Why GAN Stock Fell as Much as 10% Today

Shares of GAN (NASDAQ: GAN), which is focused on the online betting market, fell roughly 10% within the first hour of trading on May 18. By around 2 p.m. EDT the stock had worked back to a loss of roughly 6.5%, but it was still clear that the company's post-market earnings release on May 17 did not please investors.

GAN had a busy first quarter in 2021, including some important business developments. For example, it completed the acquisition of Coolbet, establishing a business-to-consumer (B2C) business to complement its core business-to-business (B2B) operations. In the B2B segment, it completed five partner launches, bringing its year-to-date total to 10, which is more than in all of 2020. Basically, GAN has been growing in important ways across the casino and sports betting spaces.

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Source Fool.com