Specialist
Former C-level executive at Gan Ltd
Agenda
- Key iGaming trends and developments in North America
- Gan's (NASDAQ: GAN) positioning in the B2B SaaS (software-as-a service) iGaming industry
- Coolbet acquisition implications and outlook
- Medium-to-long-term outlook
Questions
1.
What are your expectations for the North American iGaming industry over the next 12-18 months?
2.
Which iGaming trends have you been tracking that you think investors should be aware of?
3.
How do you assess iGaming’s TAM, given you mentioned there is growth potential? What percentage of gross gaming revenue would you estimate is from online vs offline gaming?
4.
How does iGaming’s TAM translate into addressable opportunities for B2B SaaS [software-as-a-service] players in the industry, including technology and infrastructure suppliers?
5.
What do you think is the technological white space for iGaming that B2B players can address? Are these players only able to bring retail casinos online? What else can they deliver aside from that?
6.
Can you outline the key B2B SaaS players in the industry besides Gan? Who are Gan’s significant competitive threats?
7.
Is there anything you might draw from Gan’s market share leadership, especially in Pennsylvania and New Jersey?
8.
What percentage of US internet gambling revenues would you estimate is generated via Gan’s platform? About one-third of those revenues was processed on the company’s platform in 2019.
9.
What are your thoughts on Gan’s tech stack? What are its merits and drawbacks for retail casinos?
10.
What is the value proposition of Gan’s GameSTACK, iSight and iBridge platforms and the way they’re sold and bundled for clients?
11.
Can customers buy the iSight and iBridge endpoint solutions as stand-alone solutions or are they bundled in the same stack? You mentioned that iSight and iBridge are the main selling points.
12.
How would you characterise the strength of Gan’s IP? Could you comment on the company’s patent to integrate online play with offline loyalty programmes and the value-add behind this?
13.
What is significantly differentiated in Gan’s platform compared to those of its peers? What could be easily replicated by competitors?
14.
Could Gan continue to risk losing customers as soon as those customers are big enough to handle their own systems without its platform? When discussing the company’s ability to build a growing list of top-tier third party integration platforms and leading casino operators, including Penn, you highlighted that it recently lost FanDuel for the OSB [online sports betting] component and that it has a contract expiring in 2025, points which others have highlighted.
15.
Does Gan have any levers to mitigate customer churn risk?
16.
What is your outlook for Gan’s January 2021 acquisition of Coolbet? What do you think are the implications of this transaction?
17.
Would Gan not have been able to develop the component that Coolbet provides in-house?
18.
What is your outlook for Gan’s real money gaming revenue stream? What should we understand about the revenue share agreements, based on your earlier remarks?
19.
What is your outlook on Gan’s simulated gaming business?
20.
How significant an opportunity is Gan’s digital content monetisation marketplace to the company?
21.
What are Gan’s longer-term prospects? How would you frame its organic growth trajectory or potential?
22.
What’s your outlook on Gan’s profitability trajectory?
23.
You noted Gan’s lack of foresight into expenses, based on the lack of earnings guidance. Is there anything challenging in being able to forecast specific expenses in this industry?
24.
Are there any other longer-term hurdles we should track, for Gan or its broader competitive set? Do you think there’s anything unique to Gan vs peers that is potentially within the company’s control to change?
25.
How do you frame the risk behind consumers returning to bricks-and-mortar gambling as the economy re opens? How many new online consumers might continue to gamble online?
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