8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) October 15, 2021

GAN Limited

(Exact name of registrant as specified in its charter)

Bermuda	001-39274	Not Applicable
(State or other jurisdiction of incorporation)	(Commission File Number)	(I. R. S. Employer Identification No.)

 

400 Spectrum Center Drive,	Suite 1900,	Irvine,	California	92618
(Address of principal executive offices)				(Zip Code)

(702) 964-5777

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Ordinary Shares, $0.01 par value	GAN	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

Item 7.01 Regulation FD Disclosure.

On October 15, 2021, GAN Limited (the “Company”) will host a virtual Investor Event at 11:00 am Eastern Time. The presentation will include recent developments in the Company's business, including observations made by management regarding the Company's financial performance and outlook.

The presentation and webcast will be available on the Investor Relations section of the Company's website at http://investors.gan.com for approximately 90 days. These slides are attached to this Current Report on Form 8-K as Exhibit 99.1. The Company undertakes no obligation to update, supplement or amend the materials attached hereto as Exhibit 99.1.

The information contained in this Item 7.01, including the related information attached hereto as Exhibit 99.1 and incorporated by reference herein, is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by the specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number	Description
99.1	2021 Investor Event Presentation

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 15, 2021	GAN Limited
	(Registrant)
	/s/ Karen E. Flores
	Karen E. Flores
	Chief Financial Officer

EX-99.1

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + INVESTOR PRESENTATION OCTOBER 2021

©2021 GAN Ltd. (NASDAQ: GAN) + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + 1 FORWARD LOOKING STATEMENT & LEGAL DISCLAIMER This presentation has been prepared by GAN Limited (the “Company”) solely for informational purposes based on its own information, as well as information from public sources. This presentation has been prepared to assist interested parties in making their own evaluation of the Company and does not propose to contain all of the information that may be relevant. In all cases, interested parties should conduct their own investigation and analysis of the Company and the data set forth in the presentation and any other information provided by or on behalf of the Company. Except as otherwise indicated, this presentation speaks as of the date hereof. The delivery of this presentation shall not, under any circumstances, create any implication that there has been no change in the affairs of the Company after the date hereof. Certain of the information contained herein may be derived from information provided by industry sources. The Company believes that such information is accurate and that the sources from which it has been obtained are reliable. The Company cannot guarantee the accuracy of such information and has not independently verified such information. This presentation contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “might,” “should,” “could,” “predict,” “potential,” “believe,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “strive,” “projection,” “goal,” “target,” “outlook,” “aim,” “would,” and “annualized” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectation, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. This presentation includes certain non-GAAP financial measures intended to supplement, not substitute for, comparable GAAP measures. Reconciliations of certain non-GAAP financial measures are provided in the appendix to this presentation.

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + AGENDA HISTORY & STRATEGY B2B OVERVIEW B2C OVERVIEW FINANCIAL UPDATE Q&A

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + DERMOT SMURFIT CEO HISTORY AND STRATEGY HISTORY GAN OVERVIEW STRATEGY DEMAND ENVIRONMENT • 17+ years as Chief Executive Officer at GAN • Board member • Qualified U.K. Attorney (Corporate Finance) • Experience in European Investment Banking

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 4 EXECUTIVE SUMMARY 1 2 3 4 5 NORTH AMERICAN B2B DEMAND IS STRONG scaling talent and technology in preparation for robust pipeline New product offerings GAN SPORTS AND SUPER RGS ENABLE MORE OF THE VALUE CHAIN along with opportunity to service entire spectrum of operator customers GAN's technology is increasingly SCARCE, PROVEN AND EXTREMELY COMPLEX B2C very well positioned for early stages of SECULAR GROWTH IN LATIN AMERICA 2023 PROJECTED REVENUE OF $225 – $250M VERSUS $35M IN 2020 LONGER-TERM Annualized AEBITDA margins estimated to be 30 – 35%

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 5 OVERVIEW OF GAN Online gaming with nearly 20 years of operations provider of entire internet gaming tech stack on a revenue share basis Award winning sports and iGaming international B2C provider Diverse customer base across leading commercial, tribal and online operators Licensed in: 05 countries 09 states with majority of employees technical/development focused DELIVERING INDUSTRY GAMING EXPERIENCES ENABLED BY CUTTING EDGE TECHNOLOGIES EARLY PIONEER US B2B LEADER B2C POSITIONED FOR GLOBAL GROWTH GLOBAL WORKFORCE

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 6 20-YEAR TRACK RECORD OF SUCCESS OVER 18 YEARS WITH A SINGULAR MISSION OF BRINGING U.S. CASINO OPERATORS ONLINE FOR BOTH REAL-MONEY GAMBLING AND SOCIAL GAMING 2000 2010 2015 2018 – 2019 Jan 2021 Apr 2021 2003 – 2009 2014 2017 2020 Jan 2021 Q2 2021 LOYALTY PATENT FIRST B2B CLIENT US RELOCATION NASDAQ IPO EST. COMMENCED B2C TRADING U.S. LAUNCHES IN PA & NJ SOLDIFIES MANAGED SERVICES COMPANY GROWTH DAY #1 MICHIGAN LAUNCHES SPORTSBOOK ACQUISITION MULTI-STATE LAUNCH ON SINGLE APP EXCLUSIVE CONTENT DEALS

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 7 GAN GLOBAL FOOTPRINT London, UK Product, Operations, Marketing Sofia, Bulgaria Development QA, & Support CO, IN, TX, DC, VA Account Management, Product, & Sales Tel Aviv, Israel UA/CRM Marketing Las Vegas, NV Account Management, Customer Service, Legal, Operations/Tech Irvine, CA Leadership, Marketing, & Finance Estonia & Toronto GAN Sports Miami, FL New Tech Center 600+ EMPLOYEES WORLDWIDE AND GROWING Majority of employee base focused on technology & product development Leveraging key tech hubs in lower cost global locations

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 8 iGAMING & SPORTS BETTING LEADER PATH AHEAD • Generate growth in core B2B by leveraging competitive advantages to launch new partners and states o Proven reliable tech increasingly scarce as more commercial & tribal operators enter fray • New product growth enabling greater wallet share of revenue and broader client base o GAN Sports and Super RGS enable capture more of the B2B value chain to generate increased “recurring revenue” o Broadens addressable universe to host of new operators • Increased international growth in B2C and B2B in Canada o Evaluating strategic, high ROI opportunities, including B2B in Canada with a TAM of ~$3-5 billion (1) o B2C looking to replicate success in new markets including Brazil with a population of over 200MM • Significant operating leverage as business scales o Expect longer-term annual margins of 30-35% o Recurring nature of B2B revenues and high fixed opex base FAVORABLE TAILWINDS • Early innings of rollout of $30+ billion US digital gaming industry • Latin American mobile gaming market expected to triple in size from 2020 to over $3 billion (2) in 2026 • GAN Sports well positioned to replicate international success domestically “To deliver industry leading gaming experiences enabled by cutting edge technologies ” 1) Based on H2 Gambling Capital, broker research and internal estimates 2) H2 Gambling Capital estimate

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 9 OVERVIEW OF GAN’S B2B OFFERING Consumers play games and bet on sports B2B clients use web-based back-office systems ACCOUNT FRONT ENDBACK OFFICE GAMING SPORTS INTEGRATIONS Create. Verify. Fund. Geo-locate. Bet. In-house portfolio: Table Games. Video Poker. Slots. Exclusive games: Ainsworth & Incredible Technologies In-house sports tech & trading: U.S. localized. Innovative. Retail & Online. Third party iGaming content ‘aggregated’ from IGT, SGMS, NET Entertainment, Evolution, AGS, Everi. BACK OFFICE Implement marketing campaigns. Manage Consumers. Bonusing. Management Information & Analytics. Export data. Move or publish games. Setup sports markets. Publish images. Create leaderboards and promotions. KYC compliance. Problem gaming. Self exclusion. Betting limits. Data feeds for State regulators. Regulatory reporting. REPORTING CONTENT MANAGEMENT REGULATORY CONTROLS

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) IN-SOURCING EASIER SAID THAN DONE FOR MAJORITY OF OPERATORS ATTEMPTING TO VERTICALLY INTEGRATE WOULD BE TOO COSTLY AND OUTSIDE OF CORE COMPETENCY COSTLY & COMPLEX • Vertical integration is costly related to hardware, staffing, and aggregating essential services • Regulatory compliance is highly complex and nuanced state to state • No requirement for an operator's IT department to increase resources and headcount ALIGNS CORE COMPETENCIES • Running a retail casino hotel versus a B2B technology solution is vastly different • GAN's product is battle tested over the course of years and major events as B2B operations are our core DNA • GAN is part of the Homeland Security Critical Infrastructure program to ensure maximum data security protocols 10

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 11 OVERVIEW OF B2C • Launched in 2016, COOLBET is an award-winning developer and B2C operator for non-U.S. markets of a proprietary online sports betting and casino platform • B2B GAN Sports in the U.S. anticipated to launch in the early part of 2022 • Proprietary tech platform with in-house risk management, specialist odds compilers, innovative custom bets, sportsbook compliance and easy integration with any third-party price feed provider • Products are offered in nine national markets across Northern Europe, Latin America and North America (Canada) • In-game betting accounts for nearly 50% of sports revenue, driving player engagement while reducing volatility INTERNATIONAL, BEST-IN-CLASS SPORTSBOOK ENGINE TECHNOLOGY PROVIDER WITH TRIPLE-DIGIT YEAR-OVER-YEAR REVENUE GROWTH AND EUROPEAN AND LATAM FOOTPRINT

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 12 OVERVIEW OF TAM OPPORTUNITY 2021 $8.3B$4.0B 2026 2021 $10.6B$3.6B 2026 U.S. B2B iGAMING U.S. B2B SPORTS 1) TAM Avg of H2 Gambling Capital & Eilers & Krejcik estimates

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 13 INTERNATIONAL B2C LATIN AMERICA NORTHERN EUROPE $3.1B$1.4B 2021 2026 $3.4B$2.6B 2021 2026 1) H2 Gambling Capital estimates

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 14 STRATEGIC TUCK-INS/M&A CONTENT ADDITIONS INCLUDING ACQUI- HIRES AND EXCLUSIVE DISTRIBUTION VALUE ADDED B2B SERVICES LARGER M&A ONLY CONTEMPLATED WHEN WOULD MAXIMIZE SHAREHOLDER VALUE

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + DON RYAN B2B OVERVIEW OF OFFERING NEW PRODUCTS TECHNOLOGY & TALENT SCALABILITY OF B2B • Serving as GAN’s B2B CEO • 20 years of senior management experience • 15 years at Microsoft (Xbox and Windows) • SVP Gaming at Betfair US and Parx • CEO at Sports Information Group B2B OVERVIEW

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 16 DESCRIPTION OF OFFERING SIMULATED GAMING REAL-MONEY CASINO SPORTSBOOK SUPER RGS White-label real-money online casino platform Turnkey solution to participate in $8B(2) US online casino market Largest footprint in the US with 21% market share Single wallet multi-state solution with patented loyalty linking 8 clients (one fully managed) White-label sports betting platform for online and retail Turnkey solution to participate in $11B(2) sports betting market 5 clients (using third-party books) GAN introducing its own modern book built for speed and flexibility Award-winning B2C offering adapted for the US B2B market Content aggregation service of third-party casino platforms Alternative path to capture share of $8B(2) US online casino market 1,200 games from 35+ providers in one seamless integration Exclusive games from Ainsworth, Incredible Technology and GAN 9 clients in Italy, 1 in US White-label play-for-fun online casino platform Turnkey solution to participate in $8B(1) social casino market Builds loyal online customer base ahead of regulation Strong free-to-play monetization enabled by patented loyalty linking 19 clients (most fully managed) 1) Eilers & Krejcik estimate 2) Avg of H2 Gambling Capital & Eilers & Krejcik estimates

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 17 MODERN MOBILE OFFERING FRAMING OPPORTUNITY: • US mobile sports market opportunity of over $8 billion(1) in 2026 HOW WE PLAN TO WIN: • Fully customizable solution showing the customers uniquely branded interface • Part of 360 degree offering, which includes loyalty integration • Allows customers to maintain control while growing the player database • Speed to market that leverages GAN's proven US iGaming experience • Internationally battle-tested sports team with 70+ traders across multiple geographies 1) Average of H2 Gambling Capital & Eilers & Krejcik estimates

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 18 BRINGING BEST TECH TO RETAIL FRAMING OPPORTUNITY: • US Retail sports market opportunity of $3 Billion(1) in 2026 • Economics notably more favorable than mobile typically ~2 – 4x greater HOW WE PLAN TO WIN: • Kiosk solution allows operators to launch sportsbook with minimal opex cost • Industry leading kiosk technology with built-in loyalty integration • Retail solution caters to full suite of features available on GAN mobile • Easy to use back office provides full suite of real-time, operational and management tools 1) Average of H2 Gambling Capital & Eilers & Krejcik estimates

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 19 SHOWCASED SUPER RGS AT G2E ROLLING OUT CONTENT AGGREGATION PLATFORM WITH PROVEN CONTENT GAN content library is now among the leading U.S. catalogs with over 35 providers across multiple jurisdictions Exclusive distribution deals adds proven retail content Expected to increase GAN's take rate on Gross Operator Revenue from U.S. iGaming while opening a new broad based customer base

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 20 SUPER RGS DESCRIPTION GAN’S AVAILABLE SUPER RGS CONTENT PARTNERS OPERATOR SELECTS GAME PROVIDERS, SIGN AGREEMENTS UNLOCK GAN’S SINGLE SUPER RGS PIPE & BACK OFFICE SELECTED GAMES AVAILABLE IN OPERATOR CASINO LOBBY ONE INTEGRATION PIPE

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 21 SUPER RGS PROVEN SUCCESS IN ITALY GAN started the Italian business back in 2007 by supplying skill based games Italy was the first regulated market with strict rules, including real time communication with the regulator GAN pivoted from being a skill games supplier, to a casino games reseller/ aggregator, taking advantage of the integrations built with the various operators Today GAN is the market leading aggregator in the market LAUNCHED 2007 POSITIONING iGAMING MARKET SIZE GAN's CLIENTS MARKET SHARE $2B+ 40% TIER 1 OPERATOR GAN IS ONLY AGGREGATOR INTEGRATED TO EVERY NEARLY (1) 1) H2 Gambling Capital Estimate

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 22 BUSINESS MODEL HIGHLY SCALABLE Platform investments are leveraged across network Bespoke development leveraged network-wide Each new state may have new requirements but this work is paid by the client

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 23 SCALING UP TECHNOLOGY & TALENT BRINGING IN LEADING TALENT TO MEET DEMAND SURGE IN B2B PLATFORM DEMAND BRINGING IN TOP TALENT TO MEET CLIENT NEEDS SIGNIFICANT OPPORTUNITY TO SECURE LONG-TERM, MULTI-STATE RECURRING REVENUE RELATIONSHIPS MIAMI TECH HUB NOW OPEN EXPANDING REACH INTO NEW EMERGING TECH RECRUITMENT MARKETS IN MIAMI, RECENTLY OPENED A NEW LOCATION IN THE CITY'S ART DISTRICT TO ATTRACT BEST IN CLASS TALENT ESTABLISHING MIAMI TECH HUB TO LEVERAGE RICH TALENT POOL TO MEET CLIENT DEMAND

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + JEFF BERMAN CCO WHY GAN? TRUSTED PARTNER REACH EXPANDING/EXPANSIVE OPPORTUNITIES • Serving as GAN’s Chief Commercial Officer since 2018 • 20+ years of executive leadership experience • 30+ years Sports & Media business development experience (StubHub, CBS Sports, TicketMaster, SFX Sports Group) • Second Tour with GAN (initially 2009 – 2012) COMMERCIAL

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 25 COMPETITIVE ADVANTAGES FAST TO MARKET FLEXIBLE PROVEN LOYALTY LINKING Simultaneously launched 3 clients in Michigan on 'Day One' of market commencement January 22 TwinSpires launched Week #1 of Arizona going live becoming the sixth multi-jurisdictional state live under GAN’s platform Operators can “plug & play” across 35+ third party game providers, and over 27 third party tools & payment systems allowing for a true customized offering Flawless execution the past three consecutive Super Bowls Nearly 20-year successful global track record GAN’s loyalty linking patent allows casinos to successfully transition on-property players to their digital platform Patented holistic approach to online and offline play enables operators to maximize gambler LTV across channels

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 26 TRUSTED PARTNER REACH DEPLOYED BY CLIENTS OPERATING MORE THAN 94 CASINO PROPERTIES COAST-TO-COAST REAL MONEY GAMING SIMULATED GAMING NEW JURISDICTIONS COMING SOON ONTARIO, CANADA • NEVADA • MARYLAND • CONNECTICUT REAL MONEY GAMING SIMULATED GAMING UPCOMING JURISDICTIONS

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 27 CUSTOMER LAUNCHES MOMENTUM SUPERIOR TECHNOLOGY, REGULATORY EXPERTISE AND PROVEN SPEED TO MARKET IN THE U.S. HAS DRIVEN CUSTOMER LAUNCHES 2018 2 LAUNCHES 2019 5 LAUNCHES 2020 6 LAUNCHES 2021 14 LAUNCHES NEW JERSEY • PENNSYLVANIA INDIANA COLORADO • TENNESSEE • ARIZONA INDIANA • PENNSYLVANIA MICHIGAN • WEST VIRGINA CONNECTICUT

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 28 GROWTH OPPORTUNITIES: SUPER RGS SECURED PROVEN GAMES Exclusive multi-year distribution deals with Ainsworth and Incredible Technologies provides library of proven retail content. This enables an increase in GAN’s take rate from U.S. iGaming revenue. MARKET TO NEW CLIENTS Proven content will be marketed to operators that are not on our Player Account Management (PAM) system, opening a wider audience of B2B clients. LEVERAGE SUPER RGS Unique content accessed through an integration with GAN’s Super RGS. GAN’s B2B clients (the B2C Operators) can publish a large iGaming content catalog via a single technical integration into the Super RGS. LEVERAGING EXCLUSIVE CONTENT TO EXPAND CLIENT BASE AND INCREASE WALLET SHARE GAN PLATFORM AT MATURITY: $20B + SUPER RGS TOTAL U.S. POTENTIAL: TO WORK WITH NEARLY EVERY OPERATOR INCLUDING NON-PLATFORM CLIENTS TODAY: 21% SHARE(1) 1) Market share ending 2Q21

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 29 GROWTH OPPORTUNITIES: GAN SPORTS • Built on the proven success of Coolbet • Provides opportunity for operators to launch a superior Sportsbook while leveraging GAN's network/cost benefits to lead to high probability of success while minimizing financial risk • Product built for scale by award winning in-house team with extensive experience • Targeting existing GAN relationships, industry replacement cycle, and new partnerships AWARD WINNING HIGHLY ENGAGING SPORTS OFFERING READY TO DISRUPT U.S. MARKET

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + SIMON KNOCK CIO • 21 years global industry experience • 8 years regulated US online gaming / platform experience • Software Engineering and IT Management background • Based in Las Vegas since 2016 ADVANTAGES & COMPLEXITY B2B TECHNOLOGY SOLUTION

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 31 BENEFITS OF UTILIZING GAN's TECH x SIGNIFICANT RESOURCE & COST SAVE FOR CLIENTS x HIGHLY COMPLEX REGULATORY & TECHNICAL REQUIREMENTS x MAXIMIZING ROI ON CLIENT MARKETING SPEND x ALIGNS GAN & PARTNERS CORE COMPETENCY

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 32 EXECUTIVE SUMMARY 1 2 3 4 5 NORTH AMERICAN B2B DEMAND IS STRONG scaling talent and technology in preparation for robust pipeline New product offerings GAN SPORTS AND SUPER RGS ENABLE MORE OF THE VALUE CHAIN along with opportunity to service entire spectrum of operator customers GAN's technology is increasingly SCARCE, PROVEN AND EXTREMELY COMPLEX B2C very well positioned for early stages of SECULAR GROWTH IN LATIN AMERICA 2023 PROJECTED REVENUE OF $225 – $250M VERSUS $35M IN 2020 LONGER-TERM Annualized AEBITDA margins estimated to be 30 – 35%

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ANDERS KARLSEN B2C B2C OVERVIEW OVERVIEW OF COOLBET CONCEPT OF THE COMPANY KEY ACHIEVEMENTS SPORTS CALENDAR • Educated in Information Technology • 19 years of industry experience • Head of poker for NordicBet and TrioBet for 10+ years • Various Board positions in GAN Ltd. Subsidiaries • One of the first Coolbet employees, started as the COO

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 2021... Joined the GAN family and put even more focus on B2B and new markets. 2016 Coolbet was open for business. On May 16th launched in: Norway, Sweden, Finland Half a year later opened in Estonia. 2017–2021 Expanded to Iceland (2017) Chile and Canada (2019) Peru (2020), Ecuador (2021) 2015 by a team of industry experts. Development of the back office started. 34 COOLBET TIMELINE FOUNDED GO LIVE GROWTH NEW FOCUS

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 35 OVERVIEW OF COOLBET INNOVATION Continuously innovate while focusing on: New products Transparency Unique features Proprietary software Coolbet.com is built with the newest technology, enabling a unique product offering, both on desktop and mobile. Acquiring customers cheaper, without revenue shares, through strong sportsbook offering and innovative marketing. FOUNDATION AWARDS Mobile Sports Product of the Year 2019, 2020, 2021 (by International Gaming Awards) Innovator of the Year 2021 (by International Gaming Awards) Best Bookmaker in the World 2018, 2019, 2021 (by TIPS Magazine) Start-Up/SME of the Year 2017 (by International Gaming Awards) ABOUT Online since May 2016 Employees 270 Traders ~70 Markets

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 36 CONCEPT 100% in-house development ensures full control of the technology. OWN TECHNOLOGY Team of 70+ in-house bookmakers allow to fully customize and differentiate the sports product. SPORTS FOCUS No revenue share deals give ownership over the customer base and provide high ROI. EFFECTIVE MARKETING Focus on transparency and localization ensure exceptional loyalty levels. LOYAL CUSTOMER BASE Focus on search engine optimization and content brings over 30% of new customers organically. ORGANIC GROWTH The product offering and marketing is tailored to every target country. LOCAL APPROACH FULL OWNERSHIP OF THE PRODUCT AND CUSTOMER LIFECYCLE

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 37 RETURN FOCUS EXPANSION APPROACH LOCALIZATION IS THE KEY TO SUCCESS LOCAL PRODUCT The local product consists of: • Localized sports & casino offering • Popular payment solutions • Locally adapted marketing and advertising strategy Every new market requires a local team to look after it, consisting of: • Bookmakers who are experts in the local sports leagues • Marketeers for localized strategy • Customer support for assisting the players in their native language THE RIGHT PEOPLE GO LIVE After a thorough preparation, a new market is ready to be launched. IDENTIFY THE MARKET The decision making framework includes financial, legal and regulatory topics among others.

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) MARKETING STRATEGY FOCUS ON CUSTOMER LOYALTY AND ORGANIC GROWTH COMMUNITY CONTENT SPONSORSHIPS PRODUCT FOR BUILDING TRUST AND PR/MARKETING GO HAND-IN-HAND FOR GIVING PLAYERS SOMETHING UNIQUE OF PLAYERS ENDORSING THE BRAND

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 39 IN-HOUSE INNOVATION TURNOVER SPLIT WINNERS’ MAP INCOMING BETS FREE TO PLAY

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 40 COOLBET CUSTOMERS *TAM or Total Addressable Market shows the total size of the markets that Coolbet currently operates in and it reflects the Gross Gaming Revenue (also known as Gross Gaming Win). CANADA LATIN AMERICA Fastest growing region. EUROPE Most mature markets. Coolbet is the market leader in Iceland. 112K 180K 310K 2019 2020 2021 100K 200K 300K 5K 12K 20K KEY REGIONS

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 41 KEY PERFORMANCE INDICATORS CONVERSION RATE From registration to deposits since launch RETURNING CUSTOMER RATE Displays the number of customers returning month-on-month since launch COST PER ACQUISITION The amount spent on marketing for acquiring one depositing customer since launch REVENUE GROWTH Gross Gaming Revenue growth year-to- date 2021 vs same period 2020 CUSTOMER GROWTH New Depositing Customer growth year-to- date 2021 vs same period 2020 OWNERSHIP Own technology and no revenue share deals give full control over lifecycles. 84% $38 165% 335% 100% 70%

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) GLOBAL SPORTS CALENDAR THERE IS ACTION EVERY SINGLE MONTH American Sports Soccer Tennis Olympic Games Ice Hockey Golf E-Sports

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 43 SUSTAINABLE MOMENTUM CONTINUOUS GROWTH NOT DEPENDENT ON SPORTS CALENDAR KEY INTERNATIONAL EVENTS HANDLE SPRING 2020 SUMMER 2020 SUMMER 2021 EXCEPTIONALLY LITTLE SPORTS DUE TO COVID SLOW SPORTS PERIOD EURO COPA AMERICA TOKYO OLYMPICS 0 50 100 150 200 250 300 350 400 450 500 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 SPORTS | CASINO

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 44 EXECUTIVE SUMMARY 1 2 3 4 5 NORTH AMERICAN B2B DEMAND IS STRONG scaling talent and technology in preparation for robust pipeline New product offerings GAN SPORTS AND SUPER RGS ENABLE MORE OF THE VALUE CHAIN along with opportunity to service entire spectrum of operator customers GAN's technology is increasingly SCARCE, PROVEN AND EXTREMELY COMPLEX B2C very well positioned for early stages of SECULAR GROWTH IN LATIN AMERICA 2023 PROJECTED REVENUE OF $225 – $250M VERSUS $35M IN 2020 LONGER-TERM Annualized AEBITDA margins estimated to be 30 – 35%

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + KAREN FLORES CFO HIGHLIGHTS KEY GROWTH DRIVERS OUTLOOK INVESTMENT SUMMARY • Serving as GAN’s CFO since January 2020 • Board member • 15+ years of experience in senior finance management roles • 18 years in technology focused entertainment companies including Microsoft, Napster, Myspace and Maker Studios FINANCIAL UPDATE

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 46 FINANCIAL HIGHLIGHTS YTD TOPLINE REVENUE 2Q YTD revenue of $62.5M up 291% yr/yr or nearly 4x 2020 of $16.0M 2026 REVENUE TARGET Target of growing at 35% CAGR over next 5 years EXTRACTING MAX SHAREHOLDER VALUE GAN Sports, Super RGS, Coolbet acquisition/integration 2023 REVENUE RANGE Mid-term growth fueled by new products and new markets LONG-TERM AEBITDA MARGIN RANGE Investing in our technology, talent and infrastructure now will yield higher margins over time STRONG BALANCE SHEET $52 million of cash, no debt, asset-light business model 30% TO 35% $500M to $600M 3.9X ROI $ $225M to $250M

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 47 TOTAL ADDRESSABLE MARKET 2026 CASINO TAM B2B iGAMING 2021 SPORTS ONLINE & RETAIL SPORTS BETTING 2026 REVENUE OPPORTUNITY $600M $7.5B $10.7B $13.3B POTENTIAL OPPORTUNITY : $170M POTENTIAL OPPORTUNITY : $80M CASINO TAM B2C iGAMING SPORTS ONLINE SPORTS BETTING POTENTIAL OPPORTUNITY : $160M POTENTIAL OPPORTUNITY : $190M 2023 2026 $3.9B $8.5B $11.8B 2021 $3.8B $4.6B $5.4B 2023 2026 $2.0B $3.2B $4.0B Source: H2 Gambling Capital 1)B2B Casino TAM – total TAM from Italy, Canada and the U.S. 2)B2B Sports TAM – combined Online Sports Betting TAM from Canada and the U.S., and Retail Sports Betting for the U.S. 3)B2C Casino TAM – total iGaming TAM from Northern Europe, LATAM and the Caribbean, Mexico, and Canada. 4)B2C Casino TAM – total iGaming TAM from Northern Europe, LATAM and the Caribbean, Mexico, and Canada.

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 48 KEY GROWTH DRIVERS CURRENT ORGANIC BUSINESS GROWTH PRODUCT GROWTH GEOGRAPHIC GROWTH EARLY INNINGS OF US AND CANADA ROLL-OUT OF DIGITAL GAMING SUPER RGS | GAN SPORTS LATIN AMERICA| CANADA REVENUE (in millions) B2B | B2C | NEW BUSINESS $290$130$180 2021 2023 2026

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 49 ILLUSTRATIVE ECONOMICS FAVORABLE ECONOMICS SMALLER MARKET RETAIL SPORTS CASINOSPORTS 2X – 4X TIMES GAN Sports Super RGS Exclusive Content Platform Platform 5% 15% 7% 12% 5% 25% 50% TO B2B (Take Rate) B2C (Hold) CASINOSPORTS 7% 8% TO 3% 4% TO

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 50 SCALABILITY OUTLOOK STRUCTURAL COST ADVANTAGES • B2B is a SaaS recurring revenue business • Profitability expected to ramp with scaling of new customer cohorts • High fixed cost base to drive operating leverage • CAPEX light business model as new markets in B2B/B2C require minimal upfront capital 0% 20% 40% 60% 80% 100% NET REVENUE COST OF REVENUES SALES & MARKETING PRODUCT & TECHNOLOGY GENERAL & ADMIN EBITDA LONG-TERM MARGIN TARGET

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 51 CAPITAL ALLOCATION x SUPPORT GROWTH ORGANICALLY AND THROUGH ACQUISITIONS x BE OPPORTUNISTIC IN A RAPIDLY EVOLVING MARKET, FOCUS ON ROI AND MAXIMIZING SHAREHOLDER VALUE x MAINTAIN STRONG BALANCE SHEET

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ©2021 GAN Ltd. (NASDAQ: GAN) 52 INVESTMENT THESIS High-double digit revenue growth from rollout of North American market, new product offerings, and secular growth in Latin America Demand increasingly strong, while proven technology stacks scarce with in-sourcing not likely for most operators High fixed cost structure, B2B segment revenues recurring with an expected 30-35% AEBITDA margin at scale Healthy balance sheet with capex light business model 2023 revenue expected to be $225 – $250M and 3-year CAGR of 35% at mid-point 1 2 3 4 5

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Cover	Oct. 15, 2021
Cover [Abstract]
Document Type	8-K
Document Period End Date	Oct. 15, 2021
Entity Registrant Name	GAN Limited
Entity Incorporation, State or Country Code	D0
Entity File Number	001-39274
Entity Address, Address Line One	400 Spectrum Center Drive,
Entity Address, Address Line Two	Suite 1900,
Entity Address, City or Town	Irvine,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92618
City Area Code	702
Local Phone Number	964-5777
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Ordinary Shares, $0.01 par value
Trading Symbol	GAN
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Central Index Key	0001799332
Amendment Flag	false