GameAccount Network plc 
Annual report and accounts 2014
Realising our  
growth potential
GameAccount Network plc Annual report and accounts 2014 GameAccount Network plc is a leading 
provider of Internet Gaming Systems 
capable of being deployed anywhere in 
the world and containing a vibrant suite 
of proprietary award-winning Internet 
games and integrated third party games.
Founded in 2002 and based in London and 
Nevada, the team has over 100 gaming 
experts responsive to the demands of 
current and newly regulated markets and 
are equipped to meet the demands in 
Europe, the US and Australia through 
providing localised content.
Hugely experienced in the area of online 
gaming, GameAccount Network work with 
leading global operators delivering high 
quality gaming content across a range of 
casino table, slot and skill games in flash, 
mobile and native app format.
STRATEGIC REPORT
Highlights  01
GameAccount at a glance  02
Chairman’s report  04
Simulated Gaming™  05
Core business offerings  06
Market review & strategic direction  09
Chief Executive’s review  12
Financial and operational review  14
Principal risks and uncertainties  16
Corporate social responsibility  18
FINANCIAL STATEMENTS
Independent auditors’ report  
to the members of GameAccount 
Network plc  26
Consolidated statement  
of comprehensive income  27
Consolidated statement  
of financial position  28
Consolidated statement  
of changes in equity  29
Consolidated statement  
of cash flows  30
Company statement  
of financial position  31
Company statement  
of changes in equity  32
Company statement of cash flows  33
Notes to the financial statements  34
Company information  56
DIRECTORS’ REPORT
Board of Directors  20
Corporate governance statement 22
Directors’ report  23
Directors’ responsibilities  25 GameAccount Network plc  Annual report and accounts 2014 01
For more information, please visit: 
www.gameaccountnetwork.com/investors
Financial Overview
Strategic and operating developments
` ` Launched Simulated Gaming™ in the US and signed 
three (3) new US casino clients
` ` Post period end signed two (2) further Simulated 
Gaming™ clients in the US and launched Simulated 
Gaming™ for Parx Casino Pennsylvania and in 
Australia with a consortium of clubs
` ` Internet gaming platform delivered for Betfair in 
New Jersey
` ` Strategic patent awarded in support of Simulated 
Gaming™
` ` Launched new iSight Back Office™ in the US and 
Europe
` ` Invested in the US and UK infrastructure: Technical, 
Licensing, People and Patents
` ` Net Revenue of £7.5m (2013: £12.3m)
` ` Underlying Net Revenue increased 20% to £6.5m 
(2013: £5.4m) excluding system sales of £1.0m 
(2013: £6.9m)
` ` Clean EBITDA
1
 loss of £1.4m (2013: Earnings 
of £4.1m)
` ` Loss before tax of £2.6m (2013: Profit before tax of 
£1.6m) and loss per share of £0.05 (2013 EPS £0.04) 
` ` Strong balance sheet: cash and cash equivalents 
at the end of the year of £10.8m (2013: £16.9m)
` ` Net Assets at the end of the year of £15.2m 
(2013: £17.7m) 
1 Clean EBITDA is a ‘non-GAAP’ Company-specific measure and excludes interest, tax, depreciation, amortisation, share-based payment 
expense and other items which the directors consider to be non-recurring and one time in nature. 
NET REVENUE
(£ MILLION)
2014
2013
2012
7.5
12.3
5.5
PROFIT/(LOSS) AFTER TAX
(£ MILLION)
2014
2013
2012
-£2.6
1.1
0.1
CLEAN EBITDA
(£ MILLION)
2014
2013
2012
-£1.4
4.1
0.3
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS GameAccount Network plc  Annual report and accounts 2014 02
GameAccount 
at a glance
GameAccount Network has 
succeeded in highly regulated 
global markets where it has 
sustained a competitive advantage  
as a first mover and is successfully 
replicating this approach in 
regulated and pre-regulation 
markets in the US.
OUR TECHNOLOGY
Licensed and regulated by leading online authorities 
around the world including The UK Gambling 
Commission, The Alderney Gambling Control 
Commission, Amministrazione Autonoma dei 
Monopoli di Stato (Autonomous Administration of 
the State Monopolies) in Italy and the New Jersey 
Division of Gaming Enforcement in the US, 
GameAccount Network has developed an Internet 
gaming enterprise software system which it licenses 
to online and land-based gaming operators as a 
turn-key technology solution for both regulated 
real-money and simulated online gaming. The 
Internet Gaming System, developed in London under 
a UKGC licence, is certified to the highest technical 
standards currently required by gaming regulators.
USA
GameAccount Network has been 
developing its presence in the US 
since 2009 and established a 
dedicated US office in Las Vegas, 
Nevada in 2013. In New Jersey, 
GameAccount Network has 
partnered with Betfair to provide 
the complete Internet Gaming 
System enabling Betfair to offer 
regulated real money Internet 
gaming via BetfairCasino.com in 
association with Golden Nugget 
Atlantic City. In 2014, 
GameAccount Network secured 
Pennsylvania’s leading operator 
Parx Casino as a client for both 
Simulated Gaming™ and regulated 
real money Internet gaming in the 
event Pennsylvania regulates real 
money Internet gaming as their 
neighbouring State of New Jersey 
has done. GameAccount Network 
signed and launched Simulated 
Gaming™ for Empire City Casino 
in Yonkers, one of just two  
major casinos principally  
serving the greater New York 
Metropolitan area.
OUR PARTNERS
GameAccount Network has global experience 
working with partners in regulated markets around 
the world. Whether that’s full Internet Gaming 
Systems in North America and Europe, or partnering 
with the world’s best game content producers.  
We understand the need for a specific market-by-
market approach.
OUR CLIENTS
GameAccount Network has delivered enterprise-
level Internet gaming solutions specifically designed 
for land-based casino operators worldwide. Our 
typical client is a major well-established land-based 
casino operator with significant brand presence  
in their regional or national market. Simulated 
Gaming™ prepares the typical land-based casino for 
future regulation of real money Internet gaming and 
is comprehensively proven to generate meaningful 
income online and increase visitation by existing 
patrons to the operator’s casino property. GameAccount Network plc  Annual report and accounts 2014 03
For more information, please visit: 
www.gameaccountnetwork.com/investors
UK
Headquartered in central London, 
the team of over 100 gaming 
experts is equipped to be very 
responsive to the demands of 
current and newly regulated 
markets.
Italy
GameAccount Network operates 
an Italian Network for Italy’s 
eGaming operators licensed and 
regulated by the Italian 
government. 
Many of Italy’s leading eGaming 
operators are already licensee 
members of the Italian Network 
which is located on a hardware 
platform in Rome, Italy. 
The Internet Gaming System 
software developed by 
GameAccount Network is certified 
to the stringent technical 
regulatory requirements of the 
Italian regulator Amministrazione 
Autonoma dei Monopoli di Stato 
(Autonomous Administration of 
the State Monopolies).
Australia
GameAccount Network entered 
into an agreement with a 
consortium of six land-based 
gaming club operators in 
Queensland, Australia, to bring 
Simulated Gaming™ to Australia 
prior to future regulation of real 
money Internet gaming. Australia’s 
23 million residents are not 
currently served Internet gaming 
by established land-based gaming 
operators and Simulated Gaming™ 
is likely to find demand in a market 
which, much like the majority  
of the US, prohibits land-based 
gaming operators from offering 
regulated real money Internet 
gaming experience in support of 
their land-based gaming venues.
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS GameAccount Network plc  Annual report and accounts 2014 04
Chairman’s 
report
David O’Reilly
Chairman
Dear fellow shareholders 
Throughout 2014 the 
Group made significant 
investments preparing for 
the opportunities in the US 
comprising both regulated 
real money Internet gaming 
on a State-by-State basis; 
and nationwide Simulated 
Gaming™ delivered to 
land-based casino 
operators.
As has been widely reported, regulated 
real money Internet gaming in New Jersey 
has been slow to attract consumers for a 
variety of reasons. Despite challenges, the 
Group has executed well and delivered 
operationally for Betfair Group plc in New 
Jersey, earning a well deserved reputation 
in the US for technical competence 
reflecting the reputation already hard 
earned in Europe’s toughest regulated 
Internet gaming markets.
Your Board of Directors believes there  
is a significant opportunity for Simulated 
Gaming™ in the US. It has outperformed 
initial expectations and, in the absence of 
further State-by-State real-money gaming 
regulation, Simulated Gaming™ has 
become the centrepiece of the Group’s 
growth strategy. We signed three major 
land-based US casinos as new clients in 
2014 with two US casino clients 
commercially launched in the same period. 
Outside the US, the Group also secured a 
consortium of six land-based gaming clubs 
in Queensland, Australia as clients of 
Simulated Gaming™ in a new geographic 
region for the Group which we believe will 
prove lucrative over time. We are excited 
about the prospects for Simulated 
Gaming™ and the performance we have 
achieved since its initial launch. We are 
also confident in the long-term potential 
for real-money gaming, however, we 
believe adoption in the US market will be 
slower than was originally anticipated.
Our consistent progress in 2014, in what 
was an investment year for GameAccount 
as we developed our business and our 
Simulated Gaming™ offering, would not 
have been possible without the dedicated 
and talented staff employed by the Group 
in both London and throughout the US.  
I thank them for their continued efforts 
and believe the Group has now 
substantially completed the investment 
cycle required to become a major Internet 
gaming technology, infrastructure and 
services provider to land-based casinos  
in the US, consistent with the strategy 
espoused during the Group’s Initial Public 
Offering completed in November 2013.
We look forward to exploring further 
opportunities in 2015 and 2016 and 
building on our position as a leading 
provider of online solutions to the 
land-based gaming industry.
David O’Reilly
Chairman, GameAccount Network Plc
16 April 2015 GameAccount Network plc  Annual report and accounts 2014 05
For more information, please visit: 
www.gameaccountnetwork.com/investors
Simulated 
Gaming
™
Case study
Launched the first Simulated Gaming™  
online casino experiences in the US
Empire City Casino in Yonkers, 
New York was one of two US clients 
launched in 2014. Empire City signed 
contracts in April 2014 and 
EmpireCityCasino.com’s Online Casino 
was launched in September 2014 
offering Simulated Gaming™ 
nationwide in the US. This legal form of 
monetised Internet gaming invited 
Empire City casino’s patrons to sample 
the experience for free and at their 
election to purchase virtual credits for 
extended time playing a wide selection 
of Internet games, including many slots 
also available for real money on-
property in the Empire City Casino 
property. For the first time, Empire City 
Casino’s community of existing patrons 
could engage in a meaningful way 
online with one of New York’s leading 
land-based casinos with over $450m in 
revenue annually and which is also 
home to one of America’s longest-
established race tracks.
By year end 2014, EmpireCityCasino.
com’s Online Casino offered over 100 
unique casino games to play across 
desktop, mobile smartphone and tablet 
devices together with compelling 
competition leaderboard tournaments 
and access to special online-only offers 
which successfully increased visitation 
to the Empire City Casino property in 
Yonkers, New York.
What is Simulated Gaming™
• Freemium online casino gaming 
experience
• Designed for land-based casino 
operators pre-regulation of  
Internet gaming
• US-patented integration into  
casino loyalty programmes
• Same technology affords easy-
upgrade path to regulated  
real money Internet gaming
• Age & ID-verification to exclude 
minors
• Comprehensive back office  
& bonusing systems
The experience for players
• Wide choice of casino slots  
& casino table games
• Play for free or pay for  
extended time
• Rewards points rebates on 
purchases
• Poker, backgammon, bingo and 
multiplayer games
• Leaderboards & tournament 
competition
The opportunity for casinos
• Enabling casinos to engage with 
patrons online
• Access to a freemium market already 
worth est. $2bn+
1
 per annum
• Extend business nationwide, beyond 
typical drive-distance radius
• Proven to increase existing-patron 
on-property visitation
• Excellent lapsed-patron  
reactivation capability
1 SuperData, Macquarie Capital (US), Sept 2014
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS GameAccount Network plc  Annual report and accounts 2014 06
Core business 
offerings
GameAccount’s enterprise solutions  
for land-based casinos are designed  
to allow them to move online before 
regulation of real money Internet 
gaming with an easy upgrade path  
in the event regulation emerges.
1
A leading Internet Gaming System, offering corporate customers a turn-key technology  
solution for both regulated real-money and simulated online gaming.
2
Comprehensive suite of proprietary and third party gaming content offered across 
desktop and mobile devices.
3
Proven developer and distributor of proprietary and third party gaming content with significant 
appeal to US land-based casino operators who are seeking to develop an online presence.
4
Strong record of provider ancillary services to complement the enterprise solution including front-line player support 
services and diverse marketing services.
5
Clean US probity and compliance record (having never previously accepted or facilitated  
a wager originating in the US).
GameAccount’s open platform means  
that operators can choose their own  
mix of content to appeal directly to  
their customer base. It allows operators 
to access content through a simple,  
efficient integration process across  
online and mobile.
For land-based casinos – it offers a 
complete range of games that reflect and 
complement the offline offering, without 
being biased to a single content provider.
For online operators – it fills gaps in  
the product portfolio by targeting 
the best performing offline content  
and bringing it online.
Technically, the platform is a single, 
proven, scalable solution that can easily 
integrate with internal operator or 
customer management systems. This 
is supported and serviced by world- 
class developers.
The platform is managed through a  
single back office which gives the 
operator not only a complete view of  
the players’ activity but also a toolkit  
to successfully run and manage every 
aspect of an online business.
The platform has been built around the 
requirements of newly regulated markets 
and existing responsible gaming and 
player protection frameworks.
Content development
As an agnostic content provider, 
GameAccount has invested heavily in  
a strategy which allows the very best  
of breed gaming products to be made 
available to its partners via either existing 
integrations or locally deployed content.
Since 2003, online gaming operators have 
been selecting GameAccount Network’s 
Gaming Content Platform in order to offer 
end-users proprietary, multi-player skill 
games and tournaments. This was 
supplemented in 2007 with the addition 
of casino table games and, significantly, 
with a large range of high performance 
third party slot content since 2011. GameAccount Network plc  Annual report and accounts 2014 07
INTERNET GAMING SYSTEM
Built on the pillars of an open platform, with proven high 
performance content combined with a unique back office 
system and the ability to seamlessly integrate into existing 
casino management systems, fraud, verification and 
payment tools using a single version of code.
For more information, please visit: 
www.gameaccountnetwork.com/investors
The Internet Gaming System enables authenticated, 
verified and registered end-users to deposit and 
withdraw funds and wager real money on a wide 
range of online games.
GameAccount Network has developed  
a leading Internet Gaming System 
branded as the GameSTACK™ which  
it licenses to online and land-based 
gaming operators as a turn-key 
technology solution for both regulated 
real-money and Simulated Gaming™.  
 
The Internet Gaming System enables 
authenticated, verified and registered 
end-users to deposit and withdraw funds 
and wager real money on a wide range  
of online games.
 
The Internet Gaming System also 
provides a range of tools to assist 
licensees to manage and grow their  
online gaming business, including,  
inter alia, business intelligence,  
analytic and customer relationship 
management services.  
 
The Internet Gaming System has a 
single, dynamic code base, certified to  
the highest technical standards currently 
required by gaming regulators and 
is capable of handling a high volume  
of financial transactions.
Age Verification
Marketing 
Tools
RGS
Analytics 
and KPIs
Advertising Branding
Payment Processing Fraud Bonus/promo Back Office
Personal 
Info Entry
Monetised
RNG
Connect to Core 
Website
Wagered 
Gaming
Geolocation APIs
Credit and Risk Scoring Third Party
Data
Simulated  
Gaming
Browser 
Based Play
Integration Portals
Data Return
Third Party Peripherals GameSTACK™ Player Engagement
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS GameAccount Network plc  Annual report and accounts 2014 08
Core business 
offerings continued
CONTENT DEPLOYMENT
A content agnostic approach means that GameAccount  
Network constantly sources, develops and distributes proven 
performing content specifically chosen to serve regulated 
markets, allowing operators to always have the right product 
for the right market. Operator selectable content in  
Simulated Gaming™ and wagered:
 ` Single player
 ` Peer to peer
 ` Slots
 ` Tables
 ` Pick up your land-based  
slot floor and place it online
PATENTED CMS CONNECTION FRAMEWORK
In September 2014 GameAccount Network received a patent (US Patent No. 8,821,296 dated September 2, 2014) covering the 
works undertaken in H2 2013 comprising the IGS-to-CMS integration framework engineered exclusively by GameAccount Network 
enabling land-based loyalty rewards to be triggered by online activity.
 ` Deployments in Alderney, Gibraltar, Italy, 
Connecticut, New Jersey, Nevada, 
Pennsylvania
 ` Single code base
 ` Seamless upgrade to regulated real money 
gaming, from simulated gaming
 ` iSight Back Office™ developed in 2013 and 
successfully launched in 2014
Internet Gaming  
System Deployments  
(IGS)
iBridge™ key  
player metrics
 ` Age verification
 ` Time in game
 ` Credit balances
 ` Loyalty points
 ` Virtual currency purchases
 ` Bonuses redeemed
 ` Click through rates
 ` Purchases from coupons
 ` Events registered
CMS
 ` Multiple CMS supported
 ` Direct integration to CMS or  
data warehouse
 ` Support multi-property executions
IGS
 ` One iBridge™ connection  
supports dual play options
 ` New player registration
 ` Real-time rewards points for existing 
casino patrons
Simulated
Wagered GameAccount Network plc  Annual report and accounts 2014 09
For more information, please visit: 
www.gameaccountnetwork.com/investors
Market review 
& strategic direction
The regulation of Internet 
gaming remains fitful and 
with varied operational 
success. Simulated Gaming™ 
is the bridge to tomorrow’s 
regulation bringing land-
based casinos online today.
Internet gaming for real money has 
existed worldwide since approximately 
1997. Estimates vary, but the global 
market for real money Internet gaming is 
estimated at $40bn
1
 today. This is widely 
identified as the ’dot.com‘ market, where 
anyone resident in any country worldwide 
can sign up to a website, deposit money 
and gamble playing casino games such as 
roulette, blackjack, video poker and slots.
There are very few major casino operators 
worldwide which have both land-based 
gaming operations complemented by 
online real money Internet gaming 
websites. This is largely due to regulation: 
land-based casinos in most mature 
economies are highly regulated and only 
permitted to conduct land-based gaming 
operations. They are not permitted to 
operate online and the regulation of real 
money Internet gaming is frequently a 
heavily-debated political issue. By not 
participating in the online environment, 
the land-based casino operators have 
largely been forced to cede the online 
territory to International operators of  
’dot.com‘ casino websites which have 
software residing on servers located in 
offshore jurisdictions capable of accepting 
deposits online and the gaming activity  
of players in any country they choose to 
serve. These offshore dot.com operators 
routinely create many different websites, 
casting hundreds of these ‘hooks’ into 
deep global Internet waters in search of 
Internet gaming customers, both ‘whales 
and fish alike’.
$40bn
1
Estimated global market  
for internet gaming.
US regulated market  
Internet gaming
Three US states have currently regulated 
Internet gaming, permitting those 
permanent or temporary residents of their 
state to sign up on an Internet gaming 
website, deposit money and commence 
playing games. However, of those three US 
states only one has a regulated Internet 
gaming of any size – New Jersey. There are 
nine million residents of New Jersey 
alongside a significant number of land-
based casinos located in Atlantic City.
The Internet gaming market commenced 
on 21 November 2013 and in the whole  
of 2014 there were a reported 400,000 
online accounts opened on the 17 
regulated Internet gaming websites  
which are operated only in conjunction 
with a land-based casino. The reported 
gross gaming revenue in 2014 was  
just $130m in 2014, which was 
significantly lower than financial forecasts 
before the market regulated. Regulation  
of real money Internet gaming in New 
Jersey has been a complex affair, with the 
regulator imposing necessarily stringent 
technical requirements on the operators, 
the technology providers and the end  
user consumer.
1 www.statista.com
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS GameAccount Network plc  Annual report and accounts 2014 10
Market review 
& strategic direction continued
$2bn+
2
Spent globally playing slots online  
on Facebook.com.
US unregulated social  
casino gaming
In 2014, Americans spent more than $1bn
2
 
playing slots online on Facebook.com. 
These Social Casinos operate on 
Facebook and rely on social features only 
available on the Facebook platform. Social 
Casinos sell virtual currency to players 
who then use the virtual currency to 
virtually gamble on casino games, without 
any ability to win money or cash out/
withdraw. In this way, the casino games 
are played for entertainment value only, 
and not in the pursuit of real money 
winnings. Slots are the dominant type of 
casino game played in Social Casinos due 
principally to the entertainment value 
inherent in a slot machine game with 
spinning reels, complex animations and 
sound effects.
Today there are nearly 1,000 Social Casino 
applications available on Facebook.com 
and the rate of growth is accelerating. The 
cost of advertising to Social Casino players 
and acquiring them is reportedly increasing 
inexorably. Operating a Social Casino  
is largely believed to be a short-term 
opportunity best described as a ‘race to 
the bottom’ as Social Casino operators 
engage in predatory competitive 
advertising practices amongst themselves 
which may lead to the dominant operators 
increasing their size and active player  
base over time, while new entrants with 
limited scale or social player liquidity will 
struggle to compete on Facebook’s Social 
Casino platform.
Strategic direction
Our strategic direction is informed by the 
performance review of various inter-linked 
markets including real money gaming, 
social gaming and the global mobile 
casual games market. Based on those 
market reviews, our strategy set in 2013 
continues to be validated. Our strategy 
comprises the enablement of US casinos 
to move online and offer their patrons  
a compelling online experience which 
augments their land-based business and 
also to compete effectively against Social 
Casino operators their patrons have 
already engaged with online.
Today there are very few US land-based 
casino operators which have entered the 
Social Casino market. Caesars, MGM and 
Churchill Downs are three major casino 
operators engaged in the Social Casino 
market through investment or acquisition. 
Together they represent less than 10%  
of the land-based casino market in the  
US where there are 400x tribal or 
commercial operators of 900+ land-
based casinos which have not launched 
an online casino gaming proposition.
In 2014, GameAccount Network 
launched Simulated Gaming™ for two 
major casino operators in Connecticut 
and New York and signed contracts  
with a further three US casino operators 
to launch Simulated Gaming™ in 2015. 
Simulated Gaming™ is a form of Social 
Casino specifically designed to make  
the US land-based casino operator 
competitive in the online marketplace.
Simulated Gaming™ grants the US  
casino operator the ability to reach onto 
Facebook and to advertise and to acquire 
players away from existing Social Casino 
operators. This is because Facebook sells 
advertising to anyone who wishes to buy 
it, which is reportedly the Achilles heel of 
all Social Casino operators (that retaining 
their players is challenging when any third 
party can simply advertise to them).
In 2014, GameAccount Network’s 
Marketing Services Team proved highly 
successful in targeting existing players of 
existing Social Casinos resident in New 
York State in order to bring them online to 
Empire City Casino’s Simulated Gaming™ 
website. The players acquired through 
advertising left Facebook.com and signed 
up on the website EmpireCityCasino.com 
and over one third of these players used 
their Empire City Casino patron card 
information in order to sign up and open 
their Simulated Gaming™ online account. 
This supports the proposition that among 
the estimated 50 million Americans who 
frequent US land-based casinos and hold 
rewards cards, that they have actively 
engaged with Social Casinos which are 
operated by many manufacturers who  
sell equipment to the land-based casinos. 
Reports from major land-based casino 
operators suggest that as many as 50% 
of all their patrons are engaged with Social 
Casinos online.
2 SuperData, Macquarie Capital (US), Sept 2014 GameAccount Network plc  Annual report and accounts 2014 11
For more information, please visit: 
www.gameaccountnetwork.com/investors
Accordingly, the strategic direction of 
GameAccount Network is to present to 
US land-based casinos the merits of 
launching a Simulated Gaming™ website  
to complement their existing land-based 
gaming operations, on the following basis:
 ` Simulated Gaming offers land-based 
casino operators an enterprise solution 
for engaging with the c50% of patrons 
who have already engaged with 
competing Social Casinos online.
 ` Simulated Gaming offers the ability to 
‘protect’ the balance of c50% of their 
patrons who have not yet moved 
online with competing Social Casinos.
 ` Through our patented technology 
integration with their loyalty 
programme, the land-based casino 
can reward online activity with 
rewards points and other benefits 
redeemed on-property at the 
land-based casino, which have been 
shown to significantly increase 
on-property visitation and on-property 
gaming revenue from active casino 
patrons who also engage in Simulated 
Gaming™ online.
 ` GameAccount Network, in offering 
Simulated Gaming, does not and will 
not compete with US casino operators. 
Competitive tension is becoming more 
apparent and relevant to US casino 
executives with the General Manager 
of Maryland Live! Casino in Arundel 
Mills, Maryland, stating the following 
in relation to their decision to move 
online with GameAccount Network’s 
Simulated Gaming model:
“ Unlike many vendors in the market, 
GameAccount is a specialised online 
gaming company with a genuine 
commitment to B2B who will not 
compete online by operating their own 
B2C Social Casino.” Robert J. Norton, 
President Maryland Live! Casino  
9 March 2015.
 ` GameAccount Network, not being a 
traditional manufacturer of casino 
equipment, is an independent and 
neutral actor in the industry capable of 
working with all major casino 
equipment manufacturers to bring 
their games online for the benefit of 
their traditional customer the 
land-based casino operator.
 ` GameAccount Network, as a long-
established developer of complex 
skill-based online games has a 
meaningful competitive advantage in 
being able to deliver Simulated Gaming 
from a single technology platform to 
US casinos not just offering those 
casino table and slot games which 
naturally align with the majority of 
their land-based gaming operations, 
but also those complementary games 
including poker, bingo, backgammon, 
gin rummy and many more, which 
speak to a younger and broader online 
demographic not already part of the 
traditional casino patron demographic.
 ` Reliant upon GameAccount Network’s 
rich heritage in games of skill, the 
Group has also engineered 
sophisticated ‘freemium’ mobile casual 
games designed to exploit the material 
overlap between slot-playing US 
casino patrons and other forms of 
mobile-first casual skill-based games. 
These skill-based mobile casual games 
offer in-App purchases, and are tied 
into the US casino operator’s loyalty 
points programme in a similar manner 
to Simulated Gaming™. Creating an 
ecosystem of gaming experiences 
relevant to US casino patrons is a key 
element in GameAccount’s unique 
approach to addressing the needs  
of US casino operators looking to 
engage with their existing patron 
demographic online.
Together, these unique selling points  
have afforded GameAccount Network  
the opportunity to acquire a number  
of major US casino operators as  
clients of Simulated Gaming™ in 2014. 
During the course of calendar year  
2014 GameAccount Network has 
comprehensively demonstrated to 
land-based US casinos the compelling 
argument of having an online strategy and 
the specific merits of Simulated Gaming™ 
specifically as it applies to and benefits 
their US land-based casino gaming 
operations. This has laid the foundation 
for continued delivery of GameAccount 
Network’s business aligned with the 
strategic direction.
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS GameAccount Network plc  Annual report and accounts 2014 12
Chief Executive’s
review
Dermot Smurfit
Chief Executive Officer
Overview
Following our successful 
initial public offering in 
November 2013, 
GameAccount Network 
quickly established 
infrastructure in the US and 
has emerged as a leading 
provider of Simulated 
Gaming™ to major casino 
operators securing 
significant US market share 
throughout 2014. 
2014 was a year of 
substantial investment, 
major opportunities and 
some challenges.
Substantial investment has been made in 
the US sales, marketing and operational 
structure to develop the Group’s US 
presence in both regulated real money 
and Simulated Gaming™ markets. In the 
UK further substantial investment has 
been made in the Group’s technology  
and hardware infrastructure. 
While intra-State regulation of real money 
Internet gaming stalled in the US and 
regulated real money Internet gaming in 
New Jersey materially underperformed 
expectations in the latter half of 2014, 
Simulated Gaming™ materially 
outperformed every key performance 
indicator and is positioned for significant 
profitable growth in 2015 and beyond.
During the year the Group launched 
Simulated Gaming™ for two major US 
casinos located in Connecticut and New 
York, and signed additional landmark 
deals with Parx Casino in Pennsylvania 
and a multi-State US casino operator 
based in Michigan. Simulated Gaming™ 
has also been established in Australia  
and other International opportunities  
are being developed. 
In New Jersey, the Group delivered 
strongly for Betfair’s regulated Internet 
casino gaming website providing over 
seventy-five incremental games across 
desktop and mobile devices and 
establishing BetfairCasino.com as a 
significant Internet casino operator in 
New Jersey’s regulated Internet gaming 
market. During the second half of 2014 
the performance of BetfairCasino.com 
under-performed expectations principally 
due to the bankruptcy of Trump Resorts 
International, which had provided the 
New Jersey land-based casino licence  
to Betfair enabling BetfairCasino.com  
to operate online. I would like to take  
this opportunity to thank staff at 
GameAccount Network, the regulators  
at the New Jersey Division of Gaming 
Enforcement, the management of  
Betfair’s New Jersey operations and the 
operational management of Golden 
Nugget Atlantic City for all their  
support during Q4 2014 in assisting 
GameAccount Network to migrate 
Betfair’s technical infrastructure away 
from Trump Taj Mahal and establishing 
new technical infrastructure in Golden 
Nugget Atlantic City under the pressure 
of significant technical, regulatory and 
commercial deadlines.
During the year, the Group achieved 
strong financial growth in gross income 
derived from the US, up 98.6% to £3.5m 
(2013: £1.8m) driven by Simulated 
Gaming™ nationwide across the US and 
gross income derived from regulated real 
money Internet gaming in New Jersey. 
The Group delivered a solid performance 
in Europe with gross income increasing by 
1.6% to £19.9m (2013: £19.4m). Overall 
net revenue declined by 39% to £7.5m 
(2013: £12.3m) due primarily to the delay 
in securing a system sale in 2014.
Strategy
Expansion in the US remains  
a continuing strategic priority for the 
Group with requisite increases in US 
infrastructure centred on Las Vegas 
comprising human resource, technical 
hardware and licensing investment in 
relevant US States including New Jersey, 
Pennsylvania and Michigan.
With the significant slowdown in 
regulation of real money intra-State 
Internet gaming the Group has increased 
its focus on delivering Simulated 
Gaming™ to land-based US casinos in 
advance of further regulation. The 
outperformance of key performance 
indicators support the Group’s internal 
focus on delivering Simulated Gaming™ 
to as many major US casino properties  
as possible during the now extended 
period prior to regulation of real money 
Internet gaming.
The Group continues to pursue further 
Internet gaming platform sales with 
casino equipment manufacturers in  
order to enable land based casino slots 
manufacturers to manage the distribution 
of their content online.  GameAccount Network plc  Annual report and accounts 2014 13
For more information, please visit: 
www.gameaccountnetwork.com/investors
Investment in the Group’s technical 
capability in key areas such as back office, 
mobile and convergence with land-based 
casino management systems continued 
throughout 2014 with a significant  
growth opportunity identified in the 
expansion of the Group’s mobile gaming 
portfolio in HTML5 and native iOS and 
Android applications.
In Europe, the Group extended its market 
position in Italy with new clients signed 
including Bet365 Italia and Internet 
gaming content from NET Entertainment 
delivered via the Group’s technical 
platform located in Rome. Italy remains a 
crucial market for GameAccount Network 
as a comprehensively regulated Internet 
gaming market exhibiting continued 
growth throughout 2014 consequent to 
the regulation of Internet casino gaming  
in 2013. 
Products
The Group’s new back office system 
iSight Back Office™ launched 
operationally in the first half of 2014  
and major upgrades were released 
throughout the balance of 2014 delivering 
a state-of-the-art back office player 
management capability with unique 
convergence features designed to 
complement a land-based casino’s 
existing gaming operations.
The product related capabilities of 
Simulated Gaming™ took major strides  
in 2014 with a focus on monetisation of 
players and the introduction of gaming 
activity accelerants designed to extend 
player lifetimes, increase frequency of 
purchases and drive increased visitation 
to the US casino operators’ land-based 
properties. Leaderboard slot tournament 
capability and multiplayer games such as 
poker and bingo launched in the second half 
of 2014 resulting in a significant increase in 
both monetisation and stickiness.
The Group’s HTML5 casino gaming-
specific framework was substantially 
revised with the first new look and feel 
HTML5 casino slot and casino table 
games scheduled for release in early 2015 
together with a materially upgraded 
native casino gaming application 
consolidating games developed in both 
native application and HTML5 format 
within a single gaming App logically 
branded the single ’Online Casino‘ App 
for land-based operator clients. This 
major evolutionary step for the Group’s 
SENSE3™ mobile gaming proposition will 
support the Group’s growth opportunity 
in mobile in 2015.
A wide portfolio of new casino games 
were converted for online exploitation for 
major casino equipment manufacturers 
throughout 2014 with over 40 individual 
game client applications developed and 
delivered online in 2014 (2013: ten) 
bringing the Group’s in-platform gaming 
content portfolio to 175 comprising simple 
casino slots and table games, complex 
multiplayer bingo and poker and a wide 
range of specialist games such as 
blackjack tournaments and region-
specific card or dice games.
In 2014 the Group’s research & 
development function developed a 
comprehensive framework for delivering 
‘freemium’ mobile casual games to 
land-based casino operator clients 
exploiting the deep skill and expertise in 
the Group for developing skill-based 
games. The first product, a mobile  
casual game based on solitaire with over 
300 levels to explore and complete is 
scheduled for release in 2015 and relies 
entirely on in-App purchases to generate 
revenues from a minority of players who 
download the game for free and proceed 
to purchase in-game items designed to 
extend time-on-device. Variants of these 
mobile casual games, which can be 
played online or offline, will be released to 
the Group’s selected US casino operator 
clients in 2015 conjoined with the casino 
operator’s land-based gaming operations 
and existing loyalty programmes.
Marketing and support services
Throughout 2014 the Group continued  
to invest in establishing a wide range of 
secondary and tertiary services for US 
land-based casino clients designed to 
support the land-based casino operator  
in managing customers and growing 
through external acquisition marketing 
and internal cross-sell marketing to 
existing patron databases and on-
property human traffic.
Marketing and support services remain a 
crucial component of the Group’s service 
portfolio, ensuring any land-based casino 
operator can cost-effectively launch a 
turnkey managed Internet gaming service 
and, should they choose to, invest 
significant capital to grow profitably beyond 
its existing audience of casino patrons.
Dermot Smurfit
Chief Executive Officer
Top of our Game
GameAccount Network 
has evolved as a business 
to meet the changing 
iGaming landscape. As a 
publicly owned business  
it combines expertise  
and a ‘can-do’ attitude to 
respond quickly to clients 
and delivers quality  
products and solutions.
 ` Listed on the London Stock  
Exchange AIM (GAME.LN) and on 
the Irish Stock Exchange (ESM)
 ` Headquartered in London
 ` Regulated by The UK Gambling 
Commission, The Alderney 
Gambling Control Commission, 
Amministrazione Autonoma dei 
Monopoli di Stato (Autonomous 
Administration of the State 
Monopolies) in Italy and the New 
Jersey Division of Gaming Enforcement
 ` A proud heritage in skill gaming 
 ` Experienced and proven  
management team
 ` Active in regulated Internet 
gaming markets
 ` Clients – blue-chip, regulated 
operators and leading publicly 
quoted companies 
 ` One of the fastest-growing  
tech companies in the UK
 ` Content agnostic and with the most 
thorough games portfolio available 
featuring best of breed products from 
the world’s best game manufacturers
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS GameAccount Network plc  Annual report and accounts 2014 14
Financial and  
operational review
Desmond Glass
Chief Financial Officer
full year of revenues from regulated real 
money gaming in the US state of New 
Jersey and while the market has been 
challenging the Group has benefited from 
both incremental content revenue share 
and platform development fees through 
its relationship with Betfair Group plc.
Gross income of £26.1m is 12% less  
than the £29.7m recorded last year. Net 
revenue for the year was £7.5m compared 
to £12.3m in 2013. Clean EBITDA loss of 
£1.4m is £5.5m lower than the profit of 
£4.1m in 2013 and loss before taxation 
of £2.6m compared to a profit of £1.6m 
in 2013. Loss after taxation of £2.6m 
compares to a profit after taxation of 
£1.1m in 2013.
The results for 2013 benefited from the 
recognition of a material system sale 
which generated £6.9m in gross income 
and net revenue and while the Group 
continues to engage in system sale 
discussions the delay in securing a system 
sale in 2014 materially impacted the clean 
EBITDA performance for the year. 
The Group invested heavily in the 
underlying Internet gaming system 
capability and US market opportunity 
primarily through increased headcount in 
the UK and the continued expansion of 
the US sales team. The Group believes 
this investment was necessary in order to 
ensure that it is in a position to capitalise 
on the immediate Simulated Gaming™ 
opportunity in the US and other markets.
The Group ended the year with a cash 
balance of £10.8m compared to £16.9m 
for the year ended 31 December 2013 
and net assets at 31 December 2014 of 
£15.2m compared to £17.7m in the 
previous year.
Revenue
Net revenue for the year of £7.5m is 
£4.7m less than the net revenue 
generated in the previous year of £12.3m. 
Revenue for 2013 was boosted by a major 
Internet Gaming System sale that 
accounted for £6.9m of net revenue in  
the prior year and £1.0m in 2014. On an 
underlying basis, net revenue excluding 
the impact of this system sale increased 
by 22% from £5.3m to £6.5m. This 
increase was generated primarily by 
additional game development fees for the 
conversion of existing offline slots titles to 
the online market and from both regulated 
real money gaming and Simulated 
Gaming™ revenues in the US market. 
Game and platform development fees 
(excluding system sale) of £2.9m 
increased by £1.1m (2013: £1.8m). B2B 
revenue share and other revenues 
increased by 13% from £2.6m to £2.9m. 
B2B revenue share and other revenues 
include revenues from our global and US 
content distribution business, and 
Simulated Gaming™ revenues generated 
by our two operational casinos in the US 
market. B2C net revenue decreased from 
£1.0m to £0.7m.
Expenses
Distribution costs include royalties 
payable to third parties, B2B and B2C 
direct marketing expenditure and the 
direct costs of operating the hardware 
platforms deployed across the business 
which in total increased from £3.0m to 
£3.7m for the year ended 31 December 
2014. The increase is due primarily to 
increased royalties payable to providers of 
third party games content in Europe and 
the US and an increase in B2B marketing 
expenditure to support the roll out of 
Simulated Gaming™ across the US and 
other International markets. 
Administration expenses include the costs 
of personnel and related expenditure for 
both the London and Nevada offices. Total 
administrative expenses for the year ended 
31 December 2014 of £6.5m are £1.2m 
less than those incurred in 2013. The 
results for year ended 31 December 2013 
included one-off and non-recurring costs 
of £1.7m in connection with the admission 
to AIM and ESM markets. For the year 
ended 31 December 2014, the Group 
Initial results have 
confirmed our view of the 
potential of this product 
and the Group continued  
to invest in headcount to 
strengthen its delivery 
capability and core 
Simulated Gaming™ 
product offering.
Summary
2014 has been a significant year in the 
Group’s development. In January the 
Group recorded its first revenues from the 
Simulated Gaming™ product launched 
in Connecticut with Foxwoods® casino 
resort followed in September by a second 
launch with Empire City Casino based in 
New York. Initial results have confirmed 
our view of the potential of this product 
and the Group continued to invest in 
headcount to strengthen its delivery 
capability and core Simulated Gaming™ 
product offering. 2014 also saw the first  GameAccount Network plc  Annual report and accounts 2014 15
For more information, please visit: 
www.gameaccountnetwork.com/investors
continued to invest in the underlying 
Internet gaming system, enhanced 
platform and games team capability in the 
UK and expanded sales presence in the 
US. This strategy has enhanced the 
delivery capability of the Group and 
enabled the Group to secure additional 
Simulated Gaming™ casino properties in 
the US and Australian markets.
Clean EBITDA
Clean EBITDA is a non GAAP company 
specific measure and excludes interest, 
tax, depreciation, amortisation, share 
based payment expense and other items 
which the directors consider to be 
non-recurring and one time in nature as 
disclosed in note 6. The directors regard 
Clean EBITDA as a reliable measure of 
profits that is not unduly subjective.
Clean EBITDA loss of £1.4m is £5.5m lower 
than the comparative figure (2013 earnings 
of £4.1m) reflecting predominantly the 
impact of the timing of system sales in  
the year ended 31 December 2013.
Cash flow
During the year the Group has continued 
to invest in the underlying Internet 
Gaming System deployment capability. 
The cash balance at 31 December 2014 
was £10.8m (2013: £16.9m) representing 
a decrease of £6.1m. In addition to 
operating cash outflow before 
movements in working capital and 
taxation of £1.5m, cash outflows during 
the year include additional investment in 
working capital and taxation of £1.3m, 
£2.9m in incremental investment in 
intangible fixed assets primarily related to 
the capitalisation of internal development 
time and £0.6m invested in fixed assets 
including the acquisition of new hardware 
to establish a dedicated Simulated 
Gaming platform in Nevada to serve the 
US market. 
Key Performance Indicators
The performance of the Group during the year demonstrates the Group’s strategy  
to both consolidate the core gaming content distribution business in Europe and to 
grow through higher margin revenue opportunities including IGS sales and game 
development in regulated markets. The Directors regard earnings before interest,  
tax, depreciation and amortisation (‘Clean EBITDA’) as a reliable measure of profits  
and the Group’s key performance indicators are set out below:
2014
£000
2013
£000
Gross income from gaming operations and services 26,123 29,657
Net revenue 7,528 12,264
Clean EBITDA (1,425) 4,109
Net assets 15,176 17,690
Cash and cash equivalents 10,776 16,895
The Board also monitor customer related KPIs, including number of active players, 
revenue by customer, business segment profitability and geographic split of turnover.
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS GameAccount Network plc  Annual report and accounts 2014 16
Principal risks and 
uncertainties
Principal risks and uncertainties 
The risks outlined below are those risks and uncertainties that the Board considers material to the Group. They are not presented in 
any order of priority. There may be other risks that are either currently unknown, or considered by the Board to be immaterial, which 
could adversely affect the Group’s business, results of operation or financial condition. 
The Board routinely monitors risks that could materially and adversely affect the Group’s ability to achieve strategic goals, financial 
condition and results of operations. The Board is supported by senior management personnel who collectively play a key role in risk 
management and regularly report to the Board.
Risk category Description Mitigation
Legal and regulatory risks
Loss of licenses
The Group holds a number of licenses for  
its activities from regulators. The loss of 
all or any of these licenses may adversely 
impact on the revenues and/or reputation 
of the Group.
The Group has established a compliance 
team, whose role is to develop relationships 
with regulators, monitor the regulatory 
environment closely, and ensure continuation 
of all necessary licenses and permits to allow 
the Group to continue its business.
Changes in regulations
Laws, regulations and taxation in the 
gambling sector are complex, inconsistent 
and evolving. The Group licenses its 
products to operators in the online gaming 
industry whose ability to operate in any 
jurisdiction may be impacted by changes  
in regulations, or failure to obtain any 
necessary licenses. In addition there can  
be no guarantee that a jurisdiction will  
not change its licensing requirements nor 
that revenue streams that currently do  
not require a licence will continue without 
additional regulations or additional taxation.
As an established regulated supplier to the 
online gambling sector, the Group is vigilant 
over legal and regulatory issues that may apply 
to its activities, not only in those jurisdictions 
where the Group is located but also where its 
licensees are operating using GameAccount 
Network software and services. 
In addition, the Group has diversified its risk 
by obtaining multiple licences in the UK, 
Alderney, Italy and New Jersey.
New licensing requirements
In newly regulated markets, new licensing 
regimes may impose licensing conditions, 
such as the requirement to locate significant 
technical infrastructure within the relevant 
territory or establish real-time data 
interfaces with the regulator that present 
operational challenges, or may stop the 
licensee being able to offer the full range  
of the Group’s products.
The Group closely monitors developments  
in jurisdictions seeking to introduce or change 
regulations. The Group works to establish close 
relationships and actively participates in groups 
such as the Remote Gambling Association to 
help shape new licensing regulations. GameAccount Network plc  Annual report and accounts 2014 17
For more information, please visit: 
www.gameaccountnetwork.com/investors
Risk category Description Mitigation
The market place
Competition
The online gambling market is highly 
competitive. Failure to compete effectively 
may result in loss of licensees and also the 
inability to attract new licensees.
The Group closely monitors competition and 
continues to invest significant resources to 
improve its technology, products and services. 
In addition the Group has a diversified 
geographical base which spreads the 
competitive risk.
Technology
Dependence on technology
The Group’s operations are highly 
dependent on technology and advanced 
information systems and there is a risk that 
such technology or systems could fail. 
The Group may be adversely affected by 
activities such as system intrusions,  
denial of service attacks, virus spreading  
and phishing.
The Group has in place data recovery and 
systems recovery procedures, security 
measures and business continuity plans in the 
event of failure or disruption, or damage to, 
the Group’s technology or systems.
Customers
Fraud
As an Operator (MoneyGaming), the Group 
experiences fraudulent activity on customer 
accounts in the form of deposits from stolen 
credit cards and debit cards. These amounts 
are written off as a loss to the business.
The Group has a compliance team whose  
role is to monitor transactions for signs of 
fraudulent activity and to carry out Know-
Your-Customer procedures. Reports from the 
Management Information System (MIS) are 
used by the compliance team to monitor 
possible fraudulent activities. The Group 
sources multiple payment providers to 
mitigate for risk of losing any single  
funding channel.
Risk of reliance on major licensees
The Group operates a revenue share model 
with its licensees meaning results can 
be impacted by poor performance of its 
licensees or by its licensees choosing to 
withdraw from a particular market.
The Group has continued to diversify its 
licensee base and develop its business in 
stable regulated markets and also by the 
expansion of its Simulated Gaming™ product 
in the US and Australian markets.
Employees
Reliance on key personnel
The Group’s future success depends on the 
continued service of senior management 
and key technical personnel, the retention 
of which cannot be guaranteed.
The Group has a performance evaluation 
system to identify key talent and to ensure 
that key personnel are appropriately rewarded 
and incentivised. This is through a mixture of 
annual bonuses and long-term incentives such 
as share options.
On behalf of the Board
Desmond Glass
Chief Financial Officer 
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS GameAccount Network plc  Annual report and accounts 2014 18
Corporate social 
responsibility 
The Group has an open, 
honest and responsible 
approach towards its 
stakeholders which include 
its employees, suppliers, 
customers, investors and 
the wider community. 
Responsible gaming
As both a direct to consumer and 
business to business provider of games 
of skill and chance in regulated markets, 
GameAccount Network plc has placed 
our responsible gaming policies and 
tools at the core of our vision to provide 
industry leading entertainment in a 
socially responsible fashion. 
We also, in conjunction with our partners 
NetID Me and Aristotle provide our 
partners with robust age verification 
processes to ensure that no minors can 
access our games. 
Regulation
GameAccount Network plc is licensed 
and regulated by the UK Gambling 
Commission, The Alderney 
Gambling Control Commission, 
the Amministrazione Autonoma dei 
Monopoli di Stato (Autonomous 
Administration of State Monopolies)  
in Italy and the New Jersey Division of 
Gaming Enforcement. We are also 
approved by Gamcare who are a leading 
UK charity advising and assisting those 
with a gambling problem. 
 
All of the organisations above have 
different requirements and regulations 
and the Group is proud that we exceed 
these in all areas of responsible gaming. 
 
All of our games are certified and 
tested by GLI (Gaming Laboratories 
International) and NMi Metrology & 
Gaming Ltd both of whom are the 
industry standard for Online Gaming 
testing and certification.
Money laundering 
GameAccount Network provides a range 
of proprietary and third party tools to our 
partners to identify and monitor fraud and 
money laundering. Our in-house analytics 
software monitors all deposit and 
withdrawal attempts as well as all 
gameplay. Our system has the ability to 
notify staff members of any suspicious 
transactions or gameplay and 
automatically suspend any account which 
has been involved in such activity.
 
Our system also actively monitors all 
skill games to ensure no user can gain 
an unfair advantage by using bots or 
automated gameplay systems. 
 
We also provide third party tools from 
leading payment processors such as 
WorldPay, Risk Guardian, Threat Matrix 
and Cams in order to ensure all monies on 
our networks are from legitimate sources.
Employees
GameAccount Network plc is committed 
to maintaining a working environment 
in which diversity and equality of 
opportunity is actively promoted and all 
unlawful discrimination is not tolerated. 
The Group values diversity and to that 
end recognises the educational and 
business benefits of diversity amongst its 
employees, applicants and other people 
with whom we have dealings. 
 
GameAccount Network plc are 
committed to ensuring employees are 
treated fairly and are not subjected to 
unfair or unlawful discrimination. GameAccount Network plc  Annual report and accounts 2014 19
For more information, please visit: 
www.gameaccountnetwork.com/investors
Software and reporting
Responsible gaming and player protection 
lies at the heart of our software. Our 
platform services allow our partners to 
offer their players an array of tools to 
control their spending including deposit 
limits, wagering limits, time limits, 
self-exclusion and cooling-off periods. 
 
This coupled with sophisticated reporting 
and analytics allows our partners to 
identify potentially compulsive behaviour 
and take the required action to ensure the 
protection of any vulnerable players. 
Our team are extensively trained in the 
area of responsible gaming. Our team 
members are trained to effectively 
and sympathetically assist any player 
displaying signs of gambling addiction 
and guide them in the correct direction 
to seek assistance. 
Environment
The Group has a relatively low 
environmental impact by virtue of the fact 
that it is an online business. We engage 
in office recycling for a wide range of 
materials to reduce the amount of waste 
sent to landfill. 
We also offer a cycle to work scheme to 
our employees to help reduce the local 
congestion and pollution as well as to 
improve the employees’ health through 
physical exercise. In addition, we provide 
a significant contribution towards 
employees’ gym membership.
Charity and community
The Group donated £7,500 in 2014 to 
the Responsible Gambling Trust, a 
leading charity in the UK committed 
to minimising gambling-related harm 
by funding education, prevention and 
treatment services, and commissioning 
research to broaden public understanding 
of gambling-related harm.
On behalf of the Board:
Desmond Glass 
Chief Financial Officer
Dermot Smufit
Chief Executive Officer
16 April 2015
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS GameAccount Network plc  Annual report and accounts 2014 20
Board of  
Directors
David O’Reilly (aged 53) 
(Non-executive Chairman)
David joined the Board of GameAccount 
Network in June 2008. David is an 
experienced business director with over 
27 years of experience in the financial 
services industry, having previously 
worked as Managing Director at Bankers 
Trust and as Head of Foreign Exchange 
Sales and Trading and Principal at 
Renaissance Technology Hedge Fund, 
based in Long Island, US. David has a 
number of Directorships with private 
companies and has a BBS honours degree 
from Trinity College Dublin. 
Dermot Smurfit Jr. (aged 40) 
(Chief Executive Officer)
Dermot joined GameAccount Network in 
2002. Dermot previously worked in the 
European Investment Banking team of 
SoundView Technology Group. Dermot 
has operational and management 
experience in online gaming through his 
experience with GameAccount Network, 
together with M&A, strategic advisory and 
private equity financing experience in the 
gaming technology industry. Dermot is a 
qualified (non-practising) UK lawyer 
specialised in corporate finance. Dermot’s 
education encompasses an LLB in Law 
from Exeter University, the Legal Practice 
Course from the College of Law (UK) and 
the Investment & Corporate Finance 
Advisory qualification from the UK’s 
Financial Conduct Authority. Dermot is a 
non-executive Director of Powerflute Oyj 
and is a member of its audit and 
remuneration committees.
Desmond Glass (aged 45) 
(Chief Financial Officer and  
Company Secretary)
Des joined GameAccount Network in 
2008. Des has extensive finance and 
operations experience with media and 
online companies in the US and Europe. 
Previously, Des worked as Senior Finance 
Director at Rodale where he was 
responsible for delivering the financial 
strategy for its international division. Prior 
to this, Des was Vice President for Finance 
at PredictIt.com, a publicly quoted Internet 
start-up, and held senior financial 
positions with Primedia Inc and Capital 
Cities/ABC Inc. while based in New York. 
Des trained with Deloitte & Touche LLP in 
Dublin and holds a Masters in Business 
Administration from Imperial College 
London, a Bachelor of Commerce from 
University College Dublin and is a Fellow 
of the Institute of Chartered Accountants 
in Ireland.
Michael Smurfit Jr. (aged 49) 
(Non-executive director)
Michael joined the Board of GameAccount 
Network in June 2008. Michael is Chief 
Executive of S.F. Investments, a privately 
held company that manages worldwide 
investments on behalf of the Smurfit 
family. Michael is a director of a number 
of companies, including Escher plc and 
The K Club Limited. Michael previously 
held a number of senior positions within 
the Jefferson Smurfit Group both in 
Europe and the US. 
Seamus McGill (Aged 63) 
(Non-executive director)
Seamus joined the Board of GameAccount 
Network in April 2014. Seamus has 19 
years’ experience in the gaming and 
technology industries and is currently 
President of Joingo, a mobile software 
company in San Jose, California, with 
overall responsibility for company growth 
and financial performance. Prior to Joingo, 
Seamus spent five years at Aristocrat 
Technologies, the second largest 
manufacturer of slot machines and gaming 
solutions in the world. At Aristocrat, he 
was Chief Operating Officer of the 
Americas with responsibility for the North 
American, Canadian and Latin American 
markets. Prior to Aristocrat, he held senior 
positions at Cyberview Technology, WMS 
Gaming Inc. and Mikohn Gaming 
Corporation.
Roger Kendrick (aged 70) 
(Non-executive director)
Roger joined the Board of GameAccount 
Network in June 2008. Roger is an 
entrepreneur and an experienced 
non-executive director, representing both 
private equity investors and personal 
investments. Roger has a track record of 
investing in numerous high growth 
companies, including gaming and Internet 
businesses and has significant experience 
of acquisitions and disposals. Roger has a 
BA in Business Finance and an MSc (MBA) 
from London Business School. GameAccount Network plc  Annual report and accounts 2014 21
For more information, please visit: 
www.gameaccountnetwork.com/investors
Simon Knock (aged 36) 
(Chief Operating Officer)
Simon joined GameAccount Network in 
September 2010 as Technical Director, 
bringing over ten years of Internet 
gambling industry experience. Prior to 
GameAccount Network, Simon held 
various technology development and 
management roles with UK operator 
William Hill and operations roles with 
Canadian online gaming software 
developer Cryptologic, Inc. Simon has a 
software engineering background, 
originally developing UK government 
revenue systems and private sector 
logistics products.
Martin Smith (aged 48) 
(Chief Games Officer)
Martin joined GameAccount Network in 
2005, becoming Chief Technical Officer in 
2007 and then Chief Games Officer in 
2012. Martin worked as Senior Artificial 
Intelligence Programmer at cross-platform 
videogame developer Elixir Studios, 
working on videogame titles such as 
‘Republic: The Revolution’. Martin’s 
qualifications include a BSc in Artificial 
Intelligence from Middlesex University 
and an MSc in Advanced Methods in 
Computer Science from the Queen Mary 
University of London. Martin was awarded 
the prestigious Drapers Scholarship to 
fund his PhD at Queen Mary University of 
London, completed in 2000. Martin has 
published articles concerning applying 
innovative machine learning techniques to 
games such as chess, go and shogi.
Senior 
management
Matt Mowlam (aged 35) 
(Director of Marketing Services)
Matt joined GameAccount Network in 
May 2014 having worked in the iGaming 
industry for ten years. Before joining 
GameAccount Network, Matt held a 
number of management positions at 
Betfair Group plc over the course of eight 
years, latterly as Head of Corporate 
Development where he launched Betfair 
Casino in New Jersey. Prior to Betfair, Matt 
managed digital media channels at 
PartyGaming Plc (now bwin.party) and ran 
high profile accounts for telecoms/
lifestyle/leisure clients at a number of 
digital marketing agencies in London. Matt 
graduated from Brunel University in 2002.
 
Tom Grant (aged 40) 
(Head of Legal and Compliance)
Tom joined GameAccount Network in 
November 2014 as Head of Legal and 
Compliance, with a wealth of experience 
gained both in private practice and 
in-house. Having trained at Nabarro, Tom 
qualified in 2001 and remained in private 
practice before moving into the gaming 
sector in 2006 when he joined The Rank 
Group plc as in-house counsel. Tom 
remained at Rank for six years before 
moving back into private practice in 2012 
as a Partner with top ranked gambling law 
specialists Harris Hagan. Whilst at Harris 
Hagan, Tom acted for GameAccount on 
the software platform sale to Aristocrat 
Technologies Inc. and he continued to 
advise GameAccount on commercial 
matters before joining the company. Tom 
graduated from Royal Holloway, London 
University where he studied History 
before converting to law at The College of 
Law, London.
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS GameAccount Network plc  Annual report and accounts 2014 22
Corporate governance statement 
As an AIM listed Group, GameAccount network plc is not 
required to follow the provisions of the UK Corporate 
Governance Code (the Code). The Board however recognises 
the importance and value of good corporate governance 
procedures and accordingly have selected those elements of the 
Code that they consider relevant and appropriate to the Group, 
given its size and structure.
The Board
The Board comprises six directors including two executive 
directors and four non-executive directors including the 
Chairman. The Board meets regularly to consider strategy, 
performance and the framework of internal controls. 
The Board of directors comprises a mix of the necessary skills, 
knowledge and experience required to provide leadership, 
control and oversight of the management of GameAccount 
Network plc and to contribute to the development and 
implementation of strategy. In particular, the Board comprises 
a group of directors with diverse backgrounds within the 
technology and related sectors, in both public and private 
companies, which combine to provide the Board with the 
resources and expertise to drive the continuing development 
of the Group and advance its commercial objectives.
The directors have established an audit committee, a 
remuneration committee and a nomination committee with 
formally delegated roles and responsibilities. Each of the 
committees currently comprises three non-executive directors 
and meets regularly, and at least twice each year.
Committees
The audit committee is responsible for ensuring that the financial 
performance of the Group is properly reported on and monitored 
and for meeting the auditors and reviewing the reports from the 
auditors relating to accounts and internal control systems. It 
meets at least once a year with the auditors without executive 
directors present. The audit committee is comprised of Roger 
Kendrick, David O’Reilly and Michael Smurfit Jnr. and chaired  
by Roger Kendrick. Roger Kendrick is deemed to have recent  
and relevant financial experience and is the audit committee 
financial expert.
The remuneration committee reviews the performance of the 
executive directors and sets and reviews the scale and structure 
of their remuneration. The committee also reviews the basis of 
the executive directors remuneration and the terms of their 
service agreements with due regard to the interests of 
shareholders. In determining the remuneration of executive 
directors, the remuneration committee will seek to enable the 
Group to attract and retain staff of the highest calibre. The 
remuneration committee will also make recommendations to the 
Board concerning the allocation of share options to employees. 
No director is permitted to participate in discussions or decisions 
concerning his own remuneration. The remuneration committee 
is comprised of David O’Reilly, Roger Kendrick and Michael 
Smurfit Jnr. and chaired by David O’Reilly.
The nomination committee is responsible for reviewing the size, 
structure and composition of the Board, succession planning, the 
appointment of replacement and/or additional directors and for 
making the appropriate recommendations to the Board. It meets 
at least once a year with the auditors without executive directors 
present. The nomination committee is comprised of Michael 
Smurfit Jnr., David O’Reilly and Roger Kendrick and is chaired by 
Michael Smurfit Jnr.
Internal control
The Group has adopted a share dealing code in conformity 
with the requirements of Rule 21 of the AIM Rules and ESM 
Rules and will take steps to ensure compliance by the Board 
and the Group’s employees with the terms of the code.
The Bribery Act 2010 (‘Bribery Act’) which came into force in 
the UK on 1 July 2011 prescribes criminal offences for individuals 
and businesses relating to the payment of bribes and, in certain 
cases, a failure to prevent the payment of bribes. The Group has 
therefore established procedures designed to ensure that no 
member of the Group engages in conduct for which a 
prosecution under the Bribery Act may result. GameAccount Network plc  Annual report and accounts 2014 23
For more information, please visit: 
www.gameaccountnetwork.com/investors
Directors’ report
The directors submit their report and the financial statements of GameAccount Network plc for the year ended 31 December 2014.
Principal activities
The activity of the Group divides into two principal areas:
• the provision and development of real money gaming software and the supply of Internet gaming systems to the online  
industry; and
• the provision and development of simulated gaming software and underlying systems to existing casino operators in both the US 
and other significant international markets.
Results and dividends
The result for the Company and the Group for the year ended 31 December 2014 show total net revenue of £7.5m  
(2013: £12.3m) and a net loss after tax of £2.6m (2013: net profit £1.1m).
The Board does not recommend the payment of a dividend for 2014 (2013:£nil).
The Group’s consolidated financial statements are set out on pages 27 to 55. For a more detailed review of the Group’s results see 
the Chief Executive’s report and the strategic report.
Please refer to the Chief Executive’s report for an overview of the Group’s future developments.
Please refer to note 2.9 of the financial statements for more details on financial instruments and note 3 for details on the exposure to 
credit, liquidity, cash flow and other financial risks. 
Annual General Meeting 
The Annual General Meeting of the Company will be held on 30 June 2015. Notice of this meeting will be sent under separate cover.
Directors
The following directors have held office since 1 January 2014:
David O’Reilly
Dermot S Smurfit 
Desmond Glass  
Michael Smurfit Jnr.
Roger Kendrick  
Seamus McGill (appointed 9 April 2014)
Details of share options granted during the current and prior year to directors are as follows: 
Share 
options 
Date 
of grant 
Exercise 
price 
Date first 
exercisable 
Expiry 
date 
Dermot Smurfit 750,000 29.10.2010 22p 29.10.2011 29.10.2015
Dermot Smurfit 200,000 28.03.2012 22p 28.03.2013 28.03.2017
David O’Reilly 75,000 01.08.2013 60p 01.08.2014 01.08.2016
Michael Smurfit 50,000 01.08.2013 60p 01.08.2014 01.08.2016
Roger Kendrick 50,000 01.08.2013 60p 01.08.2014 01.08.2016
Desmond Glass 150,000 01.08.2013 60p 01.08.2014 01.08.2016
Desmond Glass 171,000 15.08.2014 135p 15.04.2015 15.08.2017
Dermot Smurfit 171,000 15.08.2014 135p 15.04.2015 15.08.2017
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS GameAccount Network plc  Annual report and accounts 2014 24
Directors’ report continued
Significant shareholders
As of 31 December 2014 the Company had been advised of the 
following significant shareholders:
Shareholders % 
Number of  
ordinary shares 
Dermot S Smurfit 13.21 7,384,075
Andrew Black 9.81 5,480,860
Sir Michael Smurfit 9.45 5,281,270
Anthony Smurfit 8.42 4,705,805
Odey Asset Management 5.96 3,333,333
Artemis Funds 5.56 3,108,462
Blackrock International Limited 4.34 2,425,189
David O’Reilly 4.05 2,263,812
Roger Kendrick (including  
Britannia Limited’s holding) 3.38 1,885,250
Third party indemnity provision for directors 
Qualifying third party indemnity provision is in place for the 
benefit of all directors of the Company.
Research and development
The Group maintains its level of investments in software 
development activities. In the opinion of the directors, continuity 
of investment in this area is essential to strengthen the Group’s 
market position and for future growth.
Going concern
The Groups’ business activities, together with the factors likely 
to affect its future performance and position are set out in the 
Chairman’s, Chief Executive Officer’s and Strategic reports. 
Notes 3 and 15 to the financial statements set out the Group’s 
financial risk management policies and its exposure to credit risk 
and liquidity risk.
The directors have assessed the financial risks facing the 
business, and compared this risk assessment to the net current 
assets position and dividend policy. The directors have also 
reviewed relationships with key suppliers and software providers 
and are satisfied that the appropriate contracts and contingency 
plans are in place. The directors have prepared forecasts of 
statement of comprehensive income and statement of cash 
flows to assess whether the Group has adequate resources for 
the foreseeable future.
The directors consider that the Group has adequate resources to 
continue in operational existence for the foreseeable future. For 
this reason, they continue to adopt the going concern basis in 
preparing the consolidated financial statements.
Political and charitable contributions 
During the year the Group made charitable donations of £7,500 
(2013: £5,000) to Responsible Gambling Trust, a leading charity 
in the UK committed to minimising gambling-related harm.
Statement as to disclosure of information to the auditor 
The directors who were in office on the date of approval of these 
financial statements have confirmed that, as far as they are 
aware, there is no relevant audit information of which the auditor 
is unaware. Each of the directors have confirmed that they have 
taken all the steps that they ought to have taken as directors in 
order to make themselves aware of any relevant audit 
information and to establish that it has been communicated to 
the auditor.
Auditor
A resolution to reappoint BDO LLP as the Group’s auditors will 
be submitted to the Board at the Annual General Meeting. 
On behalf of the Board
Desmond Glass
Chief Financial Officer 
16 April 2015 GameAccount Network plc  Annual report and accounts 2014 25
For more information, please visit: 
www.gameaccountnetwork.com/investors
Directors’ responsibilities in the 
preparation of the financial statements
The directors are responsible for preparing the annual report and 
the financial statements in accordance with applicable law and 
regulations. 
 
Company law requires the directors to prepare financial 
statements for each financial year. Under that law the directors 
have elected to prepare the Group and parent Company financial 
statements in accordance with applicable law and International 
Financial Reporting Standards (IFRSs) as adopted by the 
European Union. Under company law the directors must not 
approve the financial statements unless they are satisfied that 
they give a true and fair view of the state of affairs of the Group 
and Company and of the profit or loss of the Group for that 
period. The directors are also required to prepare financial 
statements in accordance with the rules of the London Stock 
Exchange for companies trading securities on the Alternative 
Investment Market. 
 
In preparing these financial statements, the directors are 
required to: 
• select suitable accounting policies and then apply them 
consistently; 
• make judgements and accounting estimates that are 
reasonable and prudent; 
• state whether the Group financial statements have been 
prepared in accordance with IFRSs as adopted by the 
European Union, subject to any material departures disclosed 
and explained in the financial statements; and
• prepare the financial statements on the going concern basis 
unless it is inappropriate to presume that the Group and the 
Company will continue in business. 
 
The directors are responsible for keeping adequate accounting 
records that are sufficient to show and explain the Group’s 
transactions and disclose with reasonable accuracy at any time 
the financial position of the Group and enable them to ensure 
that the financial statements comply with the requirements of 
the Companies Act 2006. They are also responsible for 
safeguarding the assets of the Group and hence for taking 
reasonable steps for the prevention and detection of fraud and 
other irregularities. 
 
Website publication 
The directors are responsible for ensuring the annual report and 
the financial statements are made available on a website. 
Financial statements are published on the Group’s website in 
accordance with legislation in the United Kingdom governing the 
preparation and dissemination of financial statements, which 
may vary from legislation in other jurisdictions. The maintenance 
and integrity of the Group’s website is the responsibility of the 
directors. The directors’ responsibility also extends to the 
ongoing integrity of the financial statements contained therein.
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS GameAccount Network plc  Annual report and accounts 2014 26
Independent auditors’ report to the 
members of GameAccount Network plc
We have audited the financial statements of GameAccount 
Network plc for the year ended 31 December 2014 which 
comprise the consolidated statement of comprehensive income, 
the consolidated and company statements of financial position, 
the consolidated and company statements of changes in equity, 
the consolidated and company statements of cash flows and the 
related notes. The financial reporting framework that has been 
applied in their preparation is applicable law and International 
Financial Reporting Standards (IFRSs) as adopted by the 
European Union and, as regards the parent Company financial 
statements, as applied in accordance with the provisions of the 
Companies Act 2006. 
This report is made solely to the Company’s members, as a 
body, in accordance with Chapter 3 of Part 16 of the Companies 
Act 2006. Our audit work has been undertaken so that we 
might state to the Company’s members those matters we are 
required to state to them in an auditor’s report and for no other 
purpose. To the fullest extent permitted by law, we do not accept 
or assume responsibility to anyone other than the Company and 
the Company’s members as a body, for our audit work, for this 
report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
As explained more fully in the statement of directors’ 
responsibilities, the directors are responsible for the preparation 
of the financial statements and for being satisfied that they give 
a true and fair view. Our responsibility is to audit and express  
an opinion on the financial statements in accordance with 
applicable law and International Standards on Auditing  
(UK and Ireland). Those standards require us to comply with  
the Financial Reporting Council’s (FRC’s) Ethical Standards  
for Auditors. 
Scope of the audit of the financial statements
A description of the scope of an audit of financial  
statements is provided on the FRC’s website at  
www.frc.org.uk/auditscopeukprivate.
Opinion on financial statements
In our opinion: 
• the financial statements give a true and fair view of the  
state of the Group’s and the parent Company’s affairs as at  
31 December 2014 and of the Group’s loss for the year  
then ended;
• the Group financial statements have been properly prepared 
in accordance with IFRSs as adopted by the European Union;
• the parent Company financial statements have been properly 
prepared in accordance with IFRSs as adopted by the 
European Union and as applied in accordance with the 
provisions of the Companies Act 2006; and
• the financial statements have been prepared in accordance 
with the requirements of the Companies Act 2006.
Opinion on other matters prescribed by the Companies  
Act 2006
In our opinion the information given in the strategic report and 
directors’ report for the financial year for which the financial 
statements are prepared is consistent with the financial statements. 
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters 
where the Companies Act 2006 requires us to report to you if,  
in our opinion:
• adequate accounting records have not been kept by the 
parent Company, or returns adequate for our audit have not 
been received from branches not visited by us; or
• the parent Company financial statements are not in 
agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by 
law are not made; or
• we have not received all the information and explanations we 
require for our audit.
Dominic Stammers (Senior statutory auditor)
For and on behalf of BDO LLP , statutory auditor
London
United Kingdom
16 April 2015
BDO LLP is a limited liability partnership registered in England 
and Wales (with registered number OC305127). GameAccount Network plc  Annual report and accounts 2014 27
For more information, please visit: 
www.gameaccountnetwork.com/investors
Consolidated statement of comprehensive income
For the year ended 31 December 2014
Notes
Year ended 
31 December 
2014 
£’000
Year ended 
31 December 
2013 
£’000
Continuing Operations
Gross income from gaming operations and services 2.3 26,123 29,657
Net revenues 4 7,528 12,264
Distribution costs (3,728) (3,039)
Administrative expenses (6,469) (7,671)
Total operating costs (10,197) (10,710)
Clean EBITDA (1,425) 4,109
Depreciation 11 (360) (289)
Amortisation of intangible assets 10 (777) (511)
Exceptional costs 6 (67) (1,705)
Employee share-based payment charge 17 (40) (50)
Operating (loss)/profit 6 (2,669) 1,554
Finance income 8 67 15
(Loss)/profit before taxation (2,602) 1,569
Tax credit/(charge) 9 – (460)
(Loss)/profit for the year attributable to owners of the Group and total comprehensive 
income for the year (2,602) 1,109
Earnings per share attributable to owners of the parent during the year
Basic (pence) 18 (4.66) 4.14
Diluted (pence) 18 (4.66) 2.41
Clean EBITDA is a non GAAP company specific measure and excludes interest, tax, depreciation, amortisation, share-based 
payment expenses and other items which the directors consider to be non-recurring and one time in nature. Where not explicitly 
mentioned, EBITDA refers to EBITDA from continuing operations. 
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented 
its own profit and loss account in these financial statements. The Group loss for the year includes a loss after tax of £1,289,400 
(2013: £2,051,239 profit after tax), which is dealt with in the financial statements of the parent Company.
 
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS GameAccount Network plc  Annual report and accounts 2014 28
Consolidated statement of financial position
For the year ended 31 December 2014
Notes
At 
31 December 
2014 
£’000
At 
31 December 
2013 
£’000
Non-current assets
Intangible assets 10 3,026 912
Property, plant and equipment 11 805 597
Deferred tax asset 9 510 510
4,341 2,019
Current assets
Trade and other receivables 12 2,823 2,730
Cash and cash equivalents 13 10,776 16,895
13,599 19,625
Total assets 17,940 21,644
Current liabilities
Trade and other payables 14 2,764 3,954
Total liabilities 2,764 3,954
Equity attributable to equity holders of parent
Share capital 16 559 557
Share premium account 14,574 14,528
Retained earnings 43 2,605
15,176 17,690
Total equity and liabilities 17,940 21,644
The financial statements on pages 27 to 55 were approved and authorised for issue by the Board of directors on 16 April 2015 and 
were signed on its behalf by:
Desmond Glass
Chief Financial Officer  GameAccount Network plc  Annual report and accounts 2014 29
For more information, please visit: 
www.gameaccountnetwork.com/investors
Consolidated statement of changes in equity
For the year ended 31 December 2014
Share 
capital 
£’000
Share 
premium 
£’000
Retained 
earnings 
’000
Total 
equity 
£’000
At 31 December 2012 434 10,696 (9,250) 1,880
Profit and total comprehensive income for the year – – 1,109 1,109
Employee share-based payment charge – – 50 50
Issue of equity share capital 123 15,128 – 15,251
Issue costs – (600) – (600)
Effect of capital reduction – (10,696) 10,696 –
At 31 December 2013 557 14,528 2,605 17,690
Loss and total comprehensive income for the year – – (2,602) (2,602)
Employee share-based payment charge – – 40 40
Issue of equity share capital 2 46 – 48
At 31 December 2014 559 14,574 43 15,176
The following describes the nature and purpose of each reserve within equity:
Share capital Represents the nominal value of shares allotted, called up and fully paid
Share premium Represents the amount subscribed for share capital in excess of nominal value
Retained earnings Represents the cumulative net gains and losses recognised in the consolidated statement of  
comprehensive income
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS GameAccount Network plc  Annual report and accounts 2014 30
Consolidated statement of cash flows
For the year ended 31 December 2014
Notes
Year ended 
31 December
 2014 
£’000
Year ended
 31 December 
2013 
£’000
Cash flow from operating activities
(Loss)/profit for the year before taxation (2,602) 1,569
Adjustments for:
Amortisation of intangible assets 10 777 511
Depreciation of property, plant and equipment 11 360 289
Share-based payment expense 17 40 50
Finance income 8 (67) (15)
Foreign exchange 41 238
Operating cash flow before movement in working capital and taxation (1,451) 2,642
Increase in trade and other receivables (187) (1,369)
(Decrease)/increase in trade and other payables (1,214) 612
Taxation 85 30
Net cash flows from operating activities (2,767) 1,915
Cash flow from investing activities
Interest received 67 15
Purchase of intangible fixed assets 10 (2,892) (759)
Purchases of property, plant and equipment 11 (568) (453)
Net cash used in investing activities (3,393) (1,197)
Cash flow from financing activities
Net proceeds on issue of shares 16 48 14,651
Net cash generated from financing activities 48 14,651
Net (decrease)/increase in cash and cash equivalents (6,112) 15,369
Cash and cash equivalents at beginning of year 13 16,895 1,668
Effect of foreign exchange rate changes (7) (142)
Cash and cash equivalents at end of year 13 10,776 16,895 GameAccount Network plc  Annual report and accounts 2014 31
For more information, please visit: 
www.gameaccountnetwork.com/investors
Company statement of financial position
For the year ended 31 December 2014
Notes
At 
31 December 
2014 
£’000
At 
31 December 
2013 
£’000
Non current assets
Intangible assets 10 2,982 912
Property, plant and equipment 11 778 562
Deferred tax asset 9 510 510
4,270 1,984
Current assets
Trade and other receivables 12 4,122 2,496
Cash and cash equivalents 13 10,592 16,865
14,714 19,361
Total assets 18,984 21,345
Current liabilities
Trade and other payables 14 2,539 3,699
Total liabilities 2,539 3,699
Equity attributable to equity holders of parent
Share capital 16 559 557
Share premium account 14,574 14,528
Retained earnings 1,312 2,561
16,445 17,646
Total equity and liabilities 18,984 21,345
The financial statements on pages 27 to 55 were approved and authorised for issue by the Board of directors on 16 April 2015 and 
were signed on its behalf by:
Desmond Glass
Chief Financial Officer 
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS GameAccount Network plc  Annual report and accounts 2014 32
Company statement of changes in equity
For the year ended 31 December 2014
Share 
capital 
£’000
Share 
premium 
£’000
Retained 
earnings 
£’000
Total 
equity 
£’000
At 31 December 2012 434 10,696 (10,236) 894
Profit and total comprehensive income for the year – – 2,051 2,051
Employee share-based payment charge – – 50 50
Issue of equity share capital 123 15,128 – 15,251
Issue costs – (600) – (600)
Effect of capital reduction – (10,696) 10,696 –
At 31 December 2013 557 14,528 2,561 17,646
Loss and total comprehensive income for the year – – (1,289) (1,289)
Employee share-based payment charge – – 40 40
Issue of equity share capital 2 46 – 48
At 31 December 2014 559 14,574 1,312 16,445
The following describes the nature and purpose of each reserve within equity:
Share capital Represents the nominal value of shares allotted, called up and fully paid
Share premium Represents the amount subscribed for share capital in excess of nominal value
Retained earnings Represents the cumulative net gains and losses recognised in the consolidated statement of comprehensive 
income GameAccount Network plc  Annual report and accounts 2014 33
For more information, please visit: 
www.gameaccountnetwork.com/investors
Company statement of cash flows
For the year ended 31 December 2014
Notes
Year ended 
31 December 
2014 
£’000
Year ended 
31 December 
2013 
£’000
Cash flow from operating activities
(Loss)/profit for the year before taxation (1,289) 2,511
Adjustments for:
Amortisation of intangible assets 10 767 386
Depreciation of property, plant and equipment 11 344 234
Share-based payment expense 17 40 50
Finance income 8 (67) (15)
Foreign exchange 41 238
Operating cash flow before movement in working capital and taxation (164) 3,404
Increase in trade and other receivables (1,773) (1,401)
Decrease in trade and other payables (1,131) (188)
Taxation 85 30
Net cash flows from operating activities (2,983) 1,845
Cash flow from investing activities
Interest received 67 15
Purchase of intangible fixed assets 10 (2,838) (760)
Purchases of property, plant and equipment 11 (560) (412)
Net cash used in investing activities (3,331) (1,157)
Cash flow from financing activities
Proceeds on issue of shares 16 48 14,651
Net cash generated from financing activities 48 14,651
Net (decrease)/increase in cash and cash equivalents (6,266) 15,339
Cash and cash equivalents at beginning of year 13 16,865 1,668
Effect of foreign exchange rate changes (7) (142)
Cash and cash equivalents at end of year 13 10,592 16,865
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS GameAccount Network plc  Annual report and accounts 2014 34
Notes to the financial statements
For the year ended 31 December 2014
1. Basis of preparation
The financial statements have been prepared in accordance with International Financial Reporting Standards, International 
Accounting Standards and interpretations (collectively, IFRS) issued by the International Accounting Standards Board (IASB)  
as adopted by the European Union (adopted IFRSs). 
Adoption of new and revised standards
In the current year the Group has adopted all of the new and revised standards and interpretations issued by the IASB and the 
International Financial Reporting Interpretations Committee (IFRIC) of the IASB, as they have been adopted by the European Union, 
that are relevant to its operations and effective for accounting years beginning on 1 January 2014. None of the new standards 
adopted had a material impact on the Financial Statements of the Group.
New standards, amendments to standards and interpretations have been issued but are not effective (and in some cases had not yet 
been adopted by the EU) for the financial year beginning 1 January 2015. These have not been early adopted and the directors are still 
considering the potential impact of IFRS15: Revenue from Contracts with customers but do not expect that the adoption of other 
standards will have a material impact on the Financial Statements of the Group in future years.
2. Summary of significant accounting policies
The principal accounting policies adopted are set out below.
2.1 Basis of consolidation
Where the Company has control over an investee, it is classified as a subsidiary. The Company controls an investee if all three of the 
following elements are present: power over the investee, exposure to variable returns from investee and the ability of the investor to 
use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a 
change in any of these elements of control.
De facto control exists in situations where the Company has the practical ability to direct the relevant activities of the investee 
without holding the majority of the voting rights. In determining whether de facto control exits the Company considers all relevant 
facts and circumstances, including:
• The size of the Company’s voting rights relative to both the size and dispersion of other parties who hold voting rights
• Substantive potential voting rights held by the Company and by other parties
• Other contractual arrangements
• Historical patterns in voting attendance.
The consolidated financial statements present the results of the Company and its subsidiaries (the Group) as if they formed a single 
entity. Intercompany transactions and balances between Group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the acquisition method. In the 
statement of financial position, the acquiree’s identifiable assets, liabilities and contingent liabilities are initially recognised at their fair 
values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive 
income from the date on which control is obtained. They are deconsolidated from the date on which control ceases.
 
Foreign currencies
(a) Functional and presentational currency
Items included in the financial statements are measured using the currency of the primary economic environment in which the Group 
operates (‘the functional currency’) which is UK Pound Sterling (£). The financial statements are presented in UK Pound Sterling (£), 
which is the Group’s presentational currency.
(b) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the 
transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year 
end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in net profit or loss in the 
statement of comprehensive income.
Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date 
when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are  
not retranslated. GameAccount Network plc  Annual report and accounts 2014 35
For more information, please visit: 
www.gameaccountnetwork.com/investors
2. Summary of significant accounting policies continued
(c) Group companies
On consolidation the results of overseas operations are translated at rates approximating to those ruling when the transactions took 
place. All assets and liabilities of overseas operations, including goodwill arising on the acquisition of those operations, are translated at 
the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results  
of overseas operations at actual rate are recognised in other comprehensive income and accumulated in the foreign exchange reserve. 
 
Exchange differences recognised profit or loss in Group entities’ separate financial statements on the translation of long-term 
monetary items forming part of the Group’s net investment in the overseas operation concerned are reclassified to other 
comprehensive income and accumulated in the foreign exchange reserve on consolidation. 
 
On disposal of a foreign operation, the cumulative exchange differences recognised in the foreign exchange reserve relating to that 
operation up to the date of disposal are transferred to the consolidated statement of comprehensive income as part of the profit or 
loss on disposal.
 
2.2 Revenue recognition
Net revenues comprise amounts earned from B2C and B2B activities. B2B activities include revenues derived from the use of the 
Group’s intellectual property in online gaming activities and revenues derived from the game and platform development and  
related services.
(a) B2C
Net revenue from ‘business to consumer’ (B2C) activities represents the net house win, commission charged or tournament entry 
fees where the player has concluded his participation in a tournament. Net revenue is recognised in the accounting years in which  
the gaming transactions occur and is measured at the fair value of the consideration received or receivable, net of certain promotion 
bonuses and customer incentives.
 
(b) B2B
Revenue share and other services
Net revenue receivable from ‘business to business’ (B2B) activities in respect of revenue share and other services comprises a 
percentage of the revenue generated by the contracting party from use of the Group’s intellectual property in online gaming activities 
and from fees charged for services rendered. Net revenue is recognised in the accounting years in which the gaming transactions 
occur or the services are rendered.
 
Game and platform development
Net revenue receivable from B2B activities in respect of game and platform development comprises fees earned from development 
of games for customers for use on GameAccount Network’s platforms and from the sale of platform software and related services.
 
Revenue in respect of game development and the sale of platform software is recognised when certification for the game has been 
obtained or delivery has occurred and the fee is fixed, contractual or determinable and collectability is probable.
 
Services revenue principally relates to implementation services. Such services are generally separable from the other elements of 
arrangements. Revenue for such services is recognised over the period of the delivery of these services. Where an element of the fee 
is contingent on the successful delivery of the implementation project the revenue is not recognised until such time that it is probable 
that the requirements under that specific contract will be met.
 
Simulated Gaming™
Net revenue in respect of Simulated Gaming™ is recognised upon completion of purchase. Simulated Gaming™ involves customers 
purchasing virtual credits at fixed price levels in order to experience established casino games in an online environment. Players are 
unable to monetise their virtual balances and revenues are recognised at the point of purchase and are non-refundable.
in the same period when players make a deposit to purchase Virtual Credits to be used on the online gaming portal.
 
2.3 Gross income from gaming operations and services
In order to provide further information to readers of the historical financial information and in particular to give an indication of the extent 
of transactions that have passed through the Group’s systems, the statement of comprehensive income discloses gross income from 
gaming operations and services arising through the use of the Group’s intellectual property in online gaming activities, which represents 
the total income of the Group, together with that derived by its contracting parties where the Group supplies its software directly to the 
online operator. This line item does not represent the Group’s revenue for the purposes of IFRS income recognition.
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS GameAccount Network plc  Annual report and accounts 2014 36
Notes to the financial statements continued
For the year ended 31 December 2014
2. Summary of significant accounting policies continued
2.4 Distribution costs
Distribution costs represent the costs of delivering the service to the customer and primarily consist of technology infrastructure, 
promotional and advertising together with gaming and regulatory testing all of which are recognised on an accruals basis, and 
depreciation and amortisation.
2.5 Administrative expenses
Sales and administrative expenses consist primarily of staff costs, corporate and professional expenses, all of which are recognised 
on an accruals basis, and impairment charges.
Exceptional items are disclosed separately in the financial statements where it is necessary to do so to provide further understanding 
of the financial performance of the Group. They are material items of income or expense that have been shown separately due to the 
significance of their nature or amount.
2.6 Intangible assets
Externally acquired intangible assets
Externally acquired intangible assets are initially recognised at cost and subsequently amortised on a straight-line basis over their 
useful economic lives.
The significant intangibles recognised by the Group with their useful economic lives are as follows:
Licences and trademarks Shorter of licence term or 10 years
Internally generated intangible assets (development costs)
Expenditure incurred on development activities including the Group’s software development and related overheads is capitalised 
only where the expenditure will lead to new or substantially improved products, the products are technically and commercially 
feasible and the Group has sufficient resources to complete development.
Capitalised development costs are amortised over the years the Group expects to benefit from selling the products developed which 
is typically three to five years. The amortisation expense is included within the distribution cost line in the consolidated statement of 
comprehensive income.
Development expenditure not satisfying the above criteria and expenditure on the research phase of internal projects are recognised 
in the consolidated statement of comprehensive income as incurred.
Subsequent expenditure on capitalised intangible assets is capitalised only where it clearly increases the economic benefits to be 
derived from the asset to which it relates. All other expenditure, including that incurred in order to maintain an intangible assets 
current level of performance, is expensed as incurred.
2.7 Property, plant and equipment
Depreciation is calculated to write off the cost of fixed assets on a straight-line basis over the expected useful lives of the assets 
concerned. The principal annual rates used for this purpose are:
Fixtures, fittings & equipment 33% straight-line
Subsequent expenditures are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is 
probable that future economic benefits will flow to the Group and the cost of the item can be measured reliably. All repairs and 
maintenance are charged to the consolidated statement of comprehensive income during the financial period in which they are incurred.
Gains and losses on disposals are determined by comparing proceeds with carrying amount and are included in the consolidated 
statement of comprehensive income.
  GameAccount Network plc  Annual report and accounts 2014 37
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2. Summary of significant accounting policies continued
2.8 Impairment of property, plant and equipment and intangible assets
At each statement of financial position date, the Group reviews the carrying amounts of its tangible and intangible assets to 
determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the 
recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does 
not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash generating 
unit to which the asset belongs. 
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash 
flows are discounted to their present value using a pre tax discount rate that reflects current market assessments of the time value of 
money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash generating unit) is estimated to be less than its carrying amount, the carrying amount 
of the asset (cash generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense 
immediately.
2.9 Financial instruments
Financial assets and financial liabilities are recognised on the Group’s statement of financial position when the Group becomes party 
to the contractual provisions of the instrument. Financial assets are de-recognised when the contractual rights to the cash flows from 
the financial asset expire or when the contractual rights to those assets are transferred. Financial liabilities are de-recognised when 
the obligation specified in the contract is discharged, cancelled or expired.
Trade and other receivables
Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective 
interest method less provision for impairment. 
Impairment provisions are recognised when there is objective evidence (such as significant financial difficulties on the part of the 
counterparty or default or significant delay in payment) that the Group will be unable to collect all of the amounts due under the net 
carrying amount and the present value of the future expected cash flows associated with the impaired receivable. For trade 
receivables, which are reported net; such provisions are recorded in a separate allowance account with the loss being recognised 
within administrative expenses in the statement of comprehensive income. On confirmation that the trade receivable will not be 
collectable, the gross carrying value of the asset is written off against the associated provision.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, demand deposits, and other short-term highly liquid investments that have 
maturities of three months or less from inception, are readily convertible to a known amount of cash and are subject to an 
insignificant risk of changes in value.
 
Classification of shares as debt or equity instruments
Financial instruments issued by the Group are classified as equity only to the extent that they do not meet the definition of a financial 
liability. An equity instrument is a contract that evidences a residual interest in assets or an entity after deducting all of its liabilities. 
Accordingly, a financial instrument is treated as equity if:
• There is no contractual obligation to deliver cash or other financial asset or to exchange financial assets or liabilities on terms that 
may be unfavourable, and
• The instrument is a non-derivative that contains no contractual obligation to deliver a variable number of shares or is a derivative 
will be settled only by the Company exchanging a fixed amount of cash or other assets for a fixed number of the Company’s own 
equity instruments.
Equity instruments issued by the Group are recorded at the time the proceeds are received, net of direct issue costs.
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS GameAccount Network plc  Annual report and accounts 2014 38
Notes to the financial statements continued
For the year ended 31 December 2014
2. Summary of significant accounting policies continued
Trade and other payables
Trade payables are initially measured at their fair value and are subsequently measured at their amortised cost using the effective 
interest rate method; this method allocates interest expense over the relevant period by applying the ‘effective interest rate’ to the 
carrying amount of the liability.
2.10 Current and deferred tax
Taxation represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit reported in the statement of 
comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further 
excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been 
enacted or substantively enacted by the statement of financial position date.
 
Deferred tax
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled 
based upon tax rates that have been enacted or substantively enacted by the statement of financial position date. Deferred tax is 
charged or credited in the statement of comprehensive income, except when it relates to items credited or charged directly to equity, 
in which case the deferred tax is also dealt with in equity.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in 
the financial information and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the 
balance sheet liability method. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available 
against which deductible temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each statement of financial position date and reduced to the extent that it 
is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax is measured using tax rates that have been enacted or substantively enacted by the statement of financial position date 
and are expected to apply when the related deferred tax asset or liability is realised or settled.
2.11 Operating leases
All leases held by the Group are operating leases and, as such, are charged to the statement of comprehensive income on a straight-
line basis over the lease term. Rent free periods or other incentives received for entering into a lease are accounted for over the lease 
term, so as to spread the benefit received.
2.12 Share-based payments
The Group issues equity settled share-based payments to certain employees (including directors).
Equity settled share-based payments are measured at fair value at the date of grant and expensed on a straight-line basis over the 
vesting period, based upon the Group’s estimate of equity instruments that will eventually vest, along with a corresponding increase 
in equity. At each statement of financial position date, the Group revises its estimate of the number of equity instruments expected 
to vest as a result of the effect of non-market based vesting conditions. The impact of the revision of the original estimates, if any,  
is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to 
equity reserves.
The fair value of share options is determined using a Black-Scholes model, taking into consideration management’s best estimate  
of the expected life of the option and the estimated number of shares that will eventually vest. The expected life used in the  
model has been adjusted, based on management’s best estimate, for the effects of non transferability, exercise restrictions and 
behavioural considerations.
  GameAccount Network plc  Annual report and accounts 2014 39
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3. Financial risk management (see also note 15)
3.1 Financial risk factors
The Group’s activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Group’s overall risk 
management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the 
Group’s financial performance.
Risk Management is carried out by management under policies approved by the Board of directors. Management identifies and 
evaluates financial risks in close cooperation with the Group’s operating segments. The Board provides principles for overall risk 
management, as well as policies covering specific areas, such as, interest rate risk, non derivative financial instruments and 
investment of excess liquidity.
3.2 Market risk
Market risk is the risk of loss that may arise from changes in market factors such as interest rates and foreign exchange rates.
3.3 Contractual risk
In the ordinary course of business the Group contracts with various parties. These contracts may include performance obligations, 
indemnities and contractual commitments. Management monitors the performance of the Group and any relevant counterparties 
against such contractual conditions to mitigate the risk of material, adverse non-compliance.
3.4 Credit risk
Credit risk is the financial loss to the Group if a customer or counterparty to financial instruments fails to meet its contractual 
obligation. Credit risk arises from the Group’s cash and cash equivalents and receivables balances.
3.5 Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. This risk relates to the Group’s 
prudent liquidity risk management and implies maintaining sufficient cash. Management monitors rolling forecasts of the Group’s 
liquidity and cash and cash equivalents on the basis of expected cash flow.
3.6 Capital risk management
The Group’s capital structure is comprised entirely of the share capital and accumulated reserves.
The Group’s objective when managing capital is to maintain adequate financial flexibility to preserve its ability to meet financial 
obligations, both current and long term. The capital structure of the Group is managed and adjusted to reflect changes in economic 
conditions.
The Group funds its expenditures on commitments from existing cash and cash equivalent balances. There are no externally 
imposed capital requirements.
Financing decisions are made by the Board of directors based on forecasts of the expected timing and level of capital and operating 
expenditure required to meet the Group’s commitments and development plans.
3.7 Fair value estimation
The carrying value less impairment provision of trade and other receivables and payables are assumed to approximate their fair 
values because of the short term nature of such assets and the effect of discounting liabilities is negligible.
3.8 Critical accounting estimates and judgements
The preparation of consolidated financial statements under IFRS as adopted by the EU requires the Group to make estimates and 
judgements that affect the application of policies and reported amounts. Estimates and judgements are continually evaluated and are 
based on historical experience and other factors including expectations of future events that are believed to be reasonable under the 
circumstances. Actual results may differ from these estimates. 
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS GameAccount Network plc  Annual report and accounts 2014 40
Notes to the financial statements continued
For the year ended 31 December 2014
3. Financial risk management (see also note 15) continued
Reference is made in this note to accounting policies which cover areas that the directors consider require estimates and assumptions 
which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial 
year. These policies together with references to the related notes to the financial statements can be found below:
Note
Revenue recognition 4
Capitalisation and impairment of internally generated intangible assets 10
Deferred taxation 9
Revenue recognition
The Group applies judgement in determining whether it acts as principal or agent where it provides services through its B2B 
operations. In making these judgements, the Group gives consideration to the contractual terms of each arrangement and 
consequently which party has the primary responsibility for providing the services and is exposed to the majority of the risks and 
rewards associated with providing the services. Further detail on this can be found in note 2.2.
Capitalisation and impairment of internally generated intangible assets
The Group regularly reviews expenditure incurred on development activities and assesses whether the expenditure meets the 
capitalisation criteria set out in note 2.6. The Group tests annually whether its assets have suffered any impairment. Further details of 
the Group’s accounting policy in relation to impairment are disclosed in note 2.8.
The application of the policy requires the use of accounting estimates and judgements in determining the recoverable amount of 
cash-generating units to which the intangible assets are associated. The recoverable amount is represented by the fair value in use. 
Value in use is calculated using estimated cash flow projections from financial budgets, discounted by selecting an appropriate rate 
for each cash-generating unit.
Deferred taxation
Deferred tax assets are recognised to the extent that it is probable future taxable profits will be available against which the temporary 
differences can be utilised. The key area of judgement is therefore an assessment of whether it is probable that there will be suitable 
taxable profits against which any deferred tax assets can be utilised. Further details of deferred tax assets recognised are disclosed in 
note 9. 
4. Net revenue
Year ended 
31 December 
2014 
£’000
Year ended 
31 December 
2013 
£’000
B2C 678 983
B2B
– Game and platform development 3,946 8,713
– Revenue share and other revenue 2,904 2,568
Total B2B 6,850 11,281
7,528 12,264 GameAccount Network plc  Annual report and accounts 2014 41
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5. Segmental information
Information reported to the Group’s Chief Executive, the strategic chief operating decision maker, for the purposes of resource 
allocation and assessment of the Group’s segmental performance is primarily focused on the origination of the revenue stream. The 
Group’s principal reportable segments under IFRS 8 are therefore as follows:
• Business to business (B2B)
• Business to consumer (B2C)
Segment revenues and results
The following is an analysis of the Group’s revenue and results by reportable segment.
Year ended 31 December 2014
B2C 
£’000
B2B 
£’000
Total 
£’000
Net revenue 678 6,850 7,528
Distribution costs (excluding depreciation and amortisation) (1,051) (1,540) (2,591)
Segment result (373) 5,310 4,937
Administration expenses (6,469)
Depreciation on property, plant and equipment (360)
Amortisation of intangible assets (777)
Finance income 67
Loss before taxation (2,602)
Taxation –
Loss for the year after taxation (2,602)
Year ended 31 December 2013
B2C 
£’000
B2B 
£’000
Total 
£’000
Net revenue 983 11,281 12,264
Distribution costs (excluding depreciation and amortisation) (1,096) (1,143) (2,239)
Segment result (113) 10,138 10,025
Administration expenses (7,671)
Depreciation (289)
Amortisation of intangible assets (511)
Finance income 15
Loss before taxation 1,569
Taxation (460)
Profit for the year after taxation 1,109
The accounting policies of the reportable segments follow the same policies as described in note 2. Segment result represents the 
gross profit earned by each segment without allocation of the share of administration costs including directors’ salaries, finance costs 
and income tax expense. This is the measure reported to the Group’s Chief Executive for the purpose of resource allocation and 
assessment of segment performance.
Administration expenses comprise principally the employment and office costs incurred by the Group.
Segment assets and liabilities
Assets and liabilities are not separately analysed or reported to the Group’s Chief Executive and are not used to assist in decisions 
surrounding resource allocation and assessment of segment performance. As such, an analysis of segment and liabilities has not 
been included in this financial information. 
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS GameAccount Network plc  Annual report and accounts 2014 42
Notes to the financial statements continued
For the year ended 31 December 2014
5. Segmental information continued
Geographical analysis of revenues
This analysis is determined based upon the location of the legal entity of the customer.
Year ended 
31 December 
2014 
£’000
Year ended 
31 December 
2013 
£’000
UK and Channel Islands 1,622 2,735
Italy 1,150 941
The Netherlands 490 –
USA 2,780 1,314
Australia 1,162 7,007
Rest of the World 324 267
7,528 12,264
Information about major customers
During the year ended 31 December 2014 the Group had two customers who generated revenue greater than 10% of total net 
revenue. These customers generated revenue of £2,391,000 representing 32% of net revenue (of which the largest customer 
generated £1,325,900), all of which was within the B2B segment.
During the year ended 31 December 2013 the Group had one customer who generated revenue greater than 10% of total net 
revenue. This customer generated revenue of £6,910,000 representing 56% of net revenue, all of which was within the B2B segment.
Geographical analysis of non-current assets
At 
31 December 
2014 
£’000
At 
31 December 
2013 
£’000
UK and Channel Islands 3,583 1,216
USA 220 288
Italy 28 5
3,831 1,509
6. Operating (loss)/profit
6.1 Operating (loss)/profit has been arrived at after charging:
Year ended 
31 December 
2014 
£’000
Year ended 
31 December 
2013 
£’000
Staff costs (note 7) 3,829 3,949
Auditor’s remuneration:
Audit 60 43
Taxation 15 10
IPO advisory – 210
Others 5 2
Amortisation of intangibles 777 511
Depreciation on property, plant and equipment 360 289
Foreign exchange losses 41 238
Rent payable under operating leases 203 173
Employee share-based payment charge (note 17) 40 50
Staff costs and Rent payable under operating leases charged to the income statement, as shown in the table, above are less amounts 
capitalised in the year of £2,635,702 (2013: £726,704) as part of capitalised development costs reflected within note 10 of the 
financial statements.
Total wages and salaries related to research and development was £3,234,748 (2013: £1,934,753) of which £2,048,044 (2013: 
£641,686) was capitalised. GameAccount Network plc  Annual report and accounts 2014 43
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6. Operating (loss)/profit continued
6.2 Exceptional costs
Year ended 
31 December 
2014 
£’000
Year ended 
31 December 
2013 
£’000
IPO transaction costs – 1,349
Other transaction costs – 333
Compensation for loss of office, redundancy and compromise costs, together with associated  
legal expenses 67 214
Other exceptional costs – 137
Exceptional income (Remote Gaming Duty refund) – (328)
67 1,705
7. Staff costs
Year ended 
31 December 
2014
Year ended 
31 December 
2013
The average number of employees (including executive directors) employed was:
Management 7 6
Administration and technical staff 88 55
95 61
Year ended 
31 December 
2014 
£’000
Year ended 
31 December 
2013 
£’000
The aggregate remuneration of the above employees comprised (including directors):
Wages and salaries 5,285 4,268
Social security costs 657 402
Pension costs – 4
Employee share-based payment charge 40 50
5,982 4,724
Total staff costs included in capitalised development costs for the year was £2,112,807 (2013: £726,704) and are reflected within 
note 10 of the financial statements. 
The remuneration of the directors, who are the key management personnel of the Group, is set out below:
Fee/salary 
£000 
Bonuses
 £000
Share-based 
payments 
£000
Total 
2014 
£000
Total 
2013 
£000
Desmond Glass 150 – 2 152 313
David O’Reilly 50 – – 50 74
Dermot S Smurfit 250 – 2 252 496
Michael Smurfit Jnr 30 – – 30 16
Roger Kendrick 30 – – 30 16
Seamus McGill 22 – – 22 –
532 – 4 536 915
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS GameAccount Network plc  Annual report and accounts 2014 44
Notes to the financial statements continued
For the year ended 31 December 2014
7. Staff costs continued
Year ended 
31 December 
2014 
£’000
Year ended 
31 December 
2013
£’000
The aggregate remuneration comprised:
Wages and salaries 532 892
Employee share-based payment charge 4 23
536 915
The aggregate gain on share options exercised during the year was nil (2013: £508,500).
The remuneration of the highest paid director is set out below:
Year ended 
31 December 
2014 
£’000
Year ended 
31 December 
2013 
£’000
The aggregate remuneration comprised
Directors remuneration 250 310
Gain on exercise of share options – 509
250 819
The directors’ interests in share options, over ordinary shares in the Company, were as follows:
Share options at 
the beginning of 
the year
Granted during 
the year 
Exercised during 
the year 
Total 
2014
Total 
2013
Desmond Glass 150,000 171,000 – 321,000 150,000
David O’Reilly 75,000 – – 75,000 75,000
Dermot S Smurfit 950,000 171,000 – 1,121,000 950,000
Michael Smurfit Jnr 50,000 – – 50,000 50,000
Roger Kendrick 50,000 – – 50,000 50,000
Seamus McGill – – – – –
1,275,000 342,000 – 1,617,000 1,275,000
8. Finance income
Year ended 
31 December 
2014 
£’000
Year ended 
31 December 
2013 
£’000
Interest receivable 67 15
9. Taxation
Year ended 
31 December 
2014 
£’000
Year ended 
31 December 
2013 
£’000
Current tax (credit) – (30)
Deferred tax charge – 490
Tax charge on loss on ordinary activities – 460 GameAccount Network plc  Annual report and accounts 2014 45
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9. Taxation continued
The total tax charge/(credit) can be reconciled to the overall tax charge as follows:
Year ended 
31 December 
2014
 £’000
Year ended 
31 December 
2013 
£’000
Factors affecting tax charge for year: The tax assessed for the relevant year is lower than the average 
standard rates of corporation tax in the UK. The differences are explained below:
(Loss)/profit before taxation (2,602) 1,569
(Loss)/profit before taxation multiplied by the average standard rates of corporation tax in the UK of 
21.5% (2013: 23.25%); (559) 365
Effects of:
Other permanent and similar differences, including expenses not deductible for tax purposes 85 326
Current year tax losses not utilised/recognised 628 211
Exercise of share option (42) (193)
Prior year tax losses recognised – (355)
Other timing differences not recognised for deferred tax purpose (112) 136
Adjustment in respect of prior years – (30)
Tax (credit)/charge for year – 460
The Group has maximum corporation tax losses carried forward at each year end as set out below:
At 
31 December 
2014 
£’000
At 
31 December 
2013 
£’000
Corporation tax losses carried forward  9,598 6,446
Details of the deferred tax asset recognised are as set out below:
At 
31 December 
2014 
£’000
At 
31 December 
2013 
£’000
At the beginning of the year 510 1,000
Recognised in the year/credited to income statement, in respect of tax losses – 178
Change in applicable tax rates – 81
Utilised in the year/charged to income statement, in respect of tax losses – (749)
At the end of the year 510 510
The deferred tax asset for the Group at 31 December 2014 comprises £510,000 (2013: £510,000) in respect of tax losses carried 
forward. Tax losses are recognised as a deferred tax asset by the Group when there is sufficient evidence that the amount will be 
recovered against foreseeable profits taking into account the loss for the period and sensitised forecast profits.
In addition, the Group has an unrecognised deferred tax asset as follows:
 At 
31 December 
2014
 £’000
At 
31 December 
2013 
£’000
Tax losses carried forward 1,410 779
Depreciation in excess of capital allowances 17 73
Short-term timing differences 96 489
1,523 1,341
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS GameAccount Network plc  Annual report and accounts 2014 46
Notes to the financial statements continued
For the year ended 31 December 2014
10. Intangible assets 
Group
Development 
costs 
£’000
Licence 
costs 
£’000
Total 
Development 
and Licence 
costs 
£’000
Cost
At 31 December 2012 1,552 – 1,552
Additions 642 117 759
Disposals (514) – (514)
At 31 December 2013 1,680 117 1,797
Additions 2,751 141 2,892
At 31 December 2014 4,431 258 4,689
Accumulated amortisation
At 31 December 2012 888 – 888
Charge for the year 507 4 511
Disposals (514) – (514)
At 31 December 2013 881 4 885
Charge for the year 750 27 777
At 31 December 2014 1,631 32 1,662
Net book value
At 31 December 2012 664 – 664
At 31 December 2013 799 113 912
At 31 December 2014 2,800 226 3,026
Company
Development 
costs 
£’000
Licence 
costs 
£’000
Total 
Development 
and Licence 
costs 
£’000
Cost
At 31 December 2012 1,260 – 1,260
Additions 643 117 760
Disposals (223) – (223)
At 31 December 2013 1,680 117 1,797
Additions 2,697 141 2,838
At 31 December 2014 4,377 258 4,635
Accumulated amortisation
At 31 December 2012 722 – 722
Charge for the year 382 4 386
Disposals (223) – (223)
At 31 December 2013 881 4 885
Charge for the year 740 27 767
At 31 December 2014 1,621 32 1,653
Net book value
At 31 December 2012 538 – 538
At 31 December 2013 799 113 912
At 31 December 2014 2,756 226 2,982 GameAccount Network plc  Annual report and accounts 2014 47
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www.gameaccountnetwork.com/investors
11. Property, plant and equipment 
Group
Fixtures, fittings 
and equipment 
£’000
Cost
At 31 December 2012 1,433
Additions 453
At 31 December 2013 1,886
Additions 568
At 31 December 2014 2,454
Accumulated depreciation:
At 31 December 2012 1,000
Charge for the year 289
At 31 December 2013 1,289
Charge for the year 360
At 31 December 2014 1,649
Net book value
At 31 December 2012 433
At 31 December 2013 597
At 31 December 2014 805
Company 
Fixtures, fittings 
and equipment 
£’000
Cost
At 31 December 2012 1,204
Additions 412
At 31 December 2013 1,616
Additions 560
At 31 December 2014 2,176
Accumulated depreciation:
At 31 December 2012 820
Charge for the year 234
At 31 December 2013 1,054
Charge for the year 344
At 31 December 2014 1,398
Net book value
At 31 December 2012 384
At 31 December 2013 562
At 31 December 2014 778
 
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS GameAccount Network plc  Annual report and accounts 2014 48
Notes to the financial statements continued
For the year ended 31 December 2014
12. Trade and other receivables
Company at 
31 December 
2014 
£’000
Group at 
31 December 
2014 
£’000
Company at 
31 December 
2013 
£’000
Group at 
31 December 
2013 
£’000
Trade receivables 1,491 1,501 952 1,091
Other receivables 638 700 243 275
Amounts owed by Group undertakings 1,438 – – –
Prepayments and accrued income 555 622 1,216 1,279
Corporation tax receivable – – 85 85
4,122 2,823 2,496 2,730
Other receivables include amounts due from payment service providers and VAT recoverable.
The ageing of trade receivables that are past due but not impaired is shown below:
Company at 
31 December 
2014 
£’000
Group at 
31 December 
2014 
£’000
Company at 
31 December 
2013 
£’000
Group at 
31 December 
2013 
£’000
Between one and two months 500 500 237 244
Between two and three months 146 146 93 92
More than three months 10 10 245 367
656 656 575 703
The Group recognised a charge in respect of doubtful receivables in each of the years ended 31 December 2014 and 31 December 2013 
of £364,487 and £106,880 respectively representing an increase of £257,607. The Group has not recognised any further allowances for 
doubtful receivables because there has not been a significant change in credit quality on any receivable and the amounts are still 
considered fully recoverable.
Standard credit terms are 30 days. Debtor days at each year end were:
At 
31 December 
2014
At 
31 December 
2013
Debtor days (Group and Company) 70 days 42 days
In determining the recoverability of trade receivables the Group considers any change in the credit quality of the receivable from the 
date credit was granted up to the reporting date. As set out in note 15, credit risk is mitigated by the fact that:
1. management monitors the debtor ledger closely on a frequent basis; and
2. a significant proportion of the Group’s customers are either large, publicly listed companies or owned by such entities.
Of the trade and other receivables financial instruments as at 31 December 2014, the Group has a concentration of credit risk 
exposure to a single counterparty. The value of this receivable was £597,304 (2013: £886,391). For the preceding years there was  
no such significant credit risk exposure.  
The following trade and other receivable amounts were held in foreign currencies. The remaining balance was denominated in UK 
Pound Sterling (£).
Company at 
31 December 
2014 
£’000
Group at 
31 December 
2014 
£’000
Company at 
31 December 
2013 
£’000
Group at 
31 December 
2013 
£’000
US Dollars 935 940 1,106 1,112
Euros 110 111 212 239
Australian Dollars – – – 2
1,045 1,051 1,318 1,353
The directors believe that the carrying value of trade and other receivables is considered to represent its fair value. The maximum 
exposure to credit risk at the reporting date is the carrying value of each class of receivable shown above. The Group does not hold 
any collateral as security. GameAccount Network plc  Annual report and accounts 2014 49
For more information, please visit: 
www.gameaccountnetwork.com/investors
13. Cash and cash equivalents (Group and Company)
Company at 
31 December 
2014 
£’000
Group at 
31 December 
2014 
£’000
Group and 
Company at 
31 December 
2013 
£’000
Cash in bank accounts 10,592 10,776 16,895
A majority of the Group’s cash and cash equivalents are at floating interest rates and are held with Barclays Bank, an institution with 
an A credit rating (long term, as assessed by Moody’s).
The following cash and cash equivalent amounts were held in foreign currencies. The remaining balance was denominated in UK 
Pound Sterling (£).
Company at 
31 December 
2014 
£’000
Group at 
31 December 
2014 
£’000
Company at 
31 December 
2013 
£’000
Group at 
31 December 
2013 
£’000
US Dollars 335 519 690 719
Euros 876 876 390 390
Australian Dollars 27 27 28 28
1,238 1,421 1,108 1,137
The directors consider that the carrying value of cash and cash equivalents approximates to their fair value.
14. Trade and other payables
Company at 
31 December 
2014 
£’000
Group at 
31 December 
2014 
£’000
Company at 
31 December 
2013 
£’000
Group at 
31 December 
2013 
£’000
Amounts falling due within one year
Trade payables 1,285 1,295 1,554 1,561
Other taxation and social security 188 188 310 310
Other payables 191 369 244 379
Amounts owed to Group undertakings – – 54 –
Accruals and deferred income 875 912 1,537 1,704
2,539 2,764 3,699 3,954
Trade and other payables principally comprise amounts outstanding for trade purchases and ongoing costs. They are non-interest 
bearing and are normally settled on 30 day terms. Creditor days as at each year end were:
At 
31 December 
2014
At 
31 December 
2013
Creditor days (Group and Company) 54 days 84 days
The following trade and other payable financial instruments were held in foreign currencies. The remaining balance was denominated 
in UK Pound Sterling (£).
Company at 
31 December 
2014 
£’000
Group at 
31 December 
2014 
£’000
Company at 
31 December 
2013 
£’000
Group at 
31 December 
2013 
£’000
US Dollars 474 664 642 674
Euros 58 58 109 161
532 722 751 835
The directors consider that the carrying value of trade and other payables approximates their fair value.
The Group has financial risk management policies in place to ensure that all payables are paid within the credit timeframe and no 
interest has been charged by any suppliers as a result of late payment of invoices. 
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS GameAccount Network plc  Annual report and accounts 2014 50
Notes to the financial statements continued
For the year ended 31 December 2014
15. Financial instruments
The Group is exposed to the risks that arise from its use of financial instruments. This note describes the objectives, policies and 
processes of the Group for managing those risks and the methods used to measure them. Further quantitative information in respect 
of these risks is presented throughout this financial information.
Capital risk management
The Group’s capital structure is comprised entirely of shareholders’ equity. 
The Group’s objective when managing capital is to maintain adequate financial flexibility to preserve its ability to meet financial 
obligations, both current and long term. The capital structure of the Group is managed and adjusted to reflect changes in  
economic conditions.
The Group funds its expenditures on commitments from existing cash and cash equivalent balances. There are no externally 
imposed capital requirements.
Financing decisions are made by the Board of directors based on forecasts of the expected timing and level of capital and operating 
expenditure required to meet the Group’s commitments and development plans.
Principal financial instruments
The principal financial instruments used by the Group, from which financial instrument risk arises are as follows:
• Trade and other receivables
• Trade and other payables
• Cash and cash equivalents
Financial assets
The Group held the following financial assets:
Company at 
31 December 
2014 
£’000
Group at 
31 December 
2014 
£’000
Company at 
31 December 
2013 
£’000
Group at 
31 December 
2013 
£’000
Loans and receivables:
Cash and cash equivalents 10,592 10,776 16,865 16,895
Trade and other receivables 3,445 2,090 2,273 2,147
14,037 12,866 19,138 19,042
Company at 
31 December 
2014 
£’000
Group at 
31 December 
2014 
£’000
Company at 
31 December 
2013 
£’000
Group at 
31 December 
2013 
£’000
Amortised cost
Trade payables 1,285 1,295 1,554 1,561
Other financial liabilities 1,031 1,245 1,146 1,327
2,315 2,540 2,700 2,888
The Group’s directors monitor and manage the financial risks relating to the operation of the Group. These risks include market risk 
(including foreign currency risk and interest rate risk), credit risk and liquidity risk. GameAccount Network plc  Annual report and accounts 2014 51
For more information, please visit: 
www.gameaccountnetwork.com/investors
15. Financial instruments continued
Market risk
The Group’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates.
Foreign currency risk management
The Group has exposure to foreign currency risk. Sales invoicing to customers is in UK Pound Sterling, US Dollars and Euros and the 
majority of outgoing payments are in UK Pound Sterling and United State Dollar payments.
The Board carefully monitors exchange rate fluctuations and reviews their impact on the net asset and position of the Group. 
Exchange rates are negotiated with the Group’s main provider of banking services as and when needed. The Group does not enter 
into any derivative financial instruments to manage its exposure to foreign currency risk.
The carrying amount of the Group’s foreign currency denominated monetary assets and monetary liabilities and details of the 
exposure at 31 December are shown in notes 12, 13 and 14.
At each year end, if the US Dollar, Euro and Australian Dollar had weakened by 10% against the UK Pound Sterling with all other 
variables held constant, post tax loss for the year would have increased/(decreased) by:
Impact of a movement in  
stated currencies of 10% on post 
tax profit and impact on equity
 ’000
At 31 December 2013 (205)
At 31 December 2014 (168)
10% is the sensitivity rate that represents management’s assessment of the reasonable possible change in foreign exchange rates. 
The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the 
year end for a 10% change in foreign currency rates. A positive version of the number above indicates an increase in profit or other 
equity where the UK Pound Sterling strengthens 10% against the relevant currency. For a 10% weakening of the UK Pound Sterling 
against the relevant currency, there would be an equal and opposite impact on the profit and other equity. 
The differences are mainly as a result of foreign exchange gains/losses on translation of US Dollar trade and other payables and Euro 
denominated trade and other receivables. 10% is deemed appropriate for the foreign exchange sensitivity analysis due to the current 
financial market.
Interest rate risk management
The Group has minimal exposure to interest rate risk. It is exposed to interest rate risk on some of its financial assets being its cash at 
bank balances. The interest rate receivable on these balances was at an average rate of 0.7% during the year to 31 December 2014 
(31 December 2013: 1%). The directors currently believe that interest rate risk is at an acceptable level.
Due to its minimum exposure to interest rate risk, the Group has not prepared any sensitivity analysis.
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. Credit 
risk arises principally from the Group’s cash balances and trade and other receivables. The concentration of the Group’s credit risk is 
considered by counterparty, geography and currency.
The Group gives careful consideration to which organisations it uses for its banking services in order to minimise credit risk. The 
Group has a significant concentration of cash held on deposit with one large bank in the UK, an institution with an A credit rating 
(long term, as assessed by Moody’s). The amounts of cash held on deposit with that bank at each reporting date can be seen in the 
financial assets table.
An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a 
reduction in the recoverability of the cash flows, although there have been no such impairments over the review year. Management 
considers the above measures to be sufficient to control the credit risk exposure.
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS GameAccount Network plc  Annual report and accounts 2014 52
Notes to the financial statements continued
For the year ended 31 December 2014
15. Financial instruments continued
Liquidity risk management
Liquidity risk is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. Ultimate 
responsibility for liquidity risk management rests with the Board of directors. The Board manages liquidity risk by regularly reviewing 
the Group’s cash requirements by reference to short-term cash flow forecasts and medium-term working capital projections 
prepared by management.
At 31 December 2014 the Group had £10.8m (31 December 2013: £16.9m) of cash reserves.
Maturity of financial assets and liabilities
All of the Group’s non-derivative financial liabilities and its financial assets in the year to 31 December 2014 and 2013 are either 
payable or receivable within one year. 
16. Share capital (Group and Company) 
Preference 
shares 
Number.
Ordinary 
shares 
Number.
Allotted, issued and fully paid
At 31 December 2012 747,113 987,494
Issued during the year (i) – 3,500
Re-designation of preference shares into ordinary shares (747,113) 747,113
Sub division of ordinary shares from £0.25 each into £0.01 each – 41,676,818
Issued during the year (ii) – 11,111,111
Issued during the year (iii) – 1,140,022
At 31 December 2013 – 55,666,058
Issued during the year (iv) – 216,478
At 31 December 2014 – 55,882,536
At 
31 December 
2014 
£’000
At 
31 December 
2013 
£’000
Ordinary shares 559 557
Issue of shares
(i)  1,500 ordinary shares of 25p each were issued at par during the year ended 31 December 2013 and 2,000 ordinary shares of 
25p each were issued for £1 each during the year ended 31 December 2013.
(ii) 11,111,111 ordinary shares of 1p each were issued at a premium of £1.34 during the year ended 31 December 2013.
(iii) 1,140,022 ordinary shares of 1p each were issued at a premium of 21p during the year ended 31 December 2013. 
 
 On 30 October 2013, shareholders exercised their right to convert, on a one for one basis, their entire holding of preference shares 
into ordinary shares. Following this conversion, the entire ordinary shares of nominal value of 25p were subdivided into 43,413,425 
shares by creation of 41,676,818 ordinary shares of 1p nominal value. On the same day shareholders approved a capital reduction 
whereupon the balance on share premium account was cancelled and the resulting reserve amounting to £10,696,000 credited to 
retained earnings. 
(iv) 216,478 ordinary shares of 1p each were issued at a premium of 21p during the year ended 31 December 2014. 
  GameAccount Network plc  Annual report and accounts 2014 53
For more information, please visit: 
www.gameaccountnetwork.com/investors
17. Employee share-based payments
Options have been granted under the Company’s share option scheme to subscribe for ordinary shares of the Company as follows:
Number of shares under option
1
Subscription 
price per share Exercise period
12,500 56p September 2010 to September 2015
750,000 22p December 2010 to September 2015
25,000 22p April 2010 to April 2015
150,000 22p March 2011 to March 2016
25,000 22p December 2011 to December 2016
200,000 22p March 2012 to March 2017
18,750 22p August 2012 to August 2017
150,000 60p August 2014 to July 2018
574,975 60p August 2014 to July 2018
225,000 60p May 2014 to July 2018
112,500 22p August 2014 to July 2018
977,000 135p April 2015 to April 2017
3,220,725
The weighted average fair value of options granted in each year using the Black-Scholes option pricing model was 2013: £0.15 and 
2014 £0.68. The weighted average life of shares in issue at the year end was 1.92 years (2013: 3.04 years). The inputs into the 
Black-Scholes model are as follows:
At 
31 December 
2014
At
1
 
31 December 
2013
Weighted average share price 67.68p 8.58p
Weighted average exercise price 51.00p 8.90p
Expected volatility 41.4% 74%
Expected life 2 years 3 years
Risk-free rate 0.40% 0.89%
Expected dividends 0.0% 0.0%
1 The number and prices of shares under option have been updated to reflect the share sub division on 30 October 2013 as per note 16. 
Expected volatility was determined by reference to the volatility of comparable listed company share prices.
The Group recognised total share-based payments relating to equity settled share-based payment transactions as follows:
Company at 
31 December 
2014 
£’000
Group at 
31 December 
2014 
£’000
Company at 
31 December 
2013 
£’000
Group at 
31 December 
2013 
£’000
Share-based payment charge 40 40 50 50
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS GameAccount Network plc  Annual report and accounts 2014 54
Notes to the financial statements continued
For the year ended 31 December 2014
17. Employee share-based payments continued
Movements in the number of share options outstanding and their related weighted average exercise prices are as follows:
At 31 December 2014 At 31 December* 2013
Average 
exercise price 
per share
Number of 
options
Average 
exercise price 
per share
Number of 
options
At the beginning of the year 22p 2,720,828 22p 2,712,500
Granted 135p 977,000 22p 2,725,000
Lapsed (22p) (260,625) (22p) (1,850,000)
Exercised (22p) (216,478) (22p) (866,672)
At the end of the year 68p 3,220,725 22p 2,720,828
During the year ended 31 December 2013, 2,000 warrants over the ordinary shares were exercised at a price per share of £1.  
At the beginning and end of the year ended 31 December 2014, there were no warrants outstanding over the ordinary shares  
of the Company. 
18. Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to equity shareholders of the Company by the weighted 
average number of ordinary shares in issue during the year. The number of shares in issue has been restated for the share split that 
occurred in 2013. 
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume 
conversion of all dilutive potential ordinary shares. The company has share options and a calculation is done to determine the number 
of shares that could have been acquired at fair value (determined as the average market share price for the period) based on the 
monetary value of the subscription rights attached to the outstanding share options. The number of shares calculated as above is 
compared with the number of shares that would have been issued assuming the exercise of the share options.
Year ended 
31 December 
2014 
Pence
Year ended 
31 December 
2013 
Pence
Basic (4.66) 4.14
Diluted (4.66) 2.41
Earnings
Year ended 
31 December 
2014 
Pence
Year ended 
31 December 
2013 
Pence
(Loss)/profit for the year (2,602) 1,109
Denominator – basic
Year ended 
31 December 
2014 
Number
Year ended 
31 December 
2013 
Number
Weighted average number of equity shares 55,864,119 26,762,284
Weighted average number of equity shares for diluted EPS 55,864,119 45,968,929
19. Subsidiaries 
The Company owns 100% of the called up ordinary share capital of:
• GameAccount Alderney Limited. The principal activity of GameAccount Alderney Limited is the provision of person to person skill 
based gaming software. GameAccount Alderney Limited is registered in Alderney.
• Game Account Nevada Inc. The principal activity of the GameAccount Nevada Inc. is the provision of marketing and support 
services to other Group companies. GameAccount Nevada Inc. is registered in the US. GameAccount Network plc  Annual report and accounts 2014 55
For more information, please visit: 
www.gameaccountnetwork.com/investors
20. Related party transactions
The remuneration of the key management personnel is shown in note 7. 
The Company was invoiced £nil (2013: £25,467) by Roger Kendrick Consultancy Services, an entity owned by the director Roger 
Kendrick, for consultancy services during the year and the amount was settled by the prior year end. 
During the year, options over the Company’s shares were granted to each of the directors through the share option plan (see note 17). 
The total number of options granted to directors was 342,000 (2013: 1,275,000).
Company
The Company has a related party relationship with its wholly-owned subsidiaries (see note 19). 
During the year, the Company provided working capital to GameAccount Nevada Inc. to support the US sales function and the 
receivable amounts owed by the subsidiary company for receipts relating to simulated gaming revenues. As at the year ended  
31 December 2014, the balance due from GameAccount Nevada Inc. was £1,226,643 (2013: £298,995). Receipts relating to 
simulated gaming revenues are to be settled in cash within two months of the reporting date. 
During the year, the Company provided working capital to GameAccount Alderney Limited to support the operation of the B2C 
website. As at the year ended 31 December 2014, the balance due from GameAccount Alderney Limited was £347,544 (2013: 
£351,566) and is fully provided in the financial statements of the parent Company.
All outstanding balances with these related parties are unsecured. With the exception of the receipts from simulated gaming 
revenues mentioned above, GameAccount Network plc will not be demanding the repayment of the outstanding balances before 31 
December 2015.
 
21. Operating leases
The total future value of minimum lease payments due is as follows:
Land and buildings
Company at 
31 December 
2014 
£’000
Group at 
31 December 
2014 
£’000
Company at 
31 December 
2013 
£’000
Group at 
31 December 
2013 
£’000
Operating leases
Expiring within one year 152 152 196 196
Expiring between one and two years – – 164 164
Expiring between two and five years – – – –
152 152 360 360
22. Contingent liabilities
As part of the Board’s ongoing regulatory compliance process, the Board continues to monitor legal and regulatory developments 
and their potential impact on the Group.
Management is not aware of any contingencies that may have a significant impact on the financial position of the Group.
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS GameAccount Network plc  Annual report and accounts 2014 56
Company information
Statutory information
GameAccount Network plc is a Public Limited Company 
incorporated in the United Kingdom (Registration No. 3883658). 
The Company’s ordinary shares are traded on the Alternative 
Investment Market (AIM) of the London Stock Exchange and the 
Enterprise Securities Market (ESM), a market operated by the 
Irish Stock Exchange.
Directors
David O’Reilly Non-executive Chairman
Dermot S Smurfit Chief Executive Officer 
Desmond Glass Chief Financial Officer
Michael Smurfit Jnr.
Roger Kendrick
Seamus McGill Appointed 9 April 2014
Secretary
Desmond Glass
Registered office
125 Kensington High Street
London W8 5SF
Web address
www.gameaccountnetwork.com
Nominated adviser and broker
Davy
Davy House
49 Dawson Street
Dublin 2
Ireland
Registrars
Capita Plc
34 Beckenham Road
Beckenham
Kent BR3 4TU
Auditors
BDO LLP
55 Baker Street
London W1U 7EU
Bankers
Barclays Bank plc
50 Pall Mall
PO Box 15165
London SW1A 1QF
Solicitors
Addleshaw Goddard LLP
Milton Gate
60 Chiswell Street
London EC1Y 4AG  GameAccount Network plc  
125 Kensington High Street
London W8 5SF
United Kingdom
www.gameaccountnetwork.com