carrying the load right now.

The B2C Revenue stream is driven by the player losses, or net win, generated from the Coolbet platform, which operates in markets across Europe and Latin America. For the first quarter of 2025, this segment brought in $24.3 million in revenue. That's a substantial jump, up from $18.3 million in the first quarter of 2024, showing real momentum in those international markets. To be fair, the unit economics are improving too; the B2C segment contribution margin hit 64.9% in Q1 2025, an increase from 60.4% in the prior year period, signaling more efficient customer acquisition and retention dynamics.

The B2B Revenue stream relies on licensing fees and revenue share generated by the GameSTACK™ platform, which provides Software-as-a-Service solutions for real money internet gaming. This segment totaled $5.1 million in Q1 2025. This figure was significantly lower than the $12.3 million seen in Q1 2024, primarily due to the expiration of a major multistate B2B commercial contract. The content distribution fees you asked about, which come from the Super RGS (Remote Game Server), are bundled within the licensing component of this B2B revenue. The B2B segment's Gross Operator Revenue (GOR) also saw a material drop, coming in at $144.6 million for the quarter, compared to $632.0 million year-over-year. If onboarding takes too long for new B2B contracts, this revenue line will remain pressured.

Here's the quick math on how that B2B $5.1 million was structured for the first quarter of 2025, based on the reported figures (in thousands):

The overall revenue picture for GAN Limited in the first quarter of 2025 was $29.4 million, which represented a 4% decrease year-over-year. This total reflects the strong B2C growth being partially offset by the B2B segment contraction.

You can see the key revenue drivers and context points below:

• B2C revenue growth was 33% year-over-year to $24.3 million.
• B2C sports margin reached 8.6% in Q1 2025.
• The B2C marketing spend ratio fell to 18% year-over-year.
• Total segment contribution was $18.7 million for the quarter.
• The company reported cash reserves of $39.9 million as of March 31, 2025.

Finance: draft 13-week cash view by Friday.