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  • May stock market sweep: RSI leads the pack with 40% price increase
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In May, the stock market saw no standout performance from the usual frontrunners. Rather, it was smaller companies like Rush Street Interactive (RSI), GAN, and Acroud that stole the spotlight.

Rush Street Interactive

Rush Street Interactive emerged as the standout performer on NEXT.io’s watchlist, boasting a share value gain of 40.06% in May.

The stock price surged from $6.39 at the end of April to $8.95 at the end of May.

A significant portion of this gain was driven by reports on 22 May that RSI is exploring strategic options, including a potential sale of the business.

According to anonymous sources quoted in Bloomberg, the US online gambling operator approached several potential buyers, including DraftKings.

The news spurred an 11.7% spike in RSI’s share price on the day, but it was not the only event that boosted the operator’s stock price in May.

At the beginning of the month, the operator saw a 15% increase, buoyed by strong results in its FY23 financial report.

For Q4 2023, the company reported a 17.1% year-on-year increase in revenue, which reached $193.9m.

This improved performance resulted in adjusted EBITDA of $11.5m, a significant turnaround from an adjusted EBITDA loss of $17.3m in the previous year.

Moreover, for the full-year 2023, the operator reported revenue of $691.2m, up 16.7% on 2022.

Adjusted EBITDA for the year came in at $8.2m, compared to an adjusted EBITDA loss of $91.8m in 2022.

Interestingly, RSI’s momentum also continued beyond May.

On 5 June, the stock hit a new 52-week high, reaching $9.42 during trading.


GAN’s share price saw a 14.41% increase in May, climbing from $1.18 at the end of April to $1.35 by the end of May.

This rise positioned the company as the standout performer in the supplier category.

The surge followed the release of GAN’s Q1 2024 financial results.

The company reported total revenue of $30.7m, a 13% year-on-year decline compared to the same period last year.

This decrease was primarily driven by a reduction in B2C segment revenue, which fell to $18.3m from $23.9m.

GAN attributed the decrease to reduced player activity and lower sports margins.

In contrast, revenue from the B2B segment increased to $12.3m, up from $11.3m in Q1 2023.

This growth was mainly due to the expansion of B2B offerings in Nevada.

Meanwhile, operating expenses saw a significant reduction, dropping to $24.6m from $31m.

This decrease was primarily due to overall cuts in compensation costs and headcount as part of ongoing cost-saving initiatives.

GAN reported a net loss of $4.2m, compared to a net income of $1.5m in the previous year.

However, last year’s results were bolstered by a one-time gain of $9.3m associated with an amended content licensing agreement.

Despite the net loss, GAN CEO Seamus McGill remained optimistic: “Our first quarter saw strong B2B revenue growth of nearly 10% as well as successful ongoing cost initiatives to reduce our overall operating expenses by 20%.”

“Our B2C revenues were impacted by a lower sports margin, though we are excited about the pending rollout of new products such as pre-built parlay bets and the upcoming major events like the European Championship as well as Copa America – one of the largest soccer tournaments in Latin America where Coolbet is particularly strong.”

McGill also stressed that the supplier continues to optimise how it operates the business as it works toward a successful closing of the merger with Sega Sammy.

GAN shareholders overwhelmingly approved the merger in February.  

More recently, the company submitted its application to the Committee on Foreign Investment in the US, as well as all applications with relevant gaming regulatory authorities.

“We continue to expect the transaction to close in late 2024 or early 2025,” McGill said.

This outlook and strategic initiatives have evidently been enough to maintain the firm’s share price, which has stayed above the $1.30 mark.


In the affiliate category, Acroud emerged as the surprise winner despite recording a zero percent share gain.

The company’s share price remained stable at SEK0.90 from the end of April to the end of May, despite a temporary dip to SEK0.76 on 21 May.

Other affiliate businesses experienced heavy losses in stock value, contrasting with Acroud’s relative stability.

For comparison, Catena Media fell by 31.11%, Better Collective saw a 17.6% decline, Raketech dropped by 15.91%, and Gambling.com Group decreased by 10.64%.

In May, Acroud reported a 2.15% year-on-year revenue increase for Q1 2024, reaching €9.5m.

Adjusted EBITDA (before items affecting comparability) was €1.2m, marking a 42% year-on-year decrease and a 12% decline quarter-on-quarter.

Acroud CEO Robert Andersson said despite the mixed results, the quartershowcased the resilience and strategic adaptability of Acroud.”

During the quarter, Acroud divested all its poker-related assets, a strategic decision prompted by the declining popularity of poker following its initial surge during the Covid-19 pandemic, and SEO challenges.

“This strategic move has not only streamlined our focus but also positively impacted our EBITDA, demonstrating that it was the right decision for our financial health,” Anderson said.

Moreover, Acroud highlighted it had put in place further cost-saving measures.

As part of this initiative, CEO Anderson said he had personally taken a salary reduction of over €100,000 annually.

The affiliate expects that these new cost savings, effective from Q2, will further enhance its financial performance.

Unlike some of its competitors, Acroud anticipates minimal long-term impact on its operations from the Google update released in early May.

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