DAVY VIEW

The extension of its FanDuel internet gambling relationship to Pennsylvania and West Virginia represents an exciting development for GAN. Having visited the US recently, our view is that FanDuel is extremely well positioned in the market, particularly with regard to sports betting. The revised contract represents a material increase in the value of the relationship for GAN. With this in mind, we now expect to revisit our top-line assumptions at the time of its upcoming trading statement.