GAN Limited (GAN): PESTLE Analysis [Nov-2025 Updated]

You're looking for a clear, no-nonsense breakdown of GAN Limited's operating environment, but the landscape has fundamentally changed since May 2025. The company is no longer a standalone public entity; it's a wholly-owned subsidiary of Sega Sammy Holdings. This acquisition is the single biggest factor shaping its PESTLE profile, mapping near-term risks to new, clearer opportunities under a larger corporate umbrella.

Political Factors: Foreign Scrutiny and Tax Pressure

The biggest political shift for GAN Limited is the foreign ownership scrutiny that comes with being a part of Japan-based Sega Sammy Holdings. Operating in US regulated markets means navigating a new level of political and regulatory oversight. Also, we're seeing a defintely nationwide slowdown in new US state iGaming and sports betting legalizations anticipated for 2025, which limits GAN's B2B growth pipeline. Plus, there's increased political pressure on US states to raise online gambling tax rates for revenue generation, a direct hit to profitability. Geopolitical risk from international B2C operations-like Coolbet in Latin America and Europe-is a constant factor now managed under a larger corporate structure.

Economic Factors: B2C Growth vs. B2B Drop

Honestly, the Q1 2025 financials show a company in transition, but the acquisition provides a clear exit and capital stability. Total revenue for Q1 2025 decreased 4% year-over-year to $29.4 million. Here's the quick math: B2B revenue plummeted to just $5.1 million in Q1 2025 due to a major contract expiration, but the B2C segment is the clear growth driver, with its Q1 2025 revenue increasing to $24.3 million. The acquisition by Sega Sammy Holdings, finalized at $96.0 million, gave shareholders a clean exit. Still, rising regulatory costs are a headwind, like the Netherlands' remote-gambling tax hike to 34.2% of gross gaming revenue in January 2025.

Sociological Factors: Responsible Gaming and ESG Demand

Sociological trends are forcing the entire iGaming industry to mature, and GAN Limited is no exception. There's a growing global demand for stricter responsible gambling tools, such as mandatory deposit and loss limits. This increased public and regulatory focus on player protection means the company needs sophisticated self-exclusion systems. Consumers are also shifting their preference toward operators with visible sustainability and ethical (ESG) initiatives. Anyway, the need to adapt marketing to comply with new European restrictions on untargeted gambling advertising is a constant operational challenge. Ethical operations are no longer optional; they drive customer trust.

Technological Factors: AI, Blockchain, and Mobile Reliance

The core technological asset is the GameSTACK platform, which handles both real-money and simulated gaming for B2B clients. The industry trend is moving toward using Artificial Intelligence (AI) and Machine Learning (ML) for enhanced player personalization and compliance monitoring-a must-have for retaining customers. Continued investment in emerging tech is important, including a $1.2 million allocation toward blockchain exploration for gaming platforms. What this estimate hides is the high reliance on mobile gaming technology, which remains the primary access point for B2C revenue growth in Europe and Latin America. The platform has to be flawless on mobile.

Legal Factors: Post-Merger Compliance and Global Risks

The legal environment is defined by heightened scrutiny. The merger itself required extensive regulatory approvals, including from the Nevada Gaming Commission, delaying the close until May 2025. Post-acquisition, stricter Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance is required across all operating jurisdictions. For instance, the UK Gambling Commission implemented enhanced financial checks for high-spending players starting in January 2025. To be fair, international legal risks are rising fast; India's Promotion and Regulation of Online Gaming Act, 2025, criminalized most real-money online gaming, which impacts international operators and sets a precedent for other markets.

Environmental Factors: Data Center Energy and ESG Reporting

The primary environmental impact for GAN Limited is energy consumption from data centers hosting the GameSTACK and Coolbet platforms. So, industry-wide pressure to adopt green data centers powered by renewable energy for online operations is intense. Increased investor and regulatory expectation for transparent Environmental, Social, and Governance (ESG) reporting is a key focus for the broader iGaming sector in 2025. This isn't just a PR exercise. The operational focus is also on reducing e-waste by optimizing digital infrastructure and extending hardware lifespan. Finance: start tracking data center energy consumption against a 2024 baseline by year-end.

GAN Limited (GAN) - PESTLE Analysis: Political factors

Acquisition by Japan-based Sega Sammy Holdings introduces foreign ownership scrutiny in US regulated markets.

The most immediate political factor for GAN Limited is its completed acquisition by Japan-based Sega Sammy Holdings Inc. (Sega Sammy). This transaction, finalized on May 27, 2025, for $1.97 per share in cash, shifts GAN from a publicly traded company to a wholly-owned subsidiary of a foreign entity.

This foreign ownership (specifically, Japanese) required extensive and time-consuming regulatory scrutiny across all US jurisdictions where GAN operates its B2B software-as-a-service (SaaS) platform, GameSTACK. Gaming regulators in states like Nevada and others with strict licensing laws must approve the change of control, a process that extended the closing deadline multiple times into the second quarter of 2025.

The successful navigation of these complex US gaming regulatory approvals by Sega Sammy Creation Inc., the acquiring subsidiary, is a political win for the combined entity, but it highlights the persistent, high-bar scrutiny foreign owners face in the US gambling sector. This process is defintely a key political hurdle for any future international mergers in the US market.

Nationwide slowdown in new US state iGaming and sports betting legalizations anticipated for 2025.

The pace of new US state legalizations for iGaming (online casino) and online sports betting has slowed considerably, a critical political headwind for GAN's core B2B growth strategy. While the market is maturing, the path to expansion is no longer a slam dunk.

For iGaming, the political resistance is significant: no state passed a bill in 2024, and analysts anticipate that of the up to ten states likely to consider legislation in 2025, none have a clear path to approval.

The political focus has shifted from rapid expansion to managing the existing regulated markets. The one clear near-term market expansion is Missouri, where online sports betting is set to launch on December 1, 2025, following a voter-approved amendment. But, honestly, new state launches for GAN's B2B platform will be scarce in the 2025 fiscal year.

Geopolitical risk from international B2C operations (Coolbet) in Latin America and Europe.

GAN's international B2C division, Coolbet, which holds market leadership in select European and Latin American markets, faces significant geopolitical and regulatory fragmentation risks.

In Latin America, the political landscape is highly fragmented, with upcoming 2025 general elections in countries like Bolivia, Chile, and Ecuador potentially leading to abrupt regulatory shifts or policy inconsistencies that impact Coolbet's operations.

The European market, while more mature, is seeing increased political pressure for responsible gambling measures, which can directly affect revenue and marketing flexibility. For instance, the European Gaming Betting Association (EGBA) is driving new standards, including nine markers of harm, which will be a central focus of the European Safer Gambling Week 2025.

• Latin America: Political instability and regulatory fragmentation are high.
• Europe: Increased player protection rules raise compliance costs.

Increased political pressure on US states to raise online gambling tax rates for revenue generation.

US states are under increasing political pressure to raise online gambling tax rates to address fiscal deficits, directly impacting the profitability of GAN's B2B operator clients. This trend is a major political risk for the entire industry in 2025.

Here's the quick math on some of the significant tax hikes enacted or proposed in 2025:

This push for higher revenue is forcing operators to reduce promotional spending and potentially offer less attractive odds, which could slow the growth of the Gross Gaming Revenue (GGR) that GAN's platform fees are tied to. The political appetite for tax revenue is outpacing the industry's desire for a stable, low-tax regulatory environment.

GAN Limited (GAN) - PESTLE Analysis: Economic factors

You need to understand the financial reality of GAN Limited in 2025, which is a story of a struggling B2B segment being propped up by a growing B2C division, all culminating in a strategic acquisition. The economic picture is less about organic growth and more about managing a revenue cliff while securing a shareholder exit.

Q1 2025 total revenue decreased 4% year-over-year to $29.4 million

The company's overall financial performance in the first quarter of 2025 was definitely a mixed bag. Total revenue declined by 4% year-over-year to a total of $29.4 million. This drop was significant because it happened despite strong performance in the B2C segment, showing the severity of the headwinds in the business-to-business (B2B) market. The net loss widened to $6.8 million in Q1 2025, up from a $4.2 million loss in the prior-year quarter. This widening loss signals that cost-cutting measures, while present-operating expenses decreased to $23.7 million from $24.6 million-were not enough to offset the revenue shortfall from the higher-margin B2B contracts.

B2B revenue plummeted to $5.1 million in Q1 2025 due to a major contract expiration

The most immediate and painful economic factor for GAN was the performance of its B2B segment, which provides the platform and technology to other operators. Revenue for this segment fell dramatically to just $5.1 million in Q1 2025, down from $12.3 million in Q1 2024. This 58.5% year-over-year drop was primarily due to the expiration of a major multistate B2B commercial contract. This single event also caused B2B Gross Operator Revenue to collapse from $632.0 million in Q1 2024 to $144.6 million in Q1 2025. That's a clear example of customer concentration risk hitting the bottom line hard.

B2C segment is the growth driver, with Q1 2025 revenue increasing to $24.3 million

The saving grace for the company's Q1 2025 results was the B2C segment, which operates the Coolbet brand in international markets like Europe and Latin America. This segment saw revenue jump to $24.3 million, a substantial increase from $18.3 million in Q1 2024. This 32% growth was the only thing keeping the company's total revenue decline to a modest 4%. The B2C segment's contribution margin also improved to 64.9% from 60.4%, showing better operational efficiency in that division.

Here's the quick math on the segment shift:

Acquisition by Sega Sammy Holdings finalized at $95.8 million, providing a clear shareholder exit

The ultimate economic event was the acquisition by Sega Sammy Holdings, which was completed on May 27, 2025. This transaction provided a definitive exit for shareholders. The total consideration for GAN's outstanding shares and stock compensation amounted to approximately $95.8 million, based on a cash offer of $1.97 per share. The total acquisition cost, including advisory fees and other related expenses, was estimated at approximately $107.6 million. This valuation offered a premium of over 121% to GAN's closing stock price on November 7, 2023, the day before the merger was announced. The economic impact here is the shift from a publicly traded, high-risk, high-growth-potential entity to a wholly-owned subsidiary of a major global entertainment conglomerate.

Rising regulatory costs, like the Netherlands' remote-gambling tax hike to 34.2% of gross gaming revenue in January 2025

Operating in regulated international markets, especially in Europe where the B2C segment is strong, exposes GAN to significant economic risks from tax policy changes. The Netherlands, a key market, introduced a remote-gambling tax hike that directly impacts the cost of doing business. The tax rate on gross gaming revenue (GGR) increased from 30.5% to 34.2% starting January 1, 2025. This is a substantial jump that immediately compresses operating margins. The tax is scheduled to rise again to 37.8% in January 2026. This regulatory pressure, combined with other restrictive measures like advertising bans, is already leading to market contractions and could push players toward the black market, further undermining the legal sector's revenue base.

• Tax rate increased from 30.5% to 34.2% on January 1, 2025.
• Further increase to 37.8% is scheduled for January 2026.
• Industry warnings suggest the hike could cut GGR by 25% in 2025.

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:

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:

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:

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.

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.