SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2024

SCHEDULE OF FINANCIAL INFORMATION FOR REPORTABLE SEGMENTS

Summarized financial information by reportable segments for the years ended December 31, 2024 and 2023 is as follows:

	B2B		B2C		Total		B2B		B2C		Total
	Year Ended
	December 31,
	2024						2023
	B2B		B2C		Total		B2B		B2C		Total
Revenue	$	50,716	$	84,282	$	134,998	$	43,154	$	86,265	$	129,419
Cost of revenue ⁽¹⁾		9,459		30,972		40,431		8,424		30,276		38,700
Segment contribution	$	41,257	$	53,310	$	94,567	$	34,730	$	55,989	$	90,719

⁽¹⁾	Excludes depreciation and amortization expense

SCHEDULE OF RECONCILIATION OF CONSOLIDATED SEGMENT CONTRIBUTION TO CONSOLIDATED LOSS BEFORE INCOME TAXES

The following table presents a reconciliation of segment contribution to the consolidated loss before income taxes for the years ended December 31, 2024 and 2023:

	2024			2023
	Year Ended
	December 31,
	2024			2023
Segment contribution ⁽¹⁾	$	94,567		$	90,719
Sales and marketing		25,303			28,972
Product and technology		34,246			38,243
General and administrative ⁽¹⁾		30,984			36,657
Depreciation and amortization		7,634			17,161
Other loss, net		4,634			3,992
Loss before income taxes	$	(8,234	)	$	(34,306	)

⁽¹⁾	Excludes depreciation and amortization expense

SCHEDULE OF DISAGGREGATION OF REVENUE BY PRODUCTS AND SERVICES FOR EACH SEGMENT

The following table disaggregates total revenue by product and services for each segment:

	2024		2023
	Year Ended
	December 31,
	2024		2023
B2B:
Platform and content license fees	$	34,294	$	31,466
Development services and other		16,422		11,688
Total B2B revenue		50,716		43,154

B2C:
Sportsbook		30,383		33,315
Casino		50,712		50,035
Poker		3,187		2,915
Total B2C revenue		84,282		86,265
Total revenue	$	134,998	$	129,419

SCHEDULE OF REVENUE BY LOCATION OF THE CUSTOMER

Revenue by location of the customer for the years ended December 31, 2024 and 2023 was as follows:

	2024		2023
	Year Ended
	December 31,
	2024		2023
United States	$	42,277	$	31,758
Europe⁽¹⁾⁽²⁾		52,324		47,788
Latin America⁽³⁾		31,467		39,935
Rest of the world⁽⁴⁾		8,930		9,938
Total revenue	$	134,998	$	129,419

⁽¹⁾	Finland revenue was $17,899 and $16,743 for the years ended December 31, 2024 and 2023, respectively.
⁽²⁾	Norway revenue was $19,453 and $15,965 for the years ended December 31, 2024 and 2023, respectively.
⁽³⁾	Chile revenue was $29,583 and $36,417 for the years ended December 31, 2024 and 2023, respectively.
⁽⁴⁾	Canada revenue was $8,918 and $9,896 for the years ended December 31, 2024 and 2023, respectively.

GAN Ltd 10-K