GAN Limited (GAN) 10-Q 12 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Oct. 31, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity File Number	001-39274
Entity Registrant Name	GAN Limited
Entity Central Index Key	0001799332
Entity Incorporation, State or Country Code	D0
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
Title of 12(b) Security	Ordinary shares, par value $0.01
Trading Symbol	GAN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		42,192,377
Entity Information, Former Legal or Registered Name	Not applicable

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets
Cash	$ 50,305	$ 152,654
Accounts receivable, net of allowance for doubtful accounts of $89 and $100 at September 30, 2021 and December 31, 2020, respectively	7,166	6,818
Prepaid expenses	2,411	1,912
Other current assets	2,380	2,112
Total current assets	62,262	163,496
Capitalized software development costs, net	14,212	6,648
Goodwill	149,015
Intangible assets, net	39,521	468
Other assets	13,016	2,634
Total assets	278,026	173,246
Current liabilities
Accounts payable	4,647	4,926
Accrued compensation and benefits	9,660	4,956
Accrued expenses	6,948	3,363
Liabilities to users	7,863
Other current liabilities	4,050	4,067
Total current liabilities	33,168	17,312
Deferred income taxes	2,173
Other liabilities	648	370
Total liabilities	35,989	17,682
Stockholders’ equity
Ordinary shares, $0.01 par value, 100,000,000 shares authorized, 42,182,774 and 36,635,362 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	422	365
Additional paid-in capital	317,367	203,842
Accumulated deficit	(60,880)	(45,766)
Accumulated other comprehensive loss	(14,872)	(2,877)
Total stockholders’ equity	242,037	155,564
Total liabilities and stockholders’ equity	$ 278,026	$ 173,246

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 89	$ 100
Ordinary shares, par value (in dollars per share)	$ 0.01	$ 0.01
Ordinary shares, authorized (in shares)	100,000,000	100,000,000
Ordinary shares, outstanding (in shares)	42,182,774	36,635,362
Ordinary shares, issued (in shares)	42,182,774	36,635,362

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenue		$ 32,261	$ 10,266	$ 94,731	$ 26,259
Operating costs and expenses
Cost of revenue (1)	[1]	10,801	3,083	29,876	6,898
Sales and marketing		5,657	1,277	15,238	3,782
Product and technology		4,634	1,896	13,539	8,093
General and administrative (1)	[2]	12,895	6,120	35,232	16,297
Depreciation and amortization		4,646	804	12,758	2,373
Total operating costs and expenses		38,633	13,180	106,643	37,443
Operating loss		(6,372)	(2,914)	(11,912)	(11,184)
Interest expense, net			2	1	392
Loss before income taxes		(6,372)	(2,916)	(11,913)	(11,576)
Income tax expense (benefit)		1,548	(3)	3,201	312
Net loss		$ (7,920)	$ (2,913)	$ (15,114)	$ (11,888)
Loss per share, basic and diluted		$ (0.19)	$ (0.10)	$ (0.36)	$ (0.46)
Weighted average ordinary shares outstanding, basic and diluted		42,061,396	29,571,905	41,962,535	25,782,776
[1]	Excludes depreciation and amortization
[2]	Excludes depreciation and amortization

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Net loss	$ (7,920)	$ (2,913)	$ (15,114)	$ (11,888)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	(4,951)	551	(11,995)	(728)
Comprehensive loss	$ (12,871)	$ (2,362)	$ (27,109)	$ (12,616)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes In Stockholders Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Beginning balance, value at Dec. 31, 2019	$ 215	$ 40,862	$ (23,024)	$ (2,908)	$ 15,145
Balance, shares at Dec. 31, 2019	21,486,059
Net income (loss)			694		694
Foreign currency translation adjustments				(1,320)	(1,320)
Share-based compensation		295			295
Issuance of ordinary shares upon exercise of stock options	$ 1	86			87
Issuance of ordinary shares upon exercise of stock options, shares	64,908
Ending balance, value at Mar. 31, 2020	$ 216	41,243	(22,330)	(4,228)	14,901
Balance, shares at Mar. 31, 2020	21,550,967
Beginning balance, value at Dec. 31, 2019	$ 215	40,862	(23,024)	(2,908)	15,145
Balance, shares at Dec. 31, 2019	21,486,059
Net income (loss)					(11,888)
Foreign currency translation adjustments					(728)
Ending balance, value at Sep. 30, 2020	$ 295	103,894	(37,437)	(3,636)	63,116
Balance, shares at Sep. 30, 2020	29,671,010
Beginning balance, value at Mar. 31, 2020	$ 216	41,243	(22,330)	(4,228)	14,901
Balance, shares at Mar. 31, 2020	21,550,967
Net income (loss)			(9,669)		(9,669)
Foreign currency translation adjustments				41	41
Share-based compensation		4,225			4,225
Issuance of restricted stock awards
Issuance of restricted stock awards, shares	93,680
Proceeds from issuance of shares in initial public offering, net of issuance costs of $7,075	$ 73	55,216			55,289
Proceeds from issuance of shares in initial public offering, net of issuance costs of $7,075, shares	7,337,000
Cash consideration paid to GAN plc shareholders			(2,525)		(2,525)
Issuance of ordinary shares upon exercise of stock options	$ 6	2,104			2,110
Issuance of ordinary shares upon exercise of stock options, shares	678,613
Ending balance, value at Jun. 30, 2020	$ 295	102,788	(34,524)	(4,187)	64,372
Balance, shares at Jun. 30, 2020	29,660,260
Net income (loss)			(2,913)		(2,913)
Foreign currency translation adjustments				551	551
Share-based compensation		1,079			1,079
Issuance of ordinary shares upon exercise of stock options		27			27
Issuance of ordinary shares upon exercise of stock options, shares	10,750
Ending balance, value at Sep. 30, 2020	$ 295	103,894	(37,437)	(3,636)	63,116
Balance, shares at Sep. 30, 2020	29,671,010
Beginning balance, value at Dec. 31, 2020	$ 365	203,842	(45,766)	(2,877)	$ 155,564
Balance, shares at Dec. 31, 2020	36,635,362				36,635,362
Net income (loss)			(4,464)		$ (4,464)
Foreign currency translation adjustments				(9,481)	(9,481)
Share-based compensation		1,632			1,632
Issuance of ordinary shares upon exercise of stock options	$ 1	314			315
Issuance of ordinary shares upon exercise of stock options, shares	108,222
Issuance of ordinary shares as partial consideration in Coolbet acquisition (Note 4)	$ 53	106,630			106,683
Issuance of ordinary shares as partial consideration in coolbet acquisition (Note 4) , shares	5,260,516
Fair value of replacement equity awards issued as consideration in Coolbet acquisition (Note 4)		297			297
Ending balance, value at Mar. 31, 2021	$ 419	312,715	(50,230)	(12,358)	250,546
Balance, shares at Mar. 31, 2021	42,004,100
Beginning balance, value at Dec. 31, 2020	$ 365	203,842	(45,766)	(2,877)	$ 155,564
Balance, shares at Dec. 31, 2020	36,635,362				36,635,362
Net income (loss)					$ (15,114)
Foreign currency translation adjustments					$ (11,995)
Issuance of ordinary shares upon exercise of stock options, shares					279,128
Ending balance, value at Sep. 30, 2021	$ 422	317,367	(60,880)	(14,872)	$ 242,037
Balance, shares at Sep. 30, 2021	42,182,774				42,182,774
Beginning balance, value at Mar. 31, 2021	$ 419	312,715	(50,230)	(12,358)	$ 250,546
Balance, shares at Mar. 31, 2021	42,004,100
Net income (loss)			(2,730)		(2,730)
Foreign currency translation adjustments				2,437	2,437
Share-based compensation		2,319			2,319
Restricted stock activity	$ 1	(1)
Restricted stock activity, shares	5,178
Issuance of ordinary shares upon exercise of stock options		22			22
Issuance of ordinary shares upon exercise of stock options, shares	6,396
Ending balance, value at Jun. 30, 2021	$ 420	315,055	(52,960)	(9,921)	252,594
Balance, shares at Jun. 30, 2021	42,015,674
Net income (loss)			(7,920)		(7,920)
Foreign currency translation adjustments				(4,951)	(4,951)
Share-based compensation		1,823			1,823
Restricted stock activity
Restricted stock activity, shares	2,590
Issuance of ordinary shares upon exercise of stock options	$ 2	489			491
Issuance of ordinary shares upon exercise of stock options, shares	164,510
Ending balance, value at Sep. 30, 2021	$ 422	$ 317,367	$ (60,880)	$ (14,872)	$ 242,037
Balance, shares at Sep. 30, 2021	42,182,774				42,182,774

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes In Stockholders Equity (Unaudited) (Parenthetical) $ in Thousands	3 Months Ended
	Jun. 30, 2020USD ($)
Statement of Stockholders' Equity [Abstract]
Proceeds from issuance of shares in initial public offering, net of issuance costs of $7,075	$ 7,075

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash Flows from Operating Activities
Net loss	$ (15,114)	$ (11,888)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Amortization of software and intangible assets	11,960	2,135
Depreciation on property and equipment and finance lease right-of-use assets	798	218
Share-based compensation expense	5,774	5,599
Other	432	9
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable	(258)	(2,154)
Prepaid expenses	272	(1,503)
Other current assets	226	(1,527)
Other assets	(9,123)	1,063
Accounts payable	(1,255)	2,223
Accrued compensation and benefits	3,370	1,958
Accrued expenses	3,906	421
Liabilities to users	2,847
Other current liabilities	(614)	(275)
Other liabilities	139	(114)
Net cash provided by (used in) operating activities	3,360	(3,835)
Cash Flows from Investing Activities
Cash paid for acquisition, net of cash acquired	(92,454)
Expenditures for capitalized software development costs	(10,493)	(2,811)
Purchases of gaming licenses	(215)	(110)
Purchases of property and equipment	(1,478)	(763)
Net cash used in investing activities	(104,640)	(3,684)
Cash Flows from Financing Activities
Proceeds received from issuance of ordinary shares in initial public offering, net		57,445
Payments of offering costs	(604)	(1,678)
Proceeds from exercise of stock options	828	2,224
Cash consideration paid to GAN plc shareholders		(2,525)
Principal payments on finance leases	(83)	(137)
Net cash provided by financing activities	141	55,329
Effect of foreign exchange rates on cash	(1,210)	(489)
Net increase (decrease) in cash	(102,349)	47,321
Cash, beginning of period	152,654	10,279
Cash, end of period	50,305	57,600
Supplemental Disclosure of Noncash Investing and Financing Activities:
Ordinary shares issued as partial consideration to acquire all the outstanding shares of Coolbet (Note 4)	106,683
Issuance of unvested stock options in exchange for unvested stock options of Coolbet (Note 4)	297
Right-of-use asset obtained in exchange for new operating lease liabilities	$ 252

NATURE OF OPERATIONS

NATURE OF OPERATIONS	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS	NOTE 1 — NATURE OF OPERATIONS GAN Limited (the “Parent,” and with its subsidiaries, collectively the “Company”) is an exempted company limited by shares, incorporated and registered in Bermuda. GAN plc, the previous parent, began its operations in the United Kingdom (“U.K.”) in 2002 and listed its ordinary shares on the AIM, the London Stock Exchange’s market for smaller companies, in 2013. In May 2020, pursuant to a statutory Scheme of Arrangement under Part 26 of U.K. Companies Act of 2006 (“Scheme of Arrangement”) approved by the shareholders of GAN plc, the shareholders of GAN plc exchanged their shares in GAN plc for shares in the Parent, thereby migrating the Company’s jurisdiction of organization from the U.K. to Bermuda. Thereafter, GAN Limited became the parent company of GAN plc. GAN plc was renamed GAN (UK) Limited (“GAN UK”). On January 1, 2021, the Company acquired all of the outstanding shares of Vincent Group p.l.c. (“Vincent Group”), a Malta public limited company doing business as “Coolbet” (Note 4). Coolbet is a developer and operator of an online sports betting and casino platform that is accessible through its website in nine national markets across Northern Europe (Estonia, Finland, Iceland, Norway and Sweden), Latin America (Chile, Ecuador, and Peru) and North America (Canada). The Company is a business-to-business (“B2B”) supplier of internet gambling Software-as-a-Service (“SaaS”) solutions predominately to the U.S. land-based casino industry. For its B2B customers, the Company has developed a proprietary internet gambling enterprise software system, GameSTACK™ (“GameSTACK”), which it licenses to land-based casino operators as a turnkey technology solution for regulated real money internet gambling (“real money iGaming” or “RMiG”), internet sports gaming, and virtual simulated gaming (“SIM”). The Company is also a business-to-consumer (“B2C”) developer and operator of an online sports betting and casino platform, providing international users with access to its sportsbook, casino games and poker products. The Company operates in two

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
BASIS OF PRESENTATION	NOTE 2 — BASIS OF PRESENTATION Basis of Presentation The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission for interim reporting. The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, in the opinion of management, of a normal recurring nature that are necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented. The financial data and other financial information disclosed in these notes to the condensed consolidated financial statements related to these periods are also unaudited. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ended December 31, 2021 or for any future annual or interim period. The condensed consolidated balance sheet as of December 31, 2020 included herein was derived from the audited consolidated financial statements as of that date. The accompanying unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (“2020 Form 10-K”). GAN LIMITED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (in thousands, except share and per share amounts) Share Exchange and Reorganization On May 5, 2020, GAN Limited completed a share exchange and reorganization pursuant to a Scheme of Arrangement, whereby the shareholders of GAN plc agreed to exchange their ordinary shares on a basis of four 2,525 2,004 2.32

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company’s significant accounting policies are included in “Note 3 – Summary of Significant Accounting Policies” of its 2020 Form 10-K. In addition to repeating some of these significant accounting policies, the Company has added certain new significant accounting policies during the nine months ended September 30, 2021, as described below. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Due to the inherent uncertainties involved in making estimates, actual results could differ from the original estimates, and may require significant adjustments to these reported balances in the future periods. Principles of Consolidation The condensed consolidated financial statements include the results of the Parent and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Foreign Currency Translation and Transactions The Company’s reporting currency is the U.S. Dollar while the Company’s foreign subsidiaries use their local currencies as their functional currencies. The assets and liabilities of foreign subsidiaries are translated to U.S. Dollars based on the current exchange rate prevailing at each reporting period. Revenue and expenses are translated into U.S. Dollars using the average exchange rates prevailing for each period presented. Translation adjustments that arise from translating a foreign subsidiary’s financial statements from their functional currency to U.S. Dollars are reported as a separate component of accumulated other comprehensive loss in stockholders’ equity. Gains and losses arising from transactions denominated in a currency other than the functional currency are included in General and administrative expense in the condensed consolidated statements of operations as incurred. Foreign currency transaction and remeasurement gains and losses were a net gain (loss) of $ (589) (379) (761) 613 Risks and Uncertainties – COVID-19 The coronavirus disease 2019 (“COVID-19”) pandemic, which was declared a national emergency in the United States in March 2020, has significantly impacted the economic conditions and financial markets around the world. The closure of land-based casinos, social distancing, shelter-in-place, and similar restrictions implemented in response to the COVID-19 pandemic led to increases in the Company’s existing and new player activity in its online iGaming offerings as compared to historic trends, primarily at the start of the second quarter of 2020. Player activity in connection with the iGaming business has generally returned to pre-pandemic levels, or in certain cases, has increased, following the re-opening of land-based casinos and easing of local restrictions. GAN LIMITED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (in thousands, except share and per share amounts) While the Company’s iGaming business has proven resilient during the pandemic, uncertainties continue to exist as it relates to the magnitude of impact and duration of the COVID-19 pandemic. The ultimate impact of the pandemic on the Company’s future operating results is unknown and will depend, in part, on the length of time COVID-19 disruptions exist and the subsequent behavior of players after restrictions are fully lifted. A recurrence of COVID-19 cases or an emergence of additional variants could adversely impact the Company’s future financial results, though results from the Company’s iGaming business may partially offset any potential reduction to the Company’s sports betting transactions resulting from the suspension or cancellation of sporting events. The Company has considered the impact of COVID-19 on its accounting policies, judgments and estimates as part of the preparation of these condensed consolidated financial statements. Management and the Board of Directors are monitoring the impacts of COVID-19 on the Company’s operations and have not identified any major operational challenges through the date of issuance of these condensed consolidated financial statements. The Company has not experienced significant impacts to its liquidity to date. COVID-19 may impact the Company’s ability to access capital to the extent it affects the U.S. capital markets. The Company has assessed the extent to which COVID-19 has impacted events after the reporting date and has not identified additional items to disclose as a result. Revenue Recognition Platform and Content Fees The Company’s platform and content fee revenues are generated primarily from its internet gambling SaaS platform, GameSTACK, that its customers use to provide access to real money and simulated internet gaming, and online sports betting. The Company enters into hosted service agreements with its customers, that generally range from three five GAN LIMITED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (in thousands, except share and per share amounts) In certain service agreements with SIM customers, the Company receives the fees for in-game virtual credit purchases made by end-user players and remits payment to the SIM customer for their share of the SIM revenues generated from the Company’s platform. At September 30, 2021 and December 31, 2020, the Company has recorded a liability of $ 2,107 2,520 The Company’s promise to provide access to the SaaS platform and content licensing services on the hosted software is a single performance obligation. This performance obligation is recognized over time, as the Company provides services to its customer in its delivery of services to the player end user. The Company’s customers simultaneously receive and consume the benefits provided by the Company as it delivers services to its customers. The transaction price is considered variable consideration. Amounts due from the Company’s casino operator customers are generally due thirty days from the date of invoice. The Company’s RMiG and SIM enterprise software platform offerings include iGaming content licensing services. The GameSTACK platform is capable of supporting, and is available to the customer, for both proprietary and third-party licensed gaming content. The customer, in this case the casino operator, generally controls the determination of which gaming content will be offered in their online casinos. A customer can utilize the Company’s proprietary or licensed gaming content, or a customer can direct the Company to procure third-party gaming content on its behalf. The Company has determined it acts as the principal for providing the content licensing services when the Company controls the gaming content, and therefore presents the revenue on a gross basis in the consolidated statements of operations. When the customer directs the Company to procure third-party gaming content, the Company has determined it is deemed an agent for providing the content licensing services, and therefore, records the revenue, net of licensing costs paid to the suppliers of that gaming content, in the condensed consolidated statements of operations. Gaming The Company operates the B2C gaming site www.Coolbet.com outside of the U.S., which is built on proprietary software and includes the following product offerings: sportsbook, poker, casino, live casino and virtual sports. The Company manages an online sportsbook allowing users to place various types of wagers on the outcome of sporting events conducted around the world. The Company operates as the bookmaker and offers fixed odds wagering on such events. When a user’s wager wins, the Company pays the user a pre-determined amount known as fixed odds. Revenue from sportsbook is reported net after deduction of player winnings and bonuses. Revenue from wagers is recognized when the outcome of the event is known. The Company offers live casino through its digital online casino offering in select markets, allowing users to place a wager and play games virtually at retail casinos. The Company offers users a catalog of over 2,000 Peer-to-peer poker offerings allow users to play poker against one another on the Company’s online poker platform for prize money. Revenue from poker is reported at rake, less tournament costs and customer bonuses. In each of the online gaming products, a single performance obligation exists at the time a wager is made to operate the games and award prizes or payouts to users based on a particular outcome. Revenue is recognized at the conclusion of each contest, wager, or wagering game hand. Additionally, certain incentives given to users, for example, that allow the user to make an additional wager at a reduced price, may provide the user with a material right which gives rise to a separate performance obligation. Such user incentives are recognized as a reduction to revenue upon redemption or as revenue when the incentive expires. GAN LIMITED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (in thousands, except share and per share amounts) Development Services Gaming Development Services The Company generates revenue from fees for development of custom games for use on its RMiG and SIM platforms. The development revenue is recognized at the point in time when control of the game is transferred, typically the earlier of the customer’s acceptance or upon receipt of the certification of the game. Platform Development Services Platform development services consist of fees charged for initial deployment of iGaming solutions, as well as ongoing development services to provide updates to the software for enhanced functionality or customization. Development services fees for the initial deployments of the iGaming solutions are typically charged at a fixed fee. Ongoing platform development services are typically billed monthly, at a daily rate, for services performed. Revenue from platform development services is recognized over time as the Company performs the services. For development services charged at a daily rate, revenue is measured using an input method based on effort expended, which uses direct labor hours incurred. As the performance obligations in these instances relate to the provision of development services over time, this method best reflects the transfer of control as the Company performs. In contracts that require a portion of the consideration to be received in advance, at the commencement of the contract, such advance payment is initially recorded as a contract liability. Computer Hardware Sales The Company resells third-party hardware, such as computing servers and other technical devices, that are owned by the casino operators upon which the GameSTACK software platform is installed and accessed by its customers. Customers cannot take possession of the hosted software even when hosted on hardware that is owned by the customer or on third-party hardware. These products are not required to be purchased in order to access the GameSTACK platform but are sold as a convenience to the customer. Revenue is recognized at the point in time when control of the hardware transfers to the customer. Control is transferred after the hardware has been procured, delivered, installed at the client’s premises and configured to allow for remote access. The Company has determined that it is acting as the principal in these transactions as it takes responsibility for procuring, delivering, installing and configuring the hardware at the customer’s location and takes control of the hardware, prior to transfer. Revenue is presented at the gross amount of consideration to which it is entitled from the customer in exchange for the hardware. Patent Licensing Revenue The Company generates revenue from time to time from the licensing of its U.S. patent, which governs the linkage of on-property reward cards to their counterpart internet gambling accounts together with bilateral transmission of reward points between the internet gambling technology system and the land-based casino management system present in all U.S. casino properties. The nature of the promise in transferring the license is to provide a right to use the patent as it exists. The Company does not have to undertake activities to change the functionality of the patent during the license period and the license has significant stand-alone functionality. Therefore, the Company recognizes the revenue from the license of the patent, at the point in time when control of the license is transferred to the customer. Control is determined to transfer at the point in time the customer is able to use and benefit from the license. GAN LIMITED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (in thousands, except share and per share amounts) Contracts with Multiple Performance Obligations For customer contracts that have more than one performance obligation, the transaction price is allocated to the performance obligations in an amount that depicts the relative stand-alone selling prices of each performance obligation. Judgment is required in determining the stand-alone selling price for each performance obligation. In determining the allocation of the transaction price, an entity is required to maximize the use of observable inputs. When the stand-alone selling price of a good or service is not directly observable, an entity is required to estimate the stand-alone selling price. Customer contracts can include platform and content services as well as development services or hardware sales. The variable consideration is allocated entirely to the performance obligation for platform and content services as the variable consideration is allocable specifically to the delivery of the services in the period and the allocation is consistent with the allocation objective. For gaming, the Company allocates a portion of the user’s wager to incentives that create material rights that are redeemed or expired in the future. The allocated revenue for gaming wagers is primarily recognized when the wagers occur because all such wagers settle immediately. The Company applies a practical expedient by accounting for revenue from gaming on a portfolio basis because such wagers have similar characteristics, and the Company reasonably expects the effects on the financial statements of applying the revenue recognition guidance to the portfolio to not differ materially from that which would result if applying the guidance to an individual wagering contract. Cash The Company is required to maintain minimum cash balances to satisfy its liabilities to users. Such balances are included within Cash in the condensed consolidated balance sheets and are not subject to creditor claims. Goodwill Goodwill represents the excess of the fair value of the consideration transferred over the estimated fair values of the identifiable assets acquired and liabilities assumed on the acquisition date. As disclosed in Note 4, the Company has recorded goodwill in connection with the acquisition of Coolbet on January 1, 2021. Goodwill is not amortized, but rather is reviewed for impairment annually or more frequently if facts or circumstances indicate that the carrying value may not be recoverable. The Company has determined that it has two If the quantitative impairment test for goodwill is deemed necessary, this quantitative impairment analysis compares the fair value of the Company’s reporting unit to its related carrying value. If the fair value of the reporting unit is less than its carrying amount, goodwill is written down to the fair value and an impairment loss is recognized. If the fair value of the reporting unit exceeds its carrying amount, no further analysis is required. Fair value of the reporting unit is determined using valuation techniques, primarily using discounted cash flow analysis. GAN LIMITED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (in thousands, except share and per share amounts) The Company performs its annual impairment review of goodwill as of October 1 st Long-lived Assets Long-lived assets, except goodwill, consist of property and equipment, and finite lived acquired intangible assets, such as developed software, gaming licenses, trademarks, trade names and customer relationships. Intangible assets are amortized on a straight-line basis over their estimated useful lives. The Company considers the period of expected cash flows and underlying data used to measure the fair value of the intangible assets when selecting the estimated useful lives. The fair value of the acquired intangible assets is primarily determined using the income approach. In performing these valuations, the Company’s key underlying assumptions used in the discounted cash flows were projected revenue, gross margin expectations and operating cost estimates. There are inherent uncertainties and management judgment is required in these valuations. Acquired in-process technology consists of a proprietary technical platform. The Company reviews the in-process technology for impairment at least annually or more frequently if an event occurs creating the potential for impairment, until such time as the in-process technology efforts are completed. When completed, the developed technology will be amortized over its estimated useful life based on an amortization method that reflects the pattern in which the economic benefits of the intangible assets are consumed or otherwise realized. The technology is expected to be completed in the first half of 2022. Long-lived assets, except goodwill, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company compares the undiscounted cash flows expected to be generated by that asset or asset group to their carrying amount. If the carrying amount of the long-lived asset or asset group are not recoverable on an undiscounted cash flow basis, an impairment charge is recognized to the extent that the carrying amount exceeds fair value. Fair value is determined through various techniques, such as discounted cash flow models using probability weighted estimated future cash flows and the use of valuation specialists. Capitalized Software Development Costs, net The Company capitalizes certain development costs related to its software platforms during the application development stage. Costs associated with preliminary project activities, training, maintenance and all other post implementation stage activities are expensed as incurred. Software development costs are capitalized when application development begins, it is probable that the project will be completed, and the software will be used as intended. The Company capitalizes certain costs related to specific upgrades and enhancements when it is probable that expenditures will result in additional functionality of the platform to its customers. The capitalization policy provides for the capitalization of certain payroll and payroll related costs for employees who spent time directly associated with development and enhancements of the software platform. Capitalized software development costs are amortized on a straight-line basis over their estimated useful lives, which is generally three GAN LIMITED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (in thousands, except share and per share amounts) Liabilities to Users The Company records liabilities for user account balances. User account balances consist of user deposits, promotional awards and user winnings less user withdrawals and user losses. Share-based Compensation Share-based compensation expense is recognized for stock options and restricted stock issued to employees and non-employee members of the Company’s Board of Directors based on the fair value of these awards on the date of grant. The fair value of the stock options is estimated using a Black-Scholes option pricing model and the fair value of the restricted stock (restricted stock awards and restricted stock units) is based on the market price of the Company’s stock on the date of grant. The Company’s stock options and restricted stock issued are considered equity awards and include only service conditions. Share-based compensation is recorded over the requisite service period, generally defined as the vesting period. For awards with graded vesting and only service conditions, compensation cost is recorded on a straight-line basis over the requisite service period of the entire award. Forfeitures are recorded in the period in which they occur. Reclassifications of Prior Period Amounts Certain prior period amounts have been reclassified to conform to the current period presentation. Specifically, due to the Coolbet acquisition in 2021, the Company has reclassified certain balances that were previously presented in separate balance sheet captions to Other current assets, Other assets, Accrued expenses, Other current liabilities and Other liabilities in the condensed consolidated balance sheet as of December 31, 2020. These reclassifications had no impact on previously disclosed amounts for current assets, current liabilities, total assets and total liabilities.

ACQUISITION OF VINCENT GROUP P.

ACQUISITION OF VINCENT GROUP P.L.C.	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
ACQUISITION OF VINCENT GROUP P.L.C.	NOTE 4 — ACQUISITION OF VINCENT GROUP P.L.C. On January 1, 2021, the Company acquired all of the outstanding shares of Vincent Group p.l.c. (“Coolbet”). The business was acquired for a purchase price of $ 218.1 Fair value of the consideration transferred: SUMMARY OF CONSIDERATION TRANSFERRED Cash paid to Vincent Group shareholders $ 111,168 Restricted ordinary shares issued to Vincent Group shareholders (1) 106,683 Replacement equity-based awards to holders of Vincent Group equity-based awards (2) 297 Total $ 218,148 (1) The share consideration represents 5,260,516 20.28 (2) The replacement equity-based awards consist of options to purchase 67,830 GAN LIMITED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (in thousands, except share and per share amounts) Recognized amounts of identifiable assets acquired and liabilities assumed at fair value: SUMMARY OF FAIR VALUES OF ASSETS ACQUIRED AND LIABILITIES ASSUMED Cash $ 18,714 Prepaid expenses and other current assets 1,512 Property and equipment 343 Operating lease right-of-use assets 416 Intangible assets 50,570 Other assets 73 Accounts payable (1,182 ) Liabilities to users (5,373 ) Other current liabilities (1,797 ) Operating lease liabilities (167 ) Deferred income taxes (2,373 ) Noncurrent operating lease liabilities (231 ) Total identifiable net assets 60,505 Goodwill 157,643 Total identifiable assets acquired and liabilities assumed including goodwill, net $ 218,148 Identifiable intangible assets acquired as part of the acquisition, including their respective expected useful lives, were as follows: SUMMARY OF INTANGIBLE ASSETS ACQUIRED Estimated useful life (in years) Fair Value Developed technology 3 $ 29,600 In-process developed technology — 8,800 Customer relationships 3 5,900 Trade names and trademarks 10 5,800 Gaming licenses various 470 $ 50,570 The Company accounted for the acquisition of Coolbet using the acquisition method. The acquisition is treated as a stock purchase for accounting purposes. The goodwill is primarily attributable to the expected incremental revenue and profit to be derived from the Company’s introduction of Coolbet’s sports betting engine technology and intellectual technology to B2B customers in the U.S. and the assembled workforce of Coolbet. The Company intends to offer the Coolbet sports betting engine and associated capability to existing and new customers alongside its existing platform and internet casino capability, as a complete turnkey solution or as an alternative sports betting engine to those currently relied upon by customers. Goodwill recognized in the acquisition is not deductible for tax purposes. GAN LIMITED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (in thousands, except share and per share amounts) The Company has not finalized its accounting for the acquisition. Further analysis of the fair values assigned to the net assets acquired and related tax impacts are ongoing. Accordingly, the purchase price allocation could change significantly. In the third quarter of 2021, an adjustment to increase goodwill by $ 50 was made to the initial amounts recorded, which relates to additional consideration paid by the Company to the seller as part of the final working capital adjustment. Additionally, there was a net adjustment to decrease goodwill by $ 2,092 and increases to the values assigned to the intangible assets by $ 2,200 , comprised of a $ 1,500 increase to developed technology, $ 400 increase to in-process developed technology and a $ 300 increase to customer relationships, resulting in a $ 108 increase to deferred tax liabilities. The changes in the value of the intangible assets resulted in an increase in amortization expense of $ 447 during the three months ended September 30, 2021. Giving effect to these adjustments, the Company recorded a net deferred income tax liability of $ 2,373 159,685 157,643 The Company incurred total acquisition-related costs of $ 1,309 290 Pro Forma Operating Results The operating results of Coolbet have been included in the condensed consolidated financial statements, beginning on January 1, 2021. The following unaudited pro forma information presents the consolidated financial information as if the Coolbet acquisition had occurred on January 1, 2020. The unaudited pro forma results reflect certain adjustments related to the acquisition, such as amortization expense resulting from the intangible assets acquired, share-based compensation related to unvested replacement awards and an adjustment to reflect the Company’s income tax rate. Acquisition costs of $ 1,309 are also included as a nonrecurring charge. Such pro forma operating results were prepared for comparative purposes only and do not purport to be indicative of what would have occurred had the acquisition been made as of January 1, 2020 or of the results that may occur in the future. PRO FORMA OPERATING RESULTS Three Months Ended Nine Months Ended Revenue $ 18,437 $ 47,181 Net loss $ (5,072 ) $ (20,393 ) Loss per share, basic and diluted $ (0.15 ) $ (0.66 ) GAN LIMITED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (in thousands, except share and per share amounts)

CAPITALIZED SOFTWARE DEVELOPMEN

CAPITALIZED SOFTWARE DEVELOPMENT COSTS, NET	9 Months Ended
	Sep. 30, 2021
Research and Development [Abstract]
CAPITALIZED SOFTWARE DEVELOPMENT COSTS, NET	NOTE 5 — CAPITALIZED SOFTWARE DEVELOPMENT COSTS, NET Capitalized software development costs, net at September 30, 2021 and December 31, 2020 consisted of the following: SCHEDULE OF CAPITALIZED COMPUTER SOFTWARE COSTS, NET September 30, December 31, 2020 Capitalized software development costs $ 32,957 $ 26,507 Development in progress 6,106 2,641 Total capitalized software development costs 39,063 29,148 Less: accumulated amortization (24,851 ) (22,500 ) Total $ 14,212 $ 6,648 At September 30, 2021, development in progress primarily represented costs associated with new proprietary content and enhancements to the software platform, as well as integration of Coolbet’s sportsbook into the B2B platform. The new B2B sportsbook technology is expected to be placed in service in the first half of 2022. Amortization expense related to capitalized software development costs was $ 994 667 2,641 2,038

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	NOTE 6 — GOODWILL AND INTANGIBLE ASSETS Goodwill The changes in the carrying amount of goodwill, by segment, for the nine months ended September 30, 2021 were as follows: SCHEDULE OF GOODWILL B2B B2C Total Balance at January 1, 2021 $ — $ — $ — Goodwill acquired in Coolbet acquisition 67,547 92,138 159,685 Reallocation of goodwill (1) 10,859 (10,859 ) — Measurement period adjustments (Note 4) (1,003 ) (1,039 ) (2,042 ) Effect of foreign currency translation (3,894 ) (4,734 ) (8,628 ) Balance at September 30, 2021 $ 73,509 $ 75,506 $ 149,015 (1) During the third quarter of 2021, the preliminary allocation of goodwill was refined to allocate the goodwill between the segments based on each reporting unit’s estimated relative enterprise value, and their respective acquired assets and assumed liabilities. The acquired assets include intangible assets that are expected to be used within the Company’s B2C and B2B segments. GAN LIMITED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (in thousands, except share and per share amounts) Intangible Assets Definite-lived intangible assets, net consisted of the following: SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS September 30, 2021 Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology 3.0 $ 28,038 $ (7,010 ) $ 21,028 In-process technology — 8,336 — 8,336 Customer relationships 3.0 5,589 (1,397 ) 4,192 Trade names and trademarks 10.0 5,828 (751 ) 5,077 Gaming licenses 6.6 2,005 (1,117 ) 888 $ 49,796 $ (10,275 ) $ 39,521 December 31, 2020 Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trade names and trademarks 3.0 $ 343 $ (343 ) $ — Gaming licenses 5.3 1,366 (898 ) 468 $ 1,709 $ (1,241 ) $ 468 In-process technology consists of a proprietary technical platform (refer to Note 4 – Acquisition of Vincent Group p.l.c.). The technology is expected to be completed and placed in service in the first half of 2022, after which it will be amortized over its estimated useful life. Amortization expense related to intangible assets was $ 3,356 29 9,319 97 3,007 12,019 12,000 644 631

ACCRUED EXPENSES

ACCRUED EXPENSES	9 Months Ended
	Sep. 30, 2021
Payables and Accruals [Abstract]
ACCRUED EXPENSES	NOTE 7 — ACCRUED EXPENSES Accrued expenses consisted of the following: SCHEDULE OF ACCRUED EXPENSES September 30, 2021 December 31, 2020 Content licensing fees $ 2,304 $ 1,984 Income taxes 2,794 17 Sales taxes 1,267 756 Other 583 606 Total $ 6,948 $ 3,363 GAN LIMITED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (in thousands, except share and per share amounts)

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES	9 Months Ended
	Sep. 30, 2021
Other Liabilities Disclosure [Abstract]
OTHER CURRENT LIABILITIES	NOTE 8 — OTHER CURRENT LIABILITIES Other current liabilities consisted of the following: SCHEDULE OF OTHER CURRENT LIABILITIES September 30, 2021 December 31, 2020 Revenue share due to SIM customers $ 2,107 $ 2,520 Contract liabilities 586 1,083 Operating lease liabilities 491 262 Other 866 202 Total $ 4,050 $ 4,067 Revenue share due to SIM customers represents the fees collected for in-game virtual credit purchases made by end-user players due to SIM casino operator customers for their share of the SIM revenues generated from the Company’s platform.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	NOTE 9 — SHARE-BASED COMPENSATION In April 2020, the Board of Directors established the GAN Limited 2020 Equity Incentive Plan (“2020 Plan”) which has been approved by the shareholders. The 2020 Plan initially provides for grants of up to 4,400,000 4% st 5,865,414 455,910 Stock Options Stock option awards are granted with an exercise price equal to the fair market value of the Company’s ordinary shares on the date of grant. Stock option awards generally vest 25% ten years During the nine months ended September 30, 2021, the Board of Directors approved the issuance of options to purchase 1,730,310 In addition, in accordance with the acquisition agreement, the Company issued 67,830 one three GAN LIMITED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (in thousands, except share and per share amounts) A summary of the stock option activity as of and for the nine months ended September 30, 2021 is as follows: SCHEDULE OF SHARE-BASED COMPENSATION, OPTION ACTIVITY Number of Shares Weighted Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2020 3,061,859 $ 8.06 8.5 $ 37,410 Granted 1,798,140 21.91 Exercised (279,128 ) 2.96 Forfeited/expired or cancelled (311,890 ) 21.28 Outstanding at September 30, 2021 4,268,981 $ 13.26 8.2 $ 21,757 Options exercisable at September 30, 2021 1,943,931 $ 5.41 7.1 $ 19,631 The Company recorded equity-settled share-based compensation expense related to stock options of $ 1,758 650 4,809 5,095 3,881 20,944 3.2 The grant date fair value of each stock option grant was determined using the following weighted average assumptions: SCHEDULE OF SHARE-BASED COMPENSATION, FAIR VALUE ASSUMPTIONS Nine Months Ended 2021 2020 Expected stock price volatility 61.38 % 72.64 % Expected term (in years) 4.95 5.0 Risk-free interest rate 0.75 % 0.33 % Dividend yield 0 % 0 % The weighted average grant date fair value of options granted was $ 8.00 12.03 11.49 9.60 Expected volatility is determined by reference to volatility of certain identified peer group share trading information and stock prices on the Nasdaq. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The expected term of the options is based on historical data and represents the period of time that options granted are expected to be outstanding. GAN LIMITED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (in thousands, except share and per share amounts) For the period prior to the Company’s initial public offering in May 2020, expected volatility was determined by reference to the historic volatility of GAN UK’s share price on the AIM, the London Stock Exchange. The risk-free interest rate for the expected term of the option was based on the U.K. Gilt yield curve in effect at the time of grant. The expected term of the options is based on historical data and represents the period of time that options granted are expected to be outstanding. In 2020, the Company recorded a liability for social taxes and income taxes related to certain unexercised legacy options at the time of the Share Exchange. The Company accounted for the required cash payment as a cash-settled share-based compensation transaction. The related liability for the future cash payment related to employee and employer taxes on outstanding unexercised legacy options of $ 565 826 (58) (416) (239) 2,407 Restricted Stock Units On March 9, 2021, the Board of Directors approved the issuance of 10,358 one year 25% 25.10 7,768 2,590 65 195 65 195 A summary of the restricted stock unit activity as of and for the nine months ended September 30, 2021 is as follows: SCHEDULE OF SHARE BASED COMPENSATION, UNIT ACTIVITY Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2020 — $ — Granted 10,358 25.10 Vested (7,768 ) 25.10 Forfeited/expired or cancelled — — Outstanding at September 30, 2021 2,590 $ 25.10 Restricted Stock Awards In June 2020, the Board of Directors approved the issuance of 93,680 restricted stock awards to the Chief Executive Officer and non-employee directors. The restricted stock awards vest one year from the date of grant. The value of restricted stock is based on the market value of the Company’s ordinary shares at the date of grant. The restricted stock awards were issued with a grant date fair value of $ 18.19 per share. The Company recorded share-based compensation expense related to the restricted stock awards of $ 0 429 for the three months ended September 30, 2021 and 2020, and $ 770 and $ 504 during the nine months ended September 30, 2021 and 2020, respectively. The total fair value of the restricted stock awards that vested during the nine months ended September 30, 2021 was $ 1,704 . GAN LIMITED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (in thousands, except share and per share amounts) 2020 Employee Stock Purchase Plan The Board of Directors established the 2020 Employee Stock Purchase Plan, or the ESPP, which was approved by the Company’s shareholders in July 2021. The ESPP is intended to qualify under Section 423 of the U.S. Internal Revenue Service Code of 1986, as amended. The ESPP provides initially for 300,000 The ESPP is designed to allow eligible employees to purchase ordinary shares, at quarterly intervals, with their accumulated payroll deductions. The participants are offered the option to purchase ordinary shares at a discount during a series of successive offering periods. The option purchase price may be the lower of 85%

INTEREST EXPENSE, NET

INTEREST EXPENSE, NET	9 Months Ended
	Sep. 30, 2021
INTEREST EXPENSE, NET	NOTE 10 — INTEREST EXPENSE, NET Interest expense, net consisted of the following: SCHEDULE OF INTEREST EXPENSE, NET Three Months Ended Nine Months Ended 2021 2020 2021 2020 Interest expense (1) $ — $ 2 $ 1 $ 395 Interest income — — — (3 ) Interest expense, net $ — $ 2 $ 1 $ 392 (1) Interest expense includes interest on a related party loan of $ 385

LOSS PER SHARE

LOSS PER SHARE	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
LOSS PER SHARE	NOTE 11 — LOSS PER SHARE Loss per share is computed by dividing net loss by the weighted average number of ordinary shares outstanding, basic and diluted, during the period. Potentially dilutive securities consisting of certain stock options, nonvested restricted stock and restricted stock units were excluded from the computation of diluted weighted average ordinary shares outstanding as inclusion would be anti-dilutive, are summarized as follows: SCHEDULE OF ANTI-DILUTIVE STOCK EXCLUDED FROM COMPUTATION OF DILUTED EARNINGS PER SHARE Three Months Ended Nine Months Ended 2021 2020 2021 2020 Stock options 4,268,981 3,146,059 4,268,981 3,146,059 Restricted stock awards — 93,680 — 93,680 Restricted stock units 2,590 — 2,590 — Total 4,271,571 3,239,739 4,271,571 3,239,739 GAN LIMITED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (in thousands, except share and per share amounts)

REVENUE

REVENUE	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
REVENUE	NOTE 12 — REVENUE The following table reflects revenue recognized for the three and nine months ended September 30, 2021 and 2020 in line with the timing of transfer of services: SCHEDULE OF REVENUE RECOGNIZED IN LINE WITH THE TIMING OF TRANSFER OF SERVICES Three Months Ended Nine Months Ended 2021 2020 2021 2020 Revenue recognized at a point in time $ 22,671 $ 788 $ 64,840 $ 888 Revenue from services delivered over time 9,590 9,478 29,891 25,371 Total $ 32,261 $ 10,266 $ 94,731 $ 26,259 During the three months ended September 30, 2021, revenues recognized at a point in time was $ 22,671 , of which $ 21,093 related to gaming revenues and $ 1,578 related to development services and other revenues. During the nine months ended September 30, 2021, revenues recognized at a point in time was $ 64,840 , of which $ 59,387 related to gaming revenues and $ 5,453 related to development services and other revenues. Revenues recognized at a point in time during the three and nine months ended September 30, 2020 were related to development services and other revenues. During the three months ended September 30, 2021 and 2020, one customer in the B2B segment generated revenue of $ 4,747 3,818 14.7% 37.2% 12,661 11,826 13.4% 45.0% Contract and Contract-Related Liabilities The Company has four types of liabilities related to contracts with customers: (i) cash consideration received in advance from customers related to development services not yet performed or hardware deliveries not yet completed, (ii) incentive program obligations, which represents the deferred allocation of revenue relating to incentives in the online gaming operations, (iii) user balances, which are funds deposited by customers before gaming play occurs and (iv) unpaid winnings and wagers contributed to jackpots. These liabilities are expected to be recognized as revenue within one year of being purchased, earned or deposited. Such liabilities are recorded in Liabilities to users and Other current liabilities in the condensed consolidated balance sheets. The following table reflects contract liabilities arising from cash consideration received in advance from customers for the periods presented: SCHEDULE OF CONTRACT WITH CUSTOMERS Three Months Ended Nine Months Ended 2021 2020 2021 2020 Contract liabilities from advance customer payments, beginning of the period $ 581 $ 1,865 $ 1,083 $ 3,023 Contract liabilities from advance customer payments, end of the period 586 1,561 586 1,561 Revenue recognized from amounts included in contract liabilities from advance customer payments at the beginning of the period — 1,187 403 2,201 GAN LIMITED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (in thousands, except share and per share amounts)

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
SEGMENT REPORTING	NOTE 13 — SEGMENT REPORTING Effective January 1, 2021, the Company completed the acquisition of Coolbet (Note 4), which caused the composition of its reportable segments to change. Accordingly, the Company implemented a segment reorganization to align its segment reporting with its revised operating structure. The Company’s new reportable segments are B2B and B2C. The B2B segment develops, markets and sells instances of iSight Back Office and GameSTACK technology that incorporates comprehensive player registration, account funding and back-office accounting and management tools that enable the casino operator customers to efficiently, confidently and effectively extend their presence online in places that have permitted online real money gambling. The B2C segment includes the operations of Coolbet since the date of acquisition. Coolbet develops and operates a B2C online sports betting and casino platform that is accessible through its website in nine national markets across Northern Europe (Estonia, Finland, Iceland, Norway and Sweden), Latin America (Chile, Ecuador and Peru) and North America (Canada). The segment information has been recast to conform to the reporting structure in effect after the segment reorganization that was effective January 1, 2021. The Company has combined its previous two one Information reported to the Company’s Chief Executive Officer, the Chief Operating Decision Maker (“CODM”), for the purpose of resource allocation and assessment of the Company’s segmental performance is primarily focused on the origination of the revenue streams. The CODM evaluates performance and allocates resources based on the segment’s revenue and gross profit. Segment gross profit represents the gross profit earned by each segment without allocation of each segment’s share of depreciation and amortization expense, sales and marketing expense, product and technology expense, general and administrative expense, interest costs and income taxes. Summarized financial information by reportable segments for the three and nine months ended September 30, 2021 and 2020 is as follows: SCHEDULE OF FINANCIAL INFORMATION FOR REPORTABLE SEGMENTS Three Months Ended September 30, 2021 2020 B2B B2C Total B2B B2C Total Revenue $ 11,168 $ 21,093 $ 32,261 $ 10,266 $ — $ 10,266 Cost of revenue (1) 3,583 7,218 10,801 3,083 — 3,083 Segment gross profit $ 7,585 $ 13,875 $ 21,460 $ 7,183 $ — $ 7,183 (1) Nine Months Ended September 30, 2021 2020 B2B B2C Total B2B B2C Total Revenue $ 35,344 $ 59,387 $ 94,731 $ 26,259 $ — $ 26,259 Cost of revenue (1) 8,632 21,244 29,876 6,898 — 6,898 Segment gross profit $ 26,712 $ 38,143 $ 64,855 $ 19,361 $ — $ 19,361 (1) Excludes depreciation and amortization GAN LIMITED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (in thousands, except share and per share amounts) The following table presents a reconciliation of segment gross profit to consolidated loss before income taxes for the three and nine months ended September 30, 2021 and 2020: RECONCILIATION OF CONSOLIDATED SEGMENT PROFIT TO CONSOLIDATED INCOME (LOSS) BEFORE INCOME TAXES Three Months Ended Nine Months Ended 2021 2020 2021 2020 Segment gross profit (1) $ 21,460 $ 7,183 $ 64,855 $ 19,361 Sales and marketing 5,657 1,277 15,238 3,782 Product and technology 4,634 1,896 13,539 8,093 General and administrative (1) 12,895 6,120 35,232 16,297 Depreciation and amortization 4,646 804 12,758 2,373 Interest expense, net — 2 1 392 Loss before income taxes $ (6,372 ) $ (2,916 ) $ (11,913 ) $ (11,576 ) (1) Excludes depreciation and amortization Assets and liabilities are not separately analyzed or reported to the CODM and are not used to assist in decisions surrounding resource allocation and assessment of segment performance. As such, an analysis of segment assets and liabilities has not been included in this financial information. The following table disaggregates total revenue by product and services for each segment: SCHEDULE OF DISAGGREGATION OF REVENUE BY PRODUCTS AND SERVICES FOR EACH SEGMENT Three Months Ended Nine Months Ended 2021 2020 2021 2020 B2B: Platform and content fees $ 8,743 $ 6,914 $ 27,252 $ 19,269 Development services and other 2,425 3,352 8,092 6,990 Total B2B revenue $ 11,168 $ 10,266 $ 35,344 $ 26,259 B2C: Sportsbook $ 7,886 $ — $ 27,794 $ — Casino 12,323 — 29,306 — Poker 884 — 2,287 — Total B2C revenue $ 21,093 $ — $ 59,387 $ — Total revenue $ 32,261 $ 10,266 $ 94,731 $ 26,259 Revenue by location of the customer for the three and nine months ended September 30, 2021 and 2020 was as follows: SCHEDULE OF DISAGGREGATION OF REVENUE BY LOCATION Three Months Ended Nine Months Ended 2021 2020 2021 2020 United States $ 9,100 $ 8,662 $ 29,181 $ 21,957 Europe 11,598 1,594 36,855 4,272 Latin America 9,854 — 23,711 — Rest of the world 1,709 10 4,984 30 Total $ 32,261 $ 10,266 $ 94,731 $ 26,259 GAN LIMITED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (in thousands, except share and per share amounts)

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 14 — INCOME TAXES The provision for income taxes for the three and nine months ended September 30, 2021 and 2020 consisted of the following: SCHEDULE OF INCOME TAX PROVISION Three Months Ended Nine Months Ended 2021 2020 2021 2020 Domestic (Bermuda) $ — $ — $ — $ — Foreign (Non-Bermuda) 1,548 (3 ) 3,201 312 Total $ 1,548 $ (3 ) $ 3,201 $ 312 The Company’s effective income tax rate was (24.3)% 0.1% (26.9)% (2.7)% The difference between the statutory tax rate of 0%

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 15 — RELATED PARTY TRANSACTIONS In connection with the Share Exchange and Reorganization disclosed in Note 2, the Company arranged funding of the cash consideration of the Share Exchange through a loan facility provided by the Parent’s chief executive officer and his father. The loan facility provided for a minimum interest charge of £ 300 15% 385 300

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 16 — COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company may be subject to legal actions and claims arising from contracts or other matters from time to time in the ordinary course of business. Management is not aware of any pending or threatened litigation, which are considered other than routine legal proceedings. The Company believes the ultimate disposition or resolution of its routine legal proceedings will not have a material adverse effect on its financial position, results of operations or liquidity. Content Licensing Agreements In the second quarter of 2021, the Company entered into Content Licensing Agreements (the “Agreements”) with two third-party gambling content providers (“Content Providers”) specializing in developing and licensing interactive games. The Agreements grant the Company exclusive rights to use and distribute the online gaming content in North America. Each of the Content Providers is committed to developing a minimum number of games for the Company’s exclusive use over the five -year term, subject to extensions, of the respective Agreement. In exchange, the Company is required to pay fixed fees, totaling $ 48.5 million, of which $ 8.5 million were due upon execution of the Agreements, and the remaining fixed fees are paid systematically over the initial five-year terms. Additional payments could be required if the Company’s total revenue generated from the licensed content exceed certain stipulated thresholds. Under the terms of the Agreements, the Content Providers are to remit the cash flows from the online gambling content with its existing customers to the Company during the exclusivity period. The Agreements provide that the games software will reside and be deployed from the suppliers’ remote gaming servers. Although the Company could run the games software on its platform, the Company does not have the contractual right to take possession of the software and ownership of the software does not transfer to the Company. The Company is accounting for the respective hosting arrangements as service contracts. The Company expects to have access to the available gaming content on the remote gaming servers in the fourth quarter of 2021. Total fixed service fees under the Agreements, net of payments received from the Content Providers, will be expensed ratably over the term of the Agreements commencing upon initial access to the remote gaming servers. Any variable payments required upon reaching certain revenue milestones to the Content Providers will be expensed in the period incurred. As of September 30, 2021, the Company has recorded prepaid service fees of $ 8.5 million in Other assets in the condensed consolidated balance sheet. The Company expects to make fixed payments of $ 8.0 8.0

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Due to the inherent uncertainties involved in making estimates, actual results could differ from the original estimates, and may require significant adjustments to these reported balances in the future periods.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the results of the Parent and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Foreign Currency Translation and Transactions	Foreign Currency Translation and Transactions The Company’s reporting currency is the U.S. Dollar while the Company’s foreign subsidiaries use their local currencies as their functional currencies. The assets and liabilities of foreign subsidiaries are translated to U.S. Dollars based on the current exchange rate prevailing at each reporting period. Revenue and expenses are translated into U.S. Dollars using the average exchange rates prevailing for each period presented. Translation adjustments that arise from translating a foreign subsidiary’s financial statements from their functional currency to U.S. Dollars are reported as a separate component of accumulated other comprehensive loss in stockholders’ equity. Gains and losses arising from transactions denominated in a currency other than the functional currency are included in General and administrative expense in the condensed consolidated statements of operations as incurred. Foreign currency transaction and remeasurement gains and losses were a net gain (loss) of $ (589) (379) (761) 613
Risks and Uncertainties – COVID-19	Risks and Uncertainties – COVID-19 The coronavirus disease 2019 (“COVID-19”) pandemic, which was declared a national emergency in the United States in March 2020, has significantly impacted the economic conditions and financial markets around the world. The closure of land-based casinos, social distancing, shelter-in-place, and similar restrictions implemented in response to the COVID-19 pandemic led to increases in the Company’s existing and new player activity in its online iGaming offerings as compared to historic trends, primarily at the start of the second quarter of 2020. Player activity in connection with the iGaming business has generally returned to pre-pandemic levels, or in certain cases, has increased, following the re-opening of land-based casinos and easing of local restrictions. GAN LIMITED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (in thousands, except share and per share amounts) While the Company’s iGaming business has proven resilient during the pandemic, uncertainties continue to exist as it relates to the magnitude of impact and duration of the COVID-19 pandemic. The ultimate impact of the pandemic on the Company’s future operating results is unknown and will depend, in part, on the length of time COVID-19 disruptions exist and the subsequent behavior of players after restrictions are fully lifted. A recurrence of COVID-19 cases or an emergence of additional variants could adversely impact the Company’s future financial results, though results from the Company’s iGaming business may partially offset any potential reduction to the Company’s sports betting transactions resulting from the suspension or cancellation of sporting events. The Company has considered the impact of COVID-19 on its accounting policies, judgments and estimates as part of the preparation of these condensed consolidated financial statements. Management and the Board of Directors are monitoring the impacts of COVID-19 on the Company’s operations and have not identified any major operational challenges through the date of issuance of these condensed consolidated financial statements. The Company has not experienced significant impacts to its liquidity to date. COVID-19 may impact the Company’s ability to access capital to the extent it affects the U.S. capital markets. The Company has assessed the extent to which COVID-19 has impacted events after the reporting date and has not identified additional items to disclose as a result.
Revenue Recognition	Revenue Recognition Platform and Content Fees The Company’s platform and content fee revenues are generated primarily from its internet gambling SaaS platform, GameSTACK, that its customers use to provide access to real money and simulated internet gaming, and online sports betting. The Company enters into hosted service agreements with its customers, that generally range from three five GAN LIMITED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (in thousands, except share and per share amounts) In certain service agreements with SIM customers, the Company receives the fees for in-game virtual credit purchases made by end-user players and remits payment to the SIM customer for their share of the SIM revenues generated from the Company’s platform. At September 30, 2021 and December 31, 2020, the Company has recorded a liability of $ 2,107 2,520 The Company’s promise to provide access to the SaaS platform and content licensing services on the hosted software is a single performance obligation. This performance obligation is recognized over time, as the Company provides services to its customer in its delivery of services to the player end user. The Company’s customers simultaneously receive and consume the benefits provided by the Company as it delivers services to its customers. The transaction price is considered variable consideration. Amounts due from the Company’s casino operator customers are generally due thirty days from the date of invoice. The Company’s RMiG and SIM enterprise software platform offerings include iGaming content licensing services. The GameSTACK platform is capable of supporting, and is available to the customer, for both proprietary and third-party licensed gaming content. The customer, in this case the casino operator, generally controls the determination of which gaming content will be offered in their online casinos. A customer can utilize the Company’s proprietary or licensed gaming content, or a customer can direct the Company to procure third-party gaming content on its behalf. The Company has determined it acts as the principal for providing the content licensing services when the Company controls the gaming content, and therefore presents the revenue on a gross basis in the consolidated statements of operations. When the customer directs the Company to procure third-party gaming content, the Company has determined it is deemed an agent for providing the content licensing services, and therefore, records the revenue, net of licensing costs paid to the suppliers of that gaming content, in the condensed consolidated statements of operations. Gaming The Company operates the B2C gaming site www.Coolbet.com outside of the U.S., which is built on proprietary software and includes the following product offerings: sportsbook, poker, casino, live casino and virtual sports. The Company manages an online sportsbook allowing users to place various types of wagers on the outcome of sporting events conducted around the world. The Company operates as the bookmaker and offers fixed odds wagering on such events. When a user’s wager wins, the Company pays the user a pre-determined amount known as fixed odds. Revenue from sportsbook is reported net after deduction of player winnings and bonuses. Revenue from wagers is recognized when the outcome of the event is known. The Company offers live casino through its digital online casino offering in select markets, allowing users to place a wager and play games virtually at retail casinos. The Company offers users a catalog of over 2,000 Peer-to-peer poker offerings allow users to play poker against one another on the Company’s online poker platform for prize money. Revenue from poker is reported at rake, less tournament costs and customer bonuses. In each of the online gaming products, a single performance obligation exists at the time a wager is made to operate the games and award prizes or payouts to users based on a particular outcome. Revenue is recognized at the conclusion of each contest, wager, or wagering game hand. Additionally, certain incentives given to users, for example, that allow the user to make an additional wager at a reduced price, may provide the user with a material right which gives rise to a separate performance obligation. Such user incentives are recognized as a reduction to revenue upon redemption or as revenue when the incentive expires. GAN LIMITED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (in thousands, except share and per share amounts) Development Services Gaming Development Services The Company generates revenue from fees for development of custom games for use on its RMiG and SIM platforms. The development revenue is recognized at the point in time when control of the game is transferred, typically the earlier of the customer’s acceptance or upon receipt of the certification of the game. Platform Development Services Platform development services consist of fees charged for initial deployment of iGaming solutions, as well as ongoing development services to provide updates to the software for enhanced functionality or customization. Development services fees for the initial deployments of the iGaming solutions are typically charged at a fixed fee. Ongoing platform development services are typically billed monthly, at a daily rate, for services performed. Revenue from platform development services is recognized over time as the Company performs the services. For development services charged at a daily rate, revenue is measured using an input method based on effort expended, which uses direct labor hours incurred. As the performance obligations in these instances relate to the provision of development services over time, this method best reflects the transfer of control as the Company performs. In contracts that require a portion of the consideration to be received in advance, at the commencement of the contract, such advance payment is initially recorded as a contract liability. Computer Hardware Sales The Company resells third-party hardware, such as computing servers and other technical devices, that are owned by the casino operators upon which the GameSTACK software platform is installed and accessed by its customers. Customers cannot take possession of the hosted software even when hosted on hardware that is owned by the customer or on third-party hardware. These products are not required to be purchased in order to access the GameSTACK platform but are sold as a convenience to the customer. Revenue is recognized at the point in time when control of the hardware transfers to the customer. Control is transferred after the hardware has been procured, delivered, installed at the client’s premises and configured to allow for remote access. The Company has determined that it is acting as the principal in these transactions as it takes responsibility for procuring, delivering, installing and configuring the hardware at the customer’s location and takes control of the hardware, prior to transfer. Revenue is presented at the gross amount of consideration to which it is entitled from the customer in exchange for the hardware. Patent Licensing Revenue The Company generates revenue from time to time from the licensing of its U.S. patent, which governs the linkage of on-property reward cards to their counterpart internet gambling accounts together with bilateral transmission of reward points between the internet gambling technology system and the land-based casino management system present in all U.S. casino properties. The nature of the promise in transferring the license is to provide a right to use the patent as it exists. The Company does not have to undertake activities to change the functionality of the patent during the license period and the license has significant stand-alone functionality. Therefore, the Company recognizes the revenue from the license of the patent, at the point in time when control of the license is transferred to the customer. Control is determined to transfer at the point in time the customer is able to use and benefit from the license. GAN LIMITED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (in thousands, except share and per share amounts) Contracts with Multiple Performance Obligations For customer contracts that have more than one performance obligation, the transaction price is allocated to the performance obligations in an amount that depicts the relative stand-alone selling prices of each performance obligation. Judgment is required in determining the stand-alone selling price for each performance obligation. In determining the allocation of the transaction price, an entity is required to maximize the use of observable inputs. When the stand-alone selling price of a good or service is not directly observable, an entity is required to estimate the stand-alone selling price. Customer contracts can include platform and content services as well as development services or hardware sales. The variable consideration is allocated entirely to the performance obligation for platform and content services as the variable consideration is allocable specifically to the delivery of the services in the period and the allocation is consistent with the allocation objective. For gaming, the Company allocates a portion of the user’s wager to incentives that create material rights that are redeemed or expired in the future. The allocated revenue for gaming wagers is primarily recognized when the wagers occur because all such wagers settle immediately. The Company applies a practical expedient by accounting for revenue from gaming on a portfolio basis because such wagers have similar characteristics, and the Company reasonably expects the effects on the financial statements of applying the revenue recognition guidance to the portfolio to not differ materially from that which would result if applying the guidance to an individual wagering contract.
Cash	Cash The Company is required to maintain minimum cash balances to satisfy its liabilities to users. Such balances are included within Cash in the condensed consolidated balance sheets and are not subject to creditor claims.
Goodwill	Goodwill Goodwill represents the excess of the fair value of the consideration transferred over the estimated fair values of the identifiable assets acquired and liabilities assumed on the acquisition date. As disclosed in Note 4, the Company has recorded goodwill in connection with the acquisition of Coolbet on January 1, 2021. Goodwill is not amortized, but rather is reviewed for impairment annually or more frequently if facts or circumstances indicate that the carrying value may not be recoverable. The Company has determined that it has two If the quantitative impairment test for goodwill is deemed necessary, this quantitative impairment analysis compares the fair value of the Company’s reporting unit to its related carrying value. If the fair value of the reporting unit is less than its carrying amount, goodwill is written down to the fair value and an impairment loss is recognized. If the fair value of the reporting unit exceeds its carrying amount, no further analysis is required. Fair value of the reporting unit is determined using valuation techniques, primarily using discounted cash flow analysis. GAN LIMITED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (in thousands, except share and per share amounts) The Company performs its annual impairment review of goodwill as of October 1 st
Long-lived Assets	Long-lived Assets Long-lived assets, except goodwill, consist of property and equipment, and finite lived acquired intangible assets, such as developed software, gaming licenses, trademarks, trade names and customer relationships. Intangible assets are amortized on a straight-line basis over their estimated useful lives. The Company considers the period of expected cash flows and underlying data used to measure the fair value of the intangible assets when selecting the estimated useful lives. The fair value of the acquired intangible assets is primarily determined using the income approach. In performing these valuations, the Company’s key underlying assumptions used in the discounted cash flows were projected revenue, gross margin expectations and operating cost estimates. There are inherent uncertainties and management judgment is required in these valuations. Acquired in-process technology consists of a proprietary technical platform. The Company reviews the in-process technology for impairment at least annually or more frequently if an event occurs creating the potential for impairment, until such time as the in-process technology efforts are completed. When completed, the developed technology will be amortized over its estimated useful life based on an amortization method that reflects the pattern in which the economic benefits of the intangible assets are consumed or otherwise realized. The technology is expected to be completed in the first half of 2022. Long-lived assets, except goodwill, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company compares the undiscounted cash flows expected to be generated by that asset or asset group to their carrying amount. If the carrying amount of the long-lived asset or asset group are not recoverable on an undiscounted cash flow basis, an impairment charge is recognized to the extent that the carrying amount exceeds fair value. Fair value is determined through various techniques, such as discounted cash flow models using probability weighted estimated future cash flows and the use of valuation specialists.
Capitalized Software Development Costs, net	Capitalized Software Development Costs, net The Company capitalizes certain development costs related to its software platforms during the application development stage. Costs associated with preliminary project activities, training, maintenance and all other post implementation stage activities are expensed as incurred. Software development costs are capitalized when application development begins, it is probable that the project will be completed, and the software will be used as intended. The Company capitalizes certain costs related to specific upgrades and enhancements when it is probable that expenditures will result in additional functionality of the platform to its customers. The capitalization policy provides for the capitalization of certain payroll and payroll related costs for employees who spent time directly associated with development and enhancements of the software platform. Capitalized software development costs are amortized on a straight-line basis over their estimated useful lives, which is generally three GAN LIMITED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (in thousands, except share and per share amounts)
Liabilities to Users	Liabilities to Users The Company records liabilities for user account balances. User account balances consist of user deposits, promotional awards and user winnings less user withdrawals and user losses.
Share-based Compensation	Share-based Compensation Share-based compensation expense is recognized for stock options and restricted stock issued to employees and non-employee members of the Company’s Board of Directors based on the fair value of these awards on the date of grant. The fair value of the stock options is estimated using a Black-Scholes option pricing model and the fair value of the restricted stock (restricted stock awards and restricted stock units) is based on the market price of the Company’s stock on the date of grant. The Company’s stock options and restricted stock issued are considered equity awards and include only service conditions. Share-based compensation is recorded over the requisite service period, generally defined as the vesting period. For awards with graded vesting and only service conditions, compensation cost is recorded on a straight-line basis over the requisite service period of the entire award. Forfeitures are recorded in the period in which they occur.
Reclassifications of Prior Period Amounts	Reclassifications of Prior Period Amounts Certain prior period amounts have been reclassified to conform to the current period presentation. Specifically, due to the Coolbet acquisition in 2021, the Company has reclassified certain balances that were previously presented in separate balance sheet captions to Other current assets, Other assets, Accrued expenses, Other current liabilities and Other liabilities in the condensed consolidated balance sheet as of December 31, 2020. These reclassifications had no impact on previously disclosed amounts for current assets, current liabilities, total assets and total liabilities.

ACQUISITION OF VINCENT GROUP _2

ACQUISITION OF VINCENT GROUP P.L.C. (Tables)	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
SUMMARY OF CONSIDERATION TRANSFERRED	Fair value of the consideration transferred: SUMMARY OF CONSIDERATION TRANSFERRED Cash paid to Vincent Group shareholders $ 111,168 Restricted ordinary shares issued to Vincent Group shareholders (1) 106,683 Replacement equity-based awards to holders of Vincent Group equity-based awards (2) 297 Total $ 218,148 (1) The share consideration represents 5,260,516 20.28 (2) The replacement equity-based awards consist of options to purchase 67,830
SUMMARY OF FAIR VALUES OF ASSETS ACQUIRED AND LIABILITIES ASSUMED	Recognized amounts of identifiable assets acquired and liabilities assumed at fair value: SUMMARY OF FAIR VALUES OF ASSETS ACQUIRED AND LIABILITIES ASSUMED Cash $ 18,714 Prepaid expenses and other current assets 1,512 Property and equipment 343 Operating lease right-of-use assets 416 Intangible assets 50,570 Other assets 73 Accounts payable (1,182 ) Liabilities to users (5,373 ) Other current liabilities (1,797 ) Operating lease liabilities (167 ) Deferred income taxes (2,373 ) Noncurrent operating lease liabilities (231 ) Total identifiable net assets 60,505 Goodwill 157,643 Total identifiable assets acquired and liabilities assumed including goodwill, net $ 218,148
SUMMARY OF INTANGIBLE ASSETS ACQUIRED	Identifiable intangible assets acquired as part of the acquisition, including their respective expected useful lives, were as follows: SUMMARY OF INTANGIBLE ASSETS ACQUIRED Estimated useful life (in years) Fair Value Developed technology 3 $ 29,600 In-process developed technology — 8,800 Customer relationships 3 5,900 Trade names and trademarks 10 5,800 Gaming licenses various 470 $ 50,570
PRO FORMA OPERATING RESULTS	PRO FORMA OPERATING RESULTS Three Months Ended Nine Months Ended Revenue $ 18,437 $ 47,181 Net loss $ (5,072 ) $ (20,393 ) Loss per share, basic and diluted $ (0.15 ) $ (0.66 )

CAPITALIZED SOFTWARE DEVELOPM_2

CAPITALIZED SOFTWARE DEVELOPMENT COSTS, NET (Tables)	9 Months Ended
	Sep. 30, 2021
Research and Development [Abstract]
SCHEDULE OF CAPITALIZED COMPUTER SOFTWARE COSTS, NET	Capitalized software development costs, net at September 30, 2021 and December 31, 2020 consisted of the following: SCHEDULE OF CAPITALIZED COMPUTER SOFTWARE COSTS, NET September 30, December 31, 2020 Capitalized software development costs $ 32,957 $ 26,507 Development in progress 6,106 2,641 Total capitalized software development costs 39,063 29,148 Less: accumulated amortization (24,851 ) (22,500 ) Total $ 14,212 $ 6,648

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
SCHEDULE OF GOODWILL	The changes in the carrying amount of goodwill, by segment, for the nine months ended September 30, 2021 were as follows: SCHEDULE OF GOODWILL B2B B2C Total Balance at January 1, 2021 $ — $ — $ — Goodwill acquired in Coolbet acquisition 67,547 92,138 159,685 Reallocation of goodwill (1) 10,859 (10,859 ) — Measurement period adjustments (Note 4) (1,003 ) (1,039 ) (2,042 ) Effect of foreign currency translation (3,894 ) (4,734 ) (8,628 ) Balance at September 30, 2021 $ 73,509 $ 75,506 $ 149,015 (1) During the third quarter of 2021, the preliminary allocation of goodwill was refined to allocate the goodwill between the segments based on each reporting unit’s estimated relative enterprise value, and their respective acquired assets and assumed liabilities. The acquired assets include intangible assets that are expected to be used within the Company’s B2C and B2B segments.
SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS	Definite-lived intangible assets, net consisted of the following: SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS September 30, 2021 Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology 3.0 $ 28,038 $ (7,010 ) $ 21,028 In-process technology — 8,336 — 8,336 Customer relationships 3.0 5,589 (1,397 ) 4,192 Trade names and trademarks 10.0 5,828 (751 ) 5,077 Gaming licenses 6.6 2,005 (1,117 ) 888 $ 49,796 $ (10,275 ) $ 39,521 December 31, 2020 Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trade names and trademarks 3.0 $ 343 $ (343 ) $ — Gaming licenses 5.3 1,366 (898 ) 468 $ 1,709 $ (1,241 ) $ 468

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	9 Months Ended
	Sep. 30, 2021
Payables and Accruals [Abstract]
SCHEDULE OF ACCRUED EXPENSES	Accrued expenses consisted of the following: SCHEDULE OF ACCRUED EXPENSES September 30, 2021 December 31, 2020 Content licensing fees $ 2,304 $ 1,984 Income taxes 2,794 17 Sales taxes 1,267 756 Other 583 606 Total $ 6,948 $ 3,363

OTHER CURRENT LIABILITIES (Tabl

OTHER CURRENT LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2021
Other Liabilities Disclosure [Abstract]
SCHEDULE OF OTHER CURRENT LIABILITIES	Other current liabilities consisted of the following: SCHEDULE OF OTHER CURRENT LIABILITIES September 30, 2021 December 31, 2020 Revenue share due to SIM customers $ 2,107 $ 2,520 Contract liabilities 586 1,083 Operating lease liabilities 491 262 Other 866 202 Total $ 4,050 $ 4,067

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
SCHEDULE OF SHARE-BASED COMPENSATION, OPTION ACTIVITY	A summary of the stock option activity as of and for the nine months ended September 30, 2021 is as follows: SCHEDULE OF SHARE-BASED COMPENSATION, OPTION ACTIVITY Number of Shares Weighted Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2020 3,061,859 $ 8.06 8.5 $ 37,410 Granted 1,798,140 21.91 Exercised (279,128 ) 2.96 Forfeited/expired or cancelled (311,890 ) 21.28 Outstanding at September 30, 2021 4,268,981 $ 13.26 8.2 $ 21,757 Options exercisable at September 30, 2021 1,943,931 $ 5.41 7.1 $ 19,631
SCHEDULE OF SHARE-BASED COMPENSATION, FAIR VALUE ASSUMPTIONS	The grant date fair value of each stock option grant was determined using the following weighted average assumptions: SCHEDULE OF SHARE-BASED COMPENSATION, FAIR VALUE ASSUMPTIONS Nine Months Ended 2021 2020 Expected stock price volatility 61.38 % 72.64 % Expected term (in years) 4.95 5.0 Risk-free interest rate 0.75 % 0.33 % Dividend yield 0 % 0 %
SCHEDULE OF SHARE BASED COMPENSATION, UNIT ACTIVITY	A summary of the restricted stock unit activity as of and for the nine months ended September 30, 2021 is as follows: SCHEDULE OF SHARE BASED COMPENSATION, UNIT ACTIVITY Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2020 — $ — Granted 10,358 25.10 Vested (7,768 ) 25.10 Forfeited/expired or cancelled — — Outstanding at September 30, 2021 2,590 $ 25.10

INTEREST EXPENSE, NET (Tables)

INTEREST EXPENSE, NET (Tables)	9 Months Ended
	Sep. 30, 2021
SCHEDULE OF INTEREST EXPENSE, NET	Interest expense, net consisted of the following: SCHEDULE OF INTEREST EXPENSE, NET Three Months Ended Nine Months Ended 2021 2020 2021 2020 Interest expense (1) $ — $ 2 $ 1 $ 395 Interest income — — — (3 ) Interest expense, net $ — $ 2 $ 1 $ 392 (1) Interest expense includes interest on a related party loan of $ 385

LOSS PER SHARE (Tables)

LOSS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
SCHEDULE OF ANTI-DILUTIVE STOCK EXCLUDED FROM COMPUTATION OF DILUTED EARNINGS PER SHARE	SCHEDULE OF ANTI-DILUTIVE STOCK EXCLUDED FROM COMPUTATION OF DILUTED EARNINGS PER SHARE Three Months Ended Nine Months Ended 2021 2020 2021 2020 Stock options 4,268,981 3,146,059 4,268,981 3,146,059 Restricted stock awards — 93,680 — 93,680 Restricted stock units 2,590 — 2,590 — Total 4,271,571 3,239,739 4,271,571 3,239,739

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
SCHEDULE OF REVENUE RECOGNIZED IN LINE WITH THE TIMING OF TRANSFER OF SERVICES	The following table reflects revenue recognized for the three and nine months ended September 30, 2021 and 2020 in line with the timing of transfer of services: SCHEDULE OF REVENUE RECOGNIZED IN LINE WITH THE TIMING OF TRANSFER OF SERVICES Three Months Ended Nine Months Ended 2021 2020 2021 2020 Revenue recognized at a point in time $ 22,671 $ 788 $ 64,840 $ 888 Revenue from services delivered over time 9,590 9,478 29,891 25,371 Total $ 32,261 $ 10,266 $ 94,731 $ 26,259
SCHEDULE OF CONTRACT WITH CUSTOMERS	The following table reflects contract liabilities arising from cash consideration received in advance from customers for the periods presented: SCHEDULE OF CONTRACT WITH CUSTOMERS Three Months Ended Nine Months Ended 2021 2020 2021 2020 Contract liabilities from advance customer payments, beginning of the period $ 581 $ 1,865 $ 1,083 $ 3,023 Contract liabilities from advance customer payments, end of the period 586 1,561 586 1,561 Revenue recognized from amounts included in contract liabilities from advance customer payments at the beginning of the period — 1,187 403 2,201

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue, Major Customer [Line Items]
SCHEDULE OF FINANCIAL INFORMATION FOR REPORTABLE SEGMENTS	Summarized financial information by reportable segments for the three and nine months ended September 30, 2021 and 2020 is as follows: SCHEDULE OF FINANCIAL INFORMATION FOR REPORTABLE SEGMENTS Three Months Ended September 30, 2021 2020 B2B B2C Total B2B B2C Total Revenue $ 11,168 $ 21,093 $ 32,261 $ 10,266 $ — $ 10,266 Cost of revenue (1) 3,583 7,218 10,801 3,083 — 3,083 Segment gross profit $ 7,585 $ 13,875 $ 21,460 $ 7,183 $ — $ 7,183 (1) Nine Months Ended September 30, 2021 2020 B2B B2C Total B2B B2C Total Revenue $ 35,344 $ 59,387 $ 94,731 $ 26,259 $ — $ 26,259 Cost of revenue (1) 8,632 21,244 29,876 6,898 — 6,898 Segment gross profit $ 26,712 $ 38,143 $ 64,855 $ 19,361 $ — $ 19,361 (1) Excludes depreciation and amortization
RECONCILIATION OF CONSOLIDATED SEGMENT PROFIT TO CONSOLIDATED INCOME (LOSS) BEFORE INCOME TAXES	The following table presents a reconciliation of segment gross profit to consolidated loss before income taxes for the three and nine months ended September 30, 2021 and 2020: RECONCILIATION OF CONSOLIDATED SEGMENT PROFIT TO CONSOLIDATED INCOME (LOSS) BEFORE INCOME TAXES Three Months Ended Nine Months Ended 2021 2020 2021 2020 Segment gross profit (1) $ 21,460 $ 7,183 $ 64,855 $ 19,361 Sales and marketing 5,657 1,277 15,238 3,782 Product and technology 4,634 1,896 13,539 8,093 General and administrative (1) 12,895 6,120 35,232 16,297 Depreciation and amortization 4,646 804 12,758 2,373 Interest expense, net — 2 1 392 Loss before income taxes $ (6,372 ) $ (2,916 ) $ (11,913 ) $ (11,576 ) (1) Excludes depreciation and amortization
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: SCHEDULE OF DISAGGREGATION OF REVENUE BY PRODUCTS AND SERVICES FOR EACH SEGMENT Three Months Ended Nine Months Ended 2021 2020 2021 2020 B2B: Platform and content fees $ 8,743 $ 6,914 $ 27,252 $ 19,269 Development services and other 2,425 3,352 8,092 6,990 Total B2B revenue $ 11,168 $ 10,266 $ 35,344 $ 26,259 B2C: Sportsbook $ 7,886 $ — $ 27,794 $ — Casino 12,323 — 29,306 — Poker 884 — 2,287 — Total B2C revenue $ 21,093 $ — $ 59,387 $ — Total revenue $ 32,261 $ 10,266 $ 94,731 $ 26,259
SCHEDULE OF DISAGGREGATION OF REVENUE BY LOCATION	The following table reflects revenue recognized for the three and nine months ended September 30, 2021 and 2020 in line with the timing of transfer of services: SCHEDULE OF REVENUE RECOGNIZED IN LINE WITH THE TIMING OF TRANSFER OF SERVICES Three Months Ended Nine Months Ended 2021 2020 2021 2020 Revenue recognized at a point in time $ 22,671 $ 788 $ 64,840 $ 888 Revenue from services delivered over time 9,590 9,478 29,891 25,371 Total $ 32,261 $ 10,266 $ 94,731 $ 26,259
Customer [Member]
Revenue, Major Customer [Line Items]
SCHEDULE OF DISAGGREGATION OF REVENUE BY LOCATION	Revenue by location of the customer for the three and nine months ended September 30, 2021 and 2020 was as follows: SCHEDULE OF DISAGGREGATION OF REVENUE BY LOCATION Three Months Ended Nine Months Ended 2021 2020 2021 2020 United States $ 9,100 $ 8,662 $ 29,181 $ 21,957 Europe 11,598 1,594 36,855 4,272 Latin America 9,854 — 23,711 — Rest of the world 1,709 10 4,984 30 Total $ 32,261 $ 10,266 $ 94,731 $ 26,259

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
SCHEDULE OF INCOME TAX PROVISION	The provision for income taxes for the three and nine months ended September 30, 2021 and 2020 consisted of the following: SCHEDULE OF INCOME TAX PROVISION Three Months Ended Nine Months Ended 2021 2020 2021 2020 Domestic (Bermuda) $ — $ — $ — $ — Foreign (Non-Bermuda) 1,548 (3 ) 3,201 312 Total $ 1,548 $ (3 ) $ 3,201 $ 312

NATURE OF OPERATIONS (Details N

NATURE OF OPERATIONS (Details Narrative)	9 Months Ended
	Sep. 30, 2021Integer
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	2

BASIS OF PRESENTATION (Details

BASIS OF PRESENTATION (Details Narrative) $ / shares in Units, £ in Thousands, $ in Thousands	May 05, 2020USD ($)$ / sharesshares	May 05, 2020GBP (£)shares
Accounting Policies [Abstract]
Shares issued per share of acquiree (in shares) | shares	4	4
Aggregate cash paid for partial shares	$ 2,525	£ 2,004
Cash paid for partial shares (in pence per share) | $ / shares	$ 2.32

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)Integer	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)Integer	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Property, Plant and Equipment [Line Items]
Foreign currency transaction and remeasurement gains and losses, net | $	$ (589)	$ (379)	$ (761)	$ 613
Revenue share due to SIM customers | $	$ 2,107		$ 2,107		$ 2,520
Number of third-party iGaming products available | Integer	2,000		2,000
Number of reporting units | Integer			2
Software and Software Development Costs [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)			3 years
Minimum [Member]
Property, Plant and Equipment [Line Items]
Term of service agreements			3 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Term of service agreements			5 years

SUMMARY OF CONSIDERATION TRANSF

SUMMARY OF CONSIDERATION TRANSFERRED (Details) - Vincent Group P.L.C. [Member] $ in Thousands	Jan. 02, 2021USD ($)
Business Acquisition [Line Items]
Cash paid to Vincent Group shareholders	$ 111,168
Replacement equity-based awards to holders of Vincent Group equity-based awards	297	[1]
Total	218,148
Restricted Stock [Member]
Business Acquisition [Line Items]
Restricted ordinary shares issued to Vincent Group shareholders	$ 106,683	[2]
[1]	The replacement equity-based awards consist of options to purchase 67,830
[2]	The share consideration represents 5,260,516 20.28

SUMMARY OF CONSIDERATION TRAN_2

SUMMARY OF CONSIDERATION TRANSFERRED (Details) (Parenthetical) - $ / shares	Jan. 02, 2021	Sep. 30, 2021
Business Acquisition [Line Items]
Shares issued as partial consideration for acquisition (in shares)	5,260,516
Replacement equity-based awards (in shares)	67,830	67,830
Vincent Group P.L.C. [Member]
Business Acquisition [Line Items]
Share price of ordinary shares issued (in dollars per share)	$ 20.28

SUMMARY OF FAIR VALUES OF ASSET

SUMMARY OF FAIR VALUES OF ASSETS ACQUIRED AND LIABILITIES ASSUMED (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jan. 02, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 149,015	$ 159,685
Vincent Group P.L.C. [Member]
Business Acquisition [Line Items]
Cash		18,714
Prepaid expenses and other current assets		1,512
Property and equipment		343
Operating lease right-of-use assets		416
Intangible assets		50,570
Other assets		73
Accounts payable		(1,182)
Liabilities to users		(5,373)
Other current liabilities		(1,797)
Operating lease liabilities		(167)
Deferred income taxes		(2,373)
Noncurrent operating lease liabilities		(231)
Total identifiable net assets		60,505
Goodwill	$ 157,643	157,643
Total identifiable assets acquired and liabilities assumed including goodwill, net		$ 218,148

SUMMARY OF INTANGIBLE ASSETS AC

SUMMARY OF INTANGIBLE ASSETS ACQUIRED (Details) - USD ($) $ in Thousands	Jan. 02, 2021	Sep. 30, 2021	Dec. 31, 2020
Vincent Group P.L.C. [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 50,570
Developed Technology [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	3 years
Fair Value	$ 29,600
In-Process Technology [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 8,800
Customer Relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	3 years	3 years
Fair Value	$ 5,900
Trademarks and Trade Names [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	10 years	10 years	3 years
Fair Value	$ 5,800
Gaming Licenses [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 470

PRO FORMA OPERATING RESULTS (De

PRO FORMA OPERATING RESULTS (Details) - Vincent Group P.L.C. [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Business Acquisition [Line Items]
Revenue	$ 18,437	$ 47,181
Net loss	$ (5,072)	$ (20,393)
Loss per share, basic and diluted	$ (0.15)	$ (0.66)

ACQUISITION OF VINCENT GROUP _3

ACQUISITION OF VINCENT GROUP P.L.C. (Details Narrative) - USD ($) $ in Thousands	Jan. 02, 2021	Sep. 30, 2021	Sep. 30, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill, Purchase Accounting Adjustments		$ 50
Amortization		447
Goodwill	$ 159,685	149,015	$ 149,015
Vincent Group P.L.C. [Member]
Business Acquisition [Line Items]
Business acquisition, purchse price	218,148
Goodwill, Purchase Accounting Adjustments		2,092
Finite-Lived Intangible Assets, Purchase Accounting Adjustments		2,200
Increase (Decrease) in Income Taxes		108
Deferred income tax liability	2,373
Goodwill	157,643	157,643	157,643
Acquisition related costs	$ 1,309		$ 290
Vincent Group P.L.C. [Member] | Developed Technology [Member]
Business Acquisition [Line Items]
Finite-Lived Intangible Assets, Purchase Accounting Adjustments		1,500
Vincent Group P.L.C. [Member] | In-Process Technology [Member]
Business Acquisition [Line Items]
Finite-Lived Intangible Assets, Purchase Accounting Adjustments		400
Vincent Group P.L.C. [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Finite-Lived Intangible Assets, Purchase Accounting Adjustments		$ 300

SCHEDULE OF CAPITALIZED COMPUTE

SCHEDULE OF CAPITALIZED COMPUTER SOFTWARE COSTS, NET (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Research and Development [Abstract]
Capitalized software development costs	$ 32,957	$ 26,507
Development in progress	6,106	2,641
Total capitalized software development costs	39,063	29,148
Less: accumulated amortization	(24,851)	(22,500)
Total	$ 14,212	$ 6,648

CAPITALIZED SOFTWARE DEVELOPM_3

CAPITALIZED SOFTWARE DEVELOPMENT COSTS, NET (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Research and Development [Abstract]
Amortization expense	$ 994	$ 667	$ 2,641	$ 2,038

SCHEDULE OF GOODWILL (Details)

SCHEDULE OF GOODWILL (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Indefinite-lived Intangible Assets [Line Items]
Goodwill, beginning balance
Goodwill acquired in Coolbet acquisition	159,685
Reallocation of goodwill		[1]
Measurement period adjustments	(2,042)
Effect of foreign currency translation	(8,628)
Goodwill, ending balance	149,015
Business to Business (B2B) [Member]
Indefinite-lived Intangible Assets [Line Items]
Goodwill, beginning balance
Goodwill acquired in Coolbet acquisition	67,547
Reallocation of goodwill	10,859	[1]
Measurement period adjustments	(1,003)
Effect of foreign currency translation	(3,894)
Goodwill, ending balance	73,509
Business To Consumer Segment (B2C) [Member]
Indefinite-lived Intangible Assets [Line Items]
Goodwill, beginning balance
Goodwill acquired in Coolbet acquisition	92,138
Reallocation of goodwill	(10,859)	[1]
Measurement period adjustments	(1,039)
Effect of foreign currency translation	(4,734)
Goodwill, ending balance	$ 75,506
[1]	During the third quarter of 2021, the preliminary allocation of goodwill was refined to allocate the goodwill between the segments based on each reporting unit’s estimated relative enterprise value, and their respective acquired assets and assumed liabilities. The acquired assets include intangible assets that are expected to be used within the Company’s B2C and B2B segments.

SCHEDULE OF FINITE-LIVED INTANG

SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	Jan. 02, 2021	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		$ 49,796	$ 1,709
Accumulated Amortization		(10,275)	(1,241)
Net Carrying Amount		39,521	$ 468
In-Process Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		8,336
Accumulated Amortization
Net Carrying Amount		$ 8,336
Developed Technology Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period		3 years
Gross Carrying Amount		$ 28,038
Accumulated Amortization		(7,010)
Net Carrying Amount		$ 21,028
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period	3 years	3 years
Gross Carrying Amount		$ 5,589
Accumulated Amortization		(1,397)
Net Carrying Amount		$ 4,192
Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period	10 years	10 years	3 years
Gross Carrying Amount		$ 5,828	$ 343
Accumulated Amortization		(751)	(343)
Net Carrying Amount		$ 5,077
License [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period		6 years 7 months 6 days	5 years 3 months 18 days
Gross Carrying Amount		$ 2,005	$ 1,366
Accumulated Amortization		(1,117)	(898)
Net Carrying Amount		$ 888	$ 468

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense related to capitalized development costs	$ 3,356	$ 29	$ 9,319	$ 97
Estimated amortization expense, remainder of fiscal year	3,007		3,007
Estimated amortization expense, 2022	12,019		12,019
Estimated amortization expense, 2023	12,000		12,000
Estimated amortization expense, 2024	644		644
Estimated amortization expense, 2025	$ 631		$ 631

SCHEDULE OF ACCRUED EXPENSES (D

SCHEDULE OF ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Content licensing fees	$ 2,304	$ 1,984
Income taxes	2,794	17
Sales taxes	1,267	756
Other	583	606
Total	$ 6,948	$ 3,363

SCHEDULE OF OTHER CURRENT LIABI

SCHEDULE OF OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Revenue share due to SIM customers	$ 2,107	$ 2,520
Contract liabilities	586	1,083
Operating lease liabilities	491	262
Other	866	202
Total	$ 4,050	$ 4,067

SCHEDULE OF SHARE-BASED COMPENS

SCHEDULE OF SHARE-BASED COMPENSATION, OPTION ACTIVITY (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Outstanding, beginning balance	3,061,859
Outstanding, beginning balance	$ 8.06
Weighted average contractual term, outstanding	8 years 2 months 12 days	8 years 6 months
Aggregate intrinsic value, outstanding	$ 37,410
Granted	1,798,140
Granted	$ 21.91
Exercised	(279,128)
Exercised	$ 2.96
Forfeited/expired or cancelled	(311,890)
Forfeited/expired or cancelled	$ 21.28
Outstanding, ending balance	4,268,981	3,061,859
Outstanding, ending balance	$ 13.26	$ 8.06
Aggregate intrinsic value, outstanding	$ 21,757	$ 37,410
Options, exercisable at end of period	1,943,931
Options, exercisable at end of period	$ 5.41
Weighted average contractual term, exercisable	7 years 1 month 6 days
Aggregate intrinsic value, exercisable	$ 19,631

SCHEDULE OF SHARE-BASED COMPE_2

SCHEDULE OF SHARE-BASED COMPENSATION, FAIR VALUE ASSUMPTIONS (Details)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Expected stock price volatility	61.38%	72.64%
Expected term (in years)	4 years 11 months 12 days	5 years
Risk-free interest rate	0.75%	0.33%
Dividend yield	0.00%	0.00%

SCHEDULE OF SHARE BASED COMPENS

SCHEDULE OF SHARE BASED COMPENSATION, UNIT ACTIVITY (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	Mar. 09, 2021	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares Outstanding, Beginning Balance
Weighted Average Grant Date Fair Value, Beginning Balance
Number of Shares, Granted		10,358
Weighted Average Grant Date Fair Value, Granted	$ 25.10	$ 25.10
Number of Shares, Vested		(7,768)
Weighted Average Grant Date Fair Value, Vested		$ 25.10
Number of Shares, Forfeited/expired or cancelled
Weighted Average Grant Date Fair Value, Forfeited/expired or cancelled
Number of Shares Outstanding, Ending Balance		2,590
Weighted Average Grant Date Fair Value, Ending Balance		$ 25.10

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Mar. 09, 2021	Jan. 02, 2021	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jan. 20, 2021	Dec. 31, 2020	Apr. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Replacement equity-based awards (in shares)		67,830				67,830
Recognized share-based compensation expense from acceleration of vesting							$ 3,881
Unrecognized share-based compensation expense				$ 20,944		$ 20,944
Period of recognition for unrecognized share based compensation expense						3 years 2 months 12 days
Weighted average grant date fair value of options granted				$ 8	$ 12.03	$ 11.49	$ 9.60
Deferred tax liability				$ 565		$ 565			$ 826
Decrease in liability for cash-settled share-based compensation				(58)	$ (416)	$ (239)	$ 2,407
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period of options						10 years
Options approved for issuance (in shares)						1,730,310
Share-based compensation expense recognized				1,758	650	$ 4,809	5,095
Share-based Payment Arrangement, Option [Member] | Minimum [Member] | Vincent Group P.L.C. [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected period of recognition for replacement stock option awards						1 year
Share-based Payment Arrangement, Option [Member] | Maximum [Member] | Vincent Group P.L.C. [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected period of recognition for replacement stock option awards						3 years
Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage						25.00%
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense recognized				$ 65		$ 195
Restricted stock issued	10,358
Vesting period	1 year
Grant date fair value of restricted stock	$ 25.10					$ 25.10
Restricted stock units vested						7,768
Restricted stock units outstanding				2,590		2,590
Unrecognized share-based compensation expense				$ 65		$ 65
Fair value of restricted stock units vested						195
Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Tranche Five [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense recognized				$ 0	$ 429	770	$ 504
Restricted stock issued			93,680
Vesting period			1 year
Grant date fair value of restricted stock			$ 18.19
Fair value of restricted stock units vested						$ 1,704
2020 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant										4,400,000
Percentage increase based on prior year's outstanding shares										4.00%
Number of shares remaining for future issuance				455,910		455,910		5,865,414
2020 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant				300,000		300,000
Employee Stock purchase plan, description						The ESPP provides initially for 300,000 ordinary shares to be sold and increases on February 1, 2022 and on each subsequent February 1 through and including February 1, 2030, equal to the lesser of (i) 0.25 percent of the number of ordinary shares issued and outstanding on the immediately preceding December 31, or (ii) 100,000 ordinary shares, or (iii) such number of ordinary shares as determined by the Board of Directors.
Closing trading price, percentage						85.00%

SCHEDULE OF INTEREST EXPENSE, N

SCHEDULE OF INTEREST EXPENSE, NET (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Interest Expense	[1]		$ 2	$ 1	$ 395
Interest income					(3)
Interest expense, net			$ 2	$ 1	$ 392
[1]	Interest expense includes interest on a related party loan of $ 385

SCHEDULE OF INTEREST EXPENSE,_2

SCHEDULE OF INTEREST EXPENSE, NET (Details) (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Interest expense, debt	$ 385

SCHEDULE OF ANTI-DILUTIVE STOCK

SCHEDULE OF ANTI-DILUTIVE STOCK EXCLUDED FROM COMPUTATION OF DILUTED EARNINGS PER SHARE (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	4,271,571	3,239,739	4,271,571	3,239,739
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	4,268,981	3,146,059	4,268,981	3,146,059
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total		93,680		93,680
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	2,590		2,590

SCHEDULE OF REVENUE RECOGNIZED

SCHEDULE OF REVENUE RECOGNIZED IN LINE WITH THE TIMING OF TRANSFER OF SERVICES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Total	$ 32,261	$ 10,266	$ 94,731	$ 26,259
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Total	22,671	788	64,840	888
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Total	$ 9,590	$ 9,478	$ 29,891	$ 25,371

SCHEDULE OF CONTRACT WITH CUSTO

SCHEDULE OF CONTRACT WITH CUSTOMERS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Contract liabilities from advance customer payments, beginning of the period	$ 581	$ 1,865	$ 1,083	$ 3,023
Contract liabilities from advance customer payments, end of the period	586	1,561	586	1,561
Revenue recognized from amounts included in contract liabilities from advance customer payments at the beginning of the period		$ 1,187	$ 403	$ 2,201

REVENUE (Details Narrative)

REVENUE (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 32,261	$ 10,266	$ 94,731	$ 26,259
Business to Business (B2B) [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 11,168	$ 10,266	$ 35,344	$ 26,259
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Business to Business (B2B) [Member]
Disaggregation of Revenue [Line Items]
Percentage of total revenue	14.70%	37.20%	13.40%	45.00%
Customer One [Member] | Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Business to Business (B2B) [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 4,747	$ 3,818	$ 12,661	$ 11,826
Development Services And Other [Member] | Business to Business (B2B) [Member]
Disaggregation of Revenue [Line Items]
Revenues	2,425	3,352	8,092	6,990
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenues	22,671	$ 788	64,840	$ 888
Transferred at Point in Time [Member] | Gaming Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenues	21,093		59,387
Transferred at Point in Time [Member] | Development Services And Other [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 1,578		$ 5,453

SCHEDULE OF FINANCIAL INFORMATI

SCHEDULE OF FINANCIAL INFORMATION FOR REPORTABLE SEGMENTS (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Revenue		$ 32,261	$ 10,266	$ 94,731	$ 26,259
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	[1]	10,801	3,083	29,876	6,898
Segment gross profit	[2]	21,460	7,183	64,855	19,361
Business to Business (B2B) [Member]
Segment Reporting Information [Line Items]
Revenue		11,168	10,266	35,344	26,259
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	[1]	3,583	3,083	8,632	6,898
Segment gross profit		7,585	7,183	26,712	19,361
Business To Consumer Segment (B2C) [Member]
Segment Reporting Information [Line Items]
Revenue		21,093		59,387
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	[1]	7,218		21,244
Segment gross profit		$ 13,875		$ 38,143
[1]	Excludes depreciation and amortization
[2]	Excludes depreciation and amortization

RECONCILIATION OF CONSOLIDATED

RECONCILIATION OF CONSOLIDATED SEGMENT PROFIT TO CONSOLIDATED INCOME (LOSS) BEFORE INCOME TAXES (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting [Abstract]
Operating Income (Loss) Excluding Depreciation And Amortization	[1]	$ 21,460	$ 7,183	$ 64,855	$ 19,361
Sales and marketing		5,657	1,277	15,238	3,782
Product and technology		4,634	1,896	13,539	8,093
General and Administrative Expense	[1]	12,895	6,120	35,232	16,297
Depreciation and amortization		4,646	804	12,758	2,373
Interest expense, net			2	1	392
Loss before income taxes		$ (6,372)	$ (2,916)	$ (11,913)	$ (11,576)
[1]	Excludes depreciation and amortization

SCHEDULE OF DISAGGREGATION OF R

SCHEDULE OF DISAGGREGATION OF REVENUE BY PRODUCTS AND SERVICES FOR EACH SEGMENT (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue from External Customer [Line Items]
Revenues	$ 32,261	$ 10,266	$ 94,731	$ 26,259
Business to Business (B2B) [Member]
Revenue from External Customer [Line Items]
Revenues	11,168	10,266	35,344	26,259
Business To Consumer Segment (B2C) [Member]
Revenue from External Customer [Line Items]
Revenues	21,093		59,387
Platform And Content Fees [Member] | Business to Business (B2B) [Member]
Revenue from External Customer [Line Items]
Revenues	8,743	6,914	27,252	19,269
Development Services And Other [Member] | Business to Business (B2B) [Member]
Revenue from External Customer [Line Items]
Revenues	2,425	3,352	8,092	6,990
Sports [Member] | Business To Consumer Segment (B2C) [Member]
Revenue from External Customer [Line Items]
Revenues	7,886		27,794
Casino [Member] | Business To Consumer Segment (B2C) [Member]
Revenue from External Customer [Line Items]
Revenues	12,323		29,306
Poker [Member] | Business To Consumer Segment (B2C) [Member]
Revenue from External Customer [Line Items]
Revenues	$ 884		$ 2,287

SCHEDULE OF DISAGGREGATION OF_2

SCHEDULE OF DISAGGREGATION OF REVENUE BY LOCATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	$ 32,261	$ 10,266	$ 94,731	$ 26,259
UNITED STATES
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	9,100	8,662	29,181	21,957
Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	11,598	1,594	36,855	4,272
Latin America [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	9,854		23,711
Rest of the World [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	$ 1,709	$ 10	$ 4,984	$ 30

SEGMENT REPORTING (Details Narr

SEGMENT REPORTING (Details Narrative) - Integer	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2019
Segment Reporting [Abstract]
Number of segments	1	1	2

SCHEDULE OF INCOME TAX PROVISIO

SCHEDULE OF INCOME TAX PROVISION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Provision for income taxes	$ 1,548	$ (3)	$ 3,201	$ 312
BERMUDA
Provision for income taxes
Other Tax Localities [Member]
Provision for income taxes	$ 1,548	$ (3)	$ 3,201	$ 312

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating Loss Carryforwards [Line Items]
Effective income tax rate	(24.30%)	0.10%	(26.90%)	(2.70%)
BERMUDA | Foreign Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Effective income tax rate	0.00%		0.00%

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - Chief Executive Officer [Member] £ in Thousands, $ in Thousands	1 Months Ended
	May 31, 2020USD ($)	May 31, 2020GBP (£)
Related Party Transaction [Line Items]
Minimum interest charge on related party loan facility		£ 300
Interest per annum	15.00%	15.00%
Interest expense paid to related party	$ 385	£ 300

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative) $ in Millions	3 Months Ended
	Jun. 30, 2021USD ($)Integer	Sep. 30, 2021USD ($)
Loss Contingencies [Line Items]
Contractual Obligation, Number of Gaming Manufacturers | Integer	2
Contractual Obligation, Term	5 years
Payment to be made fourth quarter 2021		$ 8
Payment to be made 2022		8
Payment to be made 2023		8
Payment to be made 2024		8
Payment to be made 2025		8
Service Fees [Member]
Loss Contingencies [Line Items]
Other Assets		$ 8.5
Licensing Agreements [Member]
Loss Contingencies [Line Items]
Payment Of Contractual Obligation	$ 48.5
Licensing Agreements [Member] | Execution [Member]
Loss Contingencies [Line Items]
Payment Of Contractual Obligation	$ 8.5