1
GameAccount Network plc Annual report and accounts 2015
GameAccount Network plc Annual report and accounts 2015
DELIVERING  
YOUR GAMING  
BUSINESS ONLINE D
0.3
0.0
Read more on
http://www.gan.com/investors/results-and-presentations
GAN is a leading business-to-
business provider of enterprise 
online gaming software, 
operational support services, and 
online game content development 
services to the casino industry. 
GAN has developed the GameSTACK™ Internet Gaming System  
(or IGS) which we license to online and land-based gaming operators  
as a turnkey technology solution for both regulated real-money  
and Simulated Gaming™ online. The GameSTACK™ IGS, developed  
in London under a UKGC licence, is certified to the highest  
technical standards currently required by gaming regulators.
STRATEGIC REPORT
01 Highlights
02 GAN at a glance
04 Chairman’s report
05 Core business offerings
08 Market review
10 Chief Executive’s review
12 Financial and operational review
14 Principal risks
16 Corporate social responsibility
DIRECTORS’ REPORT
17 Directors’ report 
19 Directors’ responsibilities
20 Board of directors
FINANCIAL STATEMENTS
22 Independent auditors’ report to  
the members of GameAccount 
Network plc
23 Consolidated statement of 
comprehensive income 
24 Consolidated statement of  
financial position
25 Consolidated statement of changes 
in equity 
26 Consolidated statement of cash flows
27 Company statement of financial 
position
28 Company statement of changes  
in equity
29 Company statement of cash flows
30 Notes to the financial statements
50 Company information
CONTENTS HIGHLIGHTS 2015
FINANCIAL OVERVIEW
• Net Revenue of £6.0m (2014: £7 .5m)
• Underlying Net Revenue decreased 8% to £6.0m (2014: £6.5m) excluding system sales 
of £1.0m in 2014
• Clean EBITDA
1
 loss of £3.0m (2014: £1.4m)
• Loss before tax of £5.6m (2014: £2.6m) and loss per share of £0.09 (2014: £0.05) 
• Cash and cash equivalents at the end of the year of £3.8m (2014: £10.8m)
• Net Assets at the end of the year of £10.2m (2014: £15.2m) 
• Raised Gross Proceeds of £2.6m in 2016 positioning the Group for further growth
STRATEGIC & OPERATING DEVELOPMENTS
• Launched Simulated Gaming™ in the US for 4 new US casino clients (2014: 2)
• Launched Simulated Gaming™ in Australia with a consortium of land-based  
gaming clubs
• Signed 5 new US casino clients for Simulated Gaming™ (2014: 2)
• Simulated Gaming™ clients together generate in excess of 10% of the land-based US 
casino industry’s annual gaming revenues
2
• Post period end signed three further Simulated Gaming™ clients in the US, bringing 
total to 11 US casino operator clients representing 48 casino properties coast to coast
• Continued delivery of Internet gaming platform for Betfair in New Jersey
• Continued investment in US infrastructure: licensing, offices and people
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.
2. Rubin-Brown Gaming Stats research report covering 2014 US market.
+184% +5 =40%
Growth in Gross Purchases 
of Simulated Gaming™
New Simulated Gaming™ 
Customers launched in 2015
Simulated Gaming™ Net Revenues 
now account for 40% of overall 
Group Net Revenue
 GameAccount Network plc Annual report and accounts 2015
DIRECTORS’ 
REPORT
FINANCIAL  
STATEMENTS
STRATEGIC 
REPORT
01 2005 2010 2002
GAN
A T A GLANCE
GAN is strategically positioned to deliver casino partners with an end-to-end 
iGaming ecosystem supporting Simulated Gaming™ (social) play as well as real 
money gaming online. As an innovator in platform design and deployment in 
markets around the world, GAN has the technical and regulatory know-how to 
give our partners first-mover advantage.
WHAT WE DO
Our Enterprise T echnology 
Platform
The GameSTACK™ Internet Gaming 
System is a highly evolved enterprise 
software platform developed over 14 
years and capable of deploying real money 
regulated gaming, virtual credits-based 
Simulated Gaming™ and diverse forms of 
monetised Casual Gaming. Unique in the 
US marketplace, this single enterprise 
software system is capable of providing 
these three relevant gaming business 
models to major US casino operators and 
for the conduct of real money regulated 
gaming is technically compliant with 
some of the most challenging regulatory 
environments in the world including 
Italy, United Kingdom, Alderney, and 
New  Jersey. 
Operating a software-as-a-service model, 
GAN continually maintains, develops 
and upgrades the single ‘evergreen’ 
GameSTACK™ enterprise software 
platform capable of being deployed 
anywhere in the world. Continual software 
development delivers sustained upgrades 
to the clients’ enterprise marketing tools, 
business intelligence systems, gaming 
portfolio and a wide range of other 
technical features which clients receive 
and benefit from automatically as well as 
delivering custom development to clients 
required to differentiate each client’s 
gaming product experience. By year -end 
2015 GAN operated 7 instances of 
GameSTACK™ deployed inside data 
centres located in Connecticut, Nevada, 
New Jersey, Pennsylvania, Maryland, 
Alderney and Italy.
Our Partners and Clients
With a best-in-class enterprise gaming 
platform and services team, GAN has  
seen continued success in our global 
partnerships as well as attracted new 
market-leading operators as clients in 2015, 
establishing a coast-to-coast US footprint. 
Our newly secured partnerships in the last 
year include ‘Maryland Live!’ in Baltimore, 
Maryland; San Manuel Indian Bingo & 
Casino in Southern California; American 
Casino & Entertainment Properties (ACEP) 
in Las Vegas; The Borgata Casino in Atlantic 
City, New Jersey; and Isle of Capri in 
St.  Louis, Missouri.
In addition to securing material 
partnerships in the US casino landscape, 
GAN has assembled a wide range of 
relationships with collaborating casino 
equipment manufacturers seeking to bring 
their machine-based slot games online and 
distribute them across the US and into 
selected regulated markets internationally. 
Beyond content, GAN has brought 
together world-leading service providers 
spanning payment processing, pre-paid 
card services, age and identity verification, 
and fraud detection. 
GAN enjoys a strongly positive reputation 
for technical competence. The wide-
ranging capability of GAN’s technical 
development and operations team 
together with the underlying technical 
capability of the enterprise software 
platform has enabled us to secure and 
develop relationships across so many 
categories within gaming around the globe. 
Launched Backgammon 
and other leading 
skill games
Signed Rank Group plc 
as first client for B2B 
Platform Services
Commenced B2C trading 
as GameAccount.com
GAN has evolved as a business 
to meet the changing gaming 
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. 
OUR HISTORY
GameAccount Network plc Annual report and accounts 2015 02 St. Louis
Atlantic City
2014 2015 2013 2012
Baltimore
CLos Angeles
CLas Vegas 
Connecticut
Philadelphia
New York
WHERE WE ARE
US Overview
GAN has been developing a US presence 
since 2009, and greatly expanded those 
operations in 2015 with the relocation 
of GAN’s CEO to Las Vegas. We have 
doubled the size of our US staff to 
support our growing coast-to-coast 
casino client base. 
In 2015, GAN added several key US 
relationships to our existing footprint 
including San Manuel Indian Bingo 
and Casino, American Casino & 
Entertainment Properties, 
‘Maryland Live!’, Isle of Capri, and 
The Borgata
1
. These new relationships 
greatly expand the GAN Simulated 
Gaming™ and real money gaming network 
of partnerships, which drive exciting 
networked end-user experiences.
GAN maintained and grew our client 
partnerships secured in 2013 and  
2014 through the course of the year, 
including Foxwoods Resort and Casino 
(Connecticut), Empire City Casino (New 
York City area), Parx Casino (Philadelphia), 
and BetfairCasino.com (Atlantic City). 
We’re proud to have partnered with some 
of the largest and most profitable casino 
operations in the US and will continue to 
focus our business development efforts 
on strategic regional partners.
1. Conditional on the client’s approval to launch.
We extended our deal with 
Pennsylvania’s leading 
casino, Parx Casino
We are named the 2015 
Casino Platform of the Year 
by EGR (North America)
Launched the first real 
money casino gaming 
iOS app in Italy for SNAI
We launched the 
first USA Virtual 
Currency website
Other territories
Australia
GAN 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. 
Italy
GAN operates an Italian network for  
Italy’s eGaming operators licensed and 
regulated by the Italian government. 
United Kingdom
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.
 GameAccount Network plc Annual report and accounts 2015
DIRECTORS’ 
REPORT
FINANCIAL  
STATEMENTS
STRATEGIC 
REPORT
03 CHAIRMAN’S REPORT 
Dear fellow shareholders 
During the course of 2015 the Group 
expanded its market share in the United 
States, our key geographic market, by 
securing additional US land-based casinos 
as clients of either virtual currency-based 
Simulated Gaming™ or traditional real 
money regulated gaming conducted on 
an intra-State basis. In September 2015 
the Group rebranded from GameAccount 
Network to GAN and launched 
www.GAN.com as our primary business 
to business sales, marketing and investor 
relations portal. On 7 April 2016 the 
Group announced that it had successfully 
raised gross proceeds of £2.6m in new 
capital to continue expansion of real-
money regulated gaming and Simulated 
Gaming™ opportunities in the US and 
for working capital and general business 
development purposes. 
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 United States for technical 
competence reflecting the reputation 
already hard earned in Europe’s toughest 
regulated Internet gaming markets. This 
reputation has translated into additional 
business secured in December 2015 for 
GAN in New Jersey with the market-
leading land-based New Jersey operator 
The Borgata Casino nominating GAN as 
their future platform for regulated real 
money Internet gaming in 2016, subject to 
certain contractual conditions being met.
Y our Board of Directors believes there 
is a significant opportunity for Simulated 
Gaming™ in the United States. 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 
five major land-based US casinos as new 
clients in 2015 with four US casino clients 
commercially launched in the same period. 
Outside the United States, the Group also 
commercially launched 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 together with the 
increasingly compelling business case that 
Simulated Gaming™ , suitably integrated 
with land-based casino operators’ loyalty 
programmes, greatly supports our clients’ 
core business of on-property real money 
gaming. We are also confident in the long-
term potential for real money regulated 
gaming, however , we believe intra-State 
regulation in the US market will continue to 
be slower than was originally anticipated.
Our consistent progress in 2015, with 
our core products of Simulated Gaming™ 
and regulated gaming in sustainable 
markets,  in what was a year of continued 
investment for GAN as we developed both 
our real money regulated gaming and 
Simulated Gaming™ offering, would not 
have been possible without the dedicated 
and talented staff employed by the Group 
in both London and throughout the United 
States. I thank them for their continued 
efforts and believe the Group has become 
established as a major Internet gaming 
technology, infrastructure and services 
provider to land-based casinos in the 
United States, consistent with the strategy 
set out during the Group’s Initial Public 
Offering completed in November 2013.
After two years building our market 
position we are satisfied the Group is 
now recognised as a leading provider of 
enterprise-level online solutions to the 
land-based gaming industry in the United 
States and believe significant shareholder 
value will develop going forwards as 
New Jersey’s regulated gaming market 
continues to grow and Simulated Gaming™ 
continues to be adopted by a portfolio 
of larger US casino operator clients of 
which some may be capable of investing 
in significant user acquisition marketing.
David O’Reilly, Chairman,  
GameAccount Network plc
28 April 2016
GameAccount Network plc Annual report and accounts 2015 04 DIRECTORS’ 
REPORT
FINANCIAL  
STATEMENTS
STRATEGIC 
REPORT
 GameAccount Network plc Annual report and accounts 2015 05
GameSTACK™ IGS: Winner of eGaming Review’s Peer-Juried Casino Platform 
of the Year 2015 and 2016. 
GAN’s GameSTACK™ IGS technology and complementary software-as-a-service structure is designed to 
support casino operators, content providers, and best-in-class online service providers in symbiotic manner. 
GAN continually works to maintain and grow this ecosystem to provide the ultimate online casino experience 
– social or real money gaming – to our partners and subsequent players around the world. 
CORE BUSINESS OFFERINGS
GameST ACK™ IGS is a turnkey platform 
comprised of proprietary enterprise level 
software, hardware, and integrated 
components such as the iSight™ Back 
Office, SENSE3™ Mobile, iBridge™ 
integration framework, and third party 
technologies.
GAN’s open platform has undergone 
significant technical developments in the 
last two years, providing our partners – be 
they operators, content providers, or other 
services providers – with a truly best -in-
class technical ecosystem, awarded by 
eGaming Review’s (North America) 
peer -juried Casino Platform of the Y ear  
in both 2015 and 2016. With a fully 
redesigned back office management tool in 
iSight™, casino operators have complete 
control over their content selection, player 
communications, process automation, and 
real-time analytics. The ongoing investment 
in platform features and functionalities is 
core to our business; a nimble platform 
ensures ease of integration for new content, 
operator -friendly third party tools, and 
turnkey day-to-day operations.
Driving players to an operator’s Simulated 
Gaming™ or real money gaming online 
casino requires not only great technology, 
but great content as well. GAN has been 
working with world leading suppliers for 
over 5 years to bring their content online. 
GAN’s content partners trust us with their 
intellectual property as we configure games 
originally built for the offline world to play 
in the online worlds of desktop and mobile. 
With the world’s most innovative tools for 
B2B casino operations, GAN has invested in 
growing our global managed services team 
to support operators as they move online. 
Based between London and Las Vegas, our 
in-house managed services team  
members support initial configurations  
and ongoing operations of our partners via 
GameST ACK™ platform – spanning loyalty, 
marketing automations, reporting, access, 
and various other protocols. Additionally, 
our managed services team members 
respond to questions from players related 
to day-to-day operations on behalf of our 
operator partners.
In a highly regulated industry, probity is 
paramount. GAN is licensed in various 
jurisdictions around the world and 
appreciates the role of regulation in the real 
money online space. GAN’s clean probity 
record enabled us to gain entry into the 
New Jersey market in 2013 while many 
other European-based platform providers 
hesitated to attempt market entry.
GameSTACK™ IGS: 
The ultimate turnkey technology 
platform giving casinos real time 
control of promotions, messaging, 
analytics, and all other facets of 
online operations.
Content Development:
GAN re-develops content (configuring 
games for desktop and mobile play) for 
global suppliers of games such as Everi, 
Incredible T echnologies, Konami, and 
more. GAN creates customer content 
for our partners as well.
Content Distribution:
Once configured for online play, 
GAN distributes these titles for our 
content partners in social and real 
money online gaming markets 
around the world.
Managed Services:
From strategy, to execution, to 
end-user customer services, GAN can 
support any operation in launching 
and running their online business.
Regulatory Relations: 
Licensed in numerous jurisdictions 
in the US and abroad, GAN operates 
at the highest levels of probity to 
ensure successful long-term 
operations for all involved.
1
4
2
5
3 2
pts
1
pt
CORE BUSINESS OFFERINGS CONTINUED
SIMULA TING GAMING™
Simulated Gaming™ is a monetised, social casino experience 
custom designed for our operator partners and deployed 
across desktop and mobile devices. 
Simulated Gaming™
GAN’s Simulated Gaming™ enterprise 
software solution offers traditional US 
casino operators an award-winning 
technology platform also capable of 
regulated real money Internet gaming, 
a competitive gaming product portfolio 
and highly specialised knowledge 
services from an experienced team. 
Simulated Gaming™ represents a swift 
and cost-effective entry point for US 
casino operators into the rapidly growing 
social casino market.
GAN’s focus on enabling land-based  
US casino operators with Simulated 
Gaming™ is supported by management’s 
fundamental belief that land-based US 
casino operators can offer the end-user 
consumers of social casino gaming a 
superior value proposition. A typical 
client of Simulated Gaming™ offers 
existing consumers of social casino 
gaming access to their compelling range 
of land-based gaming experiences 
comprising real money gaming, loyalty 
programmes, restaurants, hotels and 
other amenities not currently offered by 
social casino gaming operators. Over 
time, US casino operators equipped  
with our Simulated Gaming™ solution are 
anticipated to extend their land-based 
gaming value proposition online, and take 
significant market share.
A unique selling point of GAN’s Simulated 
Gaming™ is the convergence capability 
driving customers playing games online  
to visit the land-based casino. A typical  
US casino will have between 30% and  
80% of their customers enrolled in their 
rewards programme. US-patented in 
September 2014, the iBridge™ framework 
delivers a unique experience to end-user 
consumers of Simulated Gaming™ by 
issuing reward points (similar to ‘air miles’) 
into their rewards account instantly as a 
consequence of undertaking a wide range 
of activities online. Purchase virtual dollars 
for extended time playing games online, 
and a casino’s customer will typically 
receive reward points that can 
subsequently be converted into real value 
when redeemed in person inside the 
casino property. This US patent represents 
a significant intellectual property asset for 
GAN and in 2015 proved instrumental in 
acquiring US casino operators as clients 
who all attribute significant commercial 
value to GAN’s patented technical ability 
to integrate with their existing rewards 
programme. 
GAN appreciates that our US operator partners online are 
competing in uncharted waters: the online casino. We appreciate 
the typical player acquisition and retention processes include 
traditional media, and player catchment areas of a 50-mile radius 
from the bricks-and-mortar property. While we’ve expanded our 
managed services team to support the launch and ongoing 
operations of our casino partners, we wanted to encourage 
collaboration between our regional relationships through a 
Customer Advisory Board (CAB). With our new take on the 
market research CAB formats employed by casino slot machine 
manufacturers, the GAN family seeks to understand our 
operator customers’ needs and foster deeper cross-partner 
communications. The GAN family inspires platform and 
end-user experience innovations, new content partnerships,  
and exciting new ways of operating Simulated Gaming™  
and real money gaming in the future.
CASE STUDY
THE GAN FAMIL Y
GameAccount Network plc Annual report and accounts 2015 06 2
pts
1
pt
REAL MONEY 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.
GAN’s experience in the real money  
online gaming space spans two  
continents and multiple business lines. 
From the publication and distribution of 
content, to turnkey platform services, to 
supporting operational services from a 
tenured team, GAN is the preeminent 
partner to bring your operation online.
With roots in skill game content creation, 
GAN distributed proprietary titles to 
world leading operators in real money 
regulated markets. Expanding into 
content publishing and distribution 
through the GameSTACK™ Remote  
Game Server, GAN launched multiple 
major content providers in the Italian 
marketplace and continues to serve  
over 50% of all transactions. 
In November of 2013, GAN (as a B2B 
turnkey platform partner) deployed  
BetfairCasino.com in New Jersey. 
GAN was the only platform supplier to  
bring our partner live with both desktop  
and mobile gaming on day-one of the 
regulated market launch.
GAN is committed to this technical 
architecture forged from a single 
worldwide code base, ensuring that 
exciting developments in metagame 
mechanics, iSight™ back office 
functionalities and integrations of 
world-leading services can be capitalised 
on by our partners in both play modalities. 
This code base has been developed to 
operate in multiple jurisdictions under 
different regulatory requirements,  
which has given GAN the ability to  
quickly leverage these different 
configurations as new regulated  
markets open to online gaming.
GAN’s real money online gaming  
business continues to expand thanks  
to our commitments to probity, 
compliance, strong regulatory relations, 
and systems innovations.
Committed to excellence 
in real money gaming:
• Over a decade of clean, regulated market 
operations across content development, 
distribution, and turnkey services
• Currently operating in the UK, Italy and 
New Jersey Internet gaming markets. 
Approved by the UKGC, AAMS, AGCC 
and NJDGE
• Evergreen worldwide codebase, 
meaning all partners receive universal 
updates and innovations
• Social features and functionalities
• World-leading game theme library 
featuring over 17 major content suppliers
AMERICAN CASINO & ENTERTAINMENT 
PROPERTIES (ACEP) AND ‘MARYLAND LIVE!’
 
Two flagship casinos, two sides of the country, both early 
entrants into the free-to-play gaming sector. With two different 
respective providers supporting their free-to-play social casinos, 
ACEP and ‘Maryland Live!’ utilised the tools available at the 
time to engage players and capture email addresses of new and 
existing consumers to scale their databases. Elsewhere, in the 
business-to-consumer landscape on Facebook, major casino 
manufacturers and operation groups built material businesses 
through the sale of virtual currency in their online casinos. 
Seeking to capitalise on the social phenomenon not only for player 
data capture and increased offline engagement, ‘Maryland Live!’ 
and ACEP switched from their current suppliers to GAN. 
With more large scale casino operations and highly successful 
ARPDAUs (average revenue per daily active user) in the B2B 
space, GAN and Simulated Gaming™ were the natural choice.
CASE STUDY
COMPETITIVE REPLACEMENTS
 GameAccount Network plc Annual report and accounts 2015
DIRECTORS’ 
REPORT
FINANCIAL  
STATEMENTS
STRATEGIC 
REPORT
07 GROSS GAMING REVENUE
($m)
122.9
8.4
2015
2014
2013
148.9
CONTINUED GROWTH IN THE NEW JERSEY MARKET
(Casino and poker combined)
Real money regulated intra-State Internet gaming in the US 
remains focused on New Jersey’s fast-growing market. While 
the regulatory cycle continued to experience delays, Simulated 
Gaming™ matured into the market-leading model adopted by 
major US casinos in advance of (and in addition to) regulated real 
money Internet gaming.
MARKET REVIEW
$148.9m
Regulated US Internet Gaming
In 2015, there were 941 land-based 
casinos in America located in 39 States. 
Together they generated $69bn in 
land-based gaming revenue annually. 
In contrast, only 3 US States permitted 
Internet gaming generating just $160m of 
which the State of New Jersey accounted 
for $149m being the overwhelming 
majority of US Internet gaming in 2015.
2015 was New Jersey’s second full year of 
Internet gaming and that State’s Internet 
gaming market grew more than 20% 
year-on-year compared to New Jersey’s 
7 land-based casinos that together grew 
revenues in the same period by just 2% 
to $2.4bn. Accordingly, New Jersey’s 
$149m in Internet gaming revenues 
represented 6% of New Jersey land-
based gaming revenues generated in the 
same year.
By way of reminder, in 2013 the first 3 US 
States regulated intra-State real money 
Internet gaming permitted within their 
State’s borders: Nevada (pop. <3m); 
Delaware (pop. <1m); and New Jersey (pop. 
9m). In 2015, for the second year running, 
no new US State regulated Internet gaming. 
Despite this, diverse forms of State 
legislation designed to regulate Internet 
gaming continued through the complicated 
legislative process.
There are 5 US States actively considering 
regulation of intra-State Internet gaming: 
Pennsylvania, New York, Massachusetts, 
Florida and California.
The ‘next State to regulate’ is generally 
believed by industry observers to be the 
State of Pennsylvania (pop. 12.8m), which 
has a substantial existing land-based 
casino industry comprising 12 land-based 
casinos which together generated 
land-based gaming revenues of $3.1bn.
Pennsylvania made significant progress 
towards regulation of Internet gaming in 
November 2015 with draft legislative act 
HB 649 appearing in the Pennsylvania 
House of Representatives for active 
voting on various proposed amendments. 
If this legislation is enacted in the future, 
residents of Pennsylvania will be 
permitted to play casino games online for 
real money in a similar manner to their 
neighbouring State of New Jersey.
GameAccount Network plc Annual report and accounts 2015 08 SIMULATED GAMING™ – NOW A MARKET PROVEN PRODUCT: 
High-margin revenue stream generated online from existing 
customer database; attracts new customer demographics; 
reactivates long-term lapsed customers; improves frequency of 
customers’ visitation to the casino; and increases gaming revenue 
generated inside the casino from existing customers.
Social Casino Gaming
In the meantime for the 900+ US casinos, 
which do not sit within those 3 regulated 
US States or those 5 US States actively 
considering regulation, an alternative 
Internet gaming business model is 
required. Social casino gaming is the 
obvious alternative market, where 
end-user consumers buy time online for 
the entertainment value of playing casino 
games, without receiving the opportunity 
to win real money. The top 3 countries  
for social casino gaming are the United 
States, Canada and Australia where in all 
cases real money Internet gaming is not 
permitted nationwide.
The global social casino gaming market 
reached $3.1bn in 2015 with $2.1bn 
generated from US-resident players. 
GAN’s Simulated Gaming™ enterprise 
solution is specifically designed for US 
casino operators seeking to enter the 
social casino gaming market. In the 
absence of real money regulated Internet 
gaming, social casino gaming has emerged 
as an alternative business model serving 
the latent demand for a high quality 
Internet gaming experience.
Traditional casino operators who wish to 
participate in the social casino market 
generally have three options for market 
entry: 1: Build their own technology; 2: 
Acquire an existing social casino operator; 
or 3: Adopt an enterprise software 
solution from a third party provider 
such as GAN.
Market Conditions
Through the course of 2015, GAN 
acquired 5 incremental US casinos as 
clients of Simulated Gaming™ and 
1 incremental client for real money 
regulated gaming in New Jersey
1
. 
GAN enjoyed significant momentum  
in acquiring new major casino operators 
as clients following 2014’s early-market 
relationships with Foxwoods Resort  
& Casino and Empire City Casino for 
Simulated Gaming™ and Betfair for real 
money regulated gaming in New Jersey. 
Exiting 2015 with 8 Simulated Gaming™ 
clients under contract, GAN has defined  
itself as the leading enterprise solution 
provider to the US casino industry. 
Momentum created in 2015 has 
positioned GAN for additional US client 
wins in 2016 and beyond.
Increase in net revenue from 
Simulated Gaming™
+380%
Gross purchases from Simulated 
Gaming™ represent an increase  
of 184% from 2014
$5.6m
Number of Simulated Gaming™ 
customers live at year end.  
3 new customers launched in Q4
7
1. Conditional on the client’s approval to launch.
 GameAccount Network plc Annual report and accounts 2015
DIRECTORS’ 
REPORT
FINANCIAL  
STATEMENTS
STRATEGIC 
REPORT
09 CHIEF EXECUTIVE’S  
REVIEW
Overview
GAN has now successfully emerged as 
a leading provider of enterprise-level 
Internet gaming technology solutions 
to major US casino operators securing 
significant US market share. 2015 was our 
second year of continued and necessary 
substantial investment opening the 
Group to major commercial opportunities 
including The Borgata for real money 
regulated gaming in New Jersey and Isle 
of Capri for Simulated Gaming™ , both 
expected to deliver significant shareholder 
value in 2016 and beyond.
This substantial continued investment has 
been made in the US operational structure 
to develop the Group ’s US presence in 
both real money regulated gaming and 
Simulated Gaming™ markets. In the UK 
further substantial investment has been 
made in the Group ’s software technology 
and its capability to deliver both Simulated 
Gaming™ and real money regulated gaming 
to US casino operators, integrated with the 
US casino operators’ existing land-based 
loyalty programme. 
Intra-State regulation of real money 
Internet gaming remained largely on hold 
in the US, although legislative action did 
occur in Pennsylvania in the late stages 
of 2015, which suggests Internet gaming 
legislation may progress further in that 
State during the course of 2016. In the 
meantime, Simulated Gaming™ continued 
to materially outperform initial expectations 
and is positioned for significant profitable 
growth in 2016 and beyond as selected US 
casino operator clients commenced the 
application of marketing capital in late 2015 
in order to scale digital user acquisition with 
certain clients relying upon GAN’s marketing 
services team and their specialist digital 
marketing services.
During the year the Group launched 
Simulated Gaming™ for four major US 
casinos located in Pennsylvania, California, 
Maryland and Nevada, and signed additional 
landmark deals with The Borgata Casino 
in New Jersey and multi-State US casino 
operator Isle of Capri based in Illinois for 
delivery in 2016. Simulated Gaming™ 
has also been launched in Australia and 
other International opportunities are 
being developed although the Group ’s 
strategic focus remained firmly on the US 
market throughout 2015 emphasised by 
my relocation to the US in order to better 
support the Group ’s activity in its key 
geographic market. 
In New Jersey, the Group delivered 
strongly for Betfair’s regulated Internet 
casino gaming website delivering 
over one hundred 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. 
I would like to take this opportunity 
to thank staff at GAN, 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 2015.
GAN’s enterprise-level technology platform 
for Internet gaming is a truly scarce asset, 
managed by an equally-scarce team of 
experienced specialists managing one 
of a handful of fast-growing real money 
regulated gaming businesses in New 
Jersey . Real money regulated gaming in 
New Jersey has proved materially different 
in both general practice and specific 
technical requirements when compared 
with European markets. Subject to certain 
contractual conditions being met, GAN’s two 
New Jersey clients will together represent 
over 40% of Internet gaming revenues in 
New Jersey . This positions GAN to capture 
significant market share in any incremental 
US intra-State markets which may regulate 
Internet gaming over time, including 
Pennsylvania, New Y ork and Michigan.
During the year , the Group achieved strong 
financial growth in net revenue derived 
from the United States and the regulated 
Italian market driven primarily by Simulated 
Gaming™ nationwide across the US and 
from regulated real money Internet gaming 
in New Jersey and Italy . Notwithstanding 
growth in our core product verticals of 
Simulated Gaming™ and the sustainable 
regulated gaming markets of New Jersey 
in the US and Italy overall net revenue 
declined by 20% to £6.0m (2014: £7.5m) due 
primarily to the decline in game development 
fees and continuing delays in securing a 
system sale in 2015.
Strategy
Expansion in the United States remains a 
continuing strategic priority for the Group 
with requisite increases in US infrastructure 
centred on Las Vegas comprising human 
resource and licensing investment in 
relevant US States including New Jersey 
and Pennsylvania.
With the significant slowdown in regulation 
of real money intra-State regulated gaming 
the Group has increased its focus on 
delivering Simulated Gaming™ to land-
based US casinos in advance of further 
regulation. The successful launch of 
Simulated Gaming™ in 2014 and net revenue 
growth in 2015 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 regulated 
gaming. Furthermore, the Group has 
received comprehensive evidence from 
collaborating clients that GAN’s unique 
Simulated Gaming™ model has materially 
increased patrons’ visitation on-property , 
reactivated significant numbers of long-term 
inactive patrons and generally proved highly 
supportive of on-property real money land-
based 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. The slow pace of incremental 
regulation of Internet gaming in the United 
States has materially contributed to on-
going delays in securing an Internet gaming 
platform sale.
GameAccount Network plc Annual report and accounts 2015 10 Investment in the Group ’s technical capability 
in k ey areas such as back office, mobile 
and convergence with land-based casino 
management systems continued throughout 
2015 with significant growth 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 launched 
including Star V egas and William Hill 
Italia and Internet gaming content from 
NET Entertainment was delivered via the 
Group ’s technical platform located in Rome. 
Italy remains a crucial market for GAN 
as a comprehensively regulated Internet 
gaming market exhibiting continued growth 
throughout 2015 consequent to the 
regulation of Internet casino gaming in 2013. 
Products
The Group’s back office system iSight Back 
Office™ received major upgrades released 
throughout 2015 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 
2015 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. 
Frictionless conversion funnels for mobile, 
real-time slot tournament capability and 
multi-user (player-with-player) casino games 
such Multiplayer EZ BACCARA T
®
 launched 
in 2015 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 released 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 2016.
A wide portfolio of new casino games 
were developed throughout 2015 with 
over 40 individual game client applications 
developed and delivered online in 2015 
(2014: 40) bringing the Group ’s in-platform 
gaming content portfolio to 200 comprising 
simple casino slots and table games, complex 
multiplayer bingo and poker , multi-user 
casino games and a wide range of specialist 
games such as blackjack tournaments and 
region-specific card or dice games.
In 2015 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 was released for a 
US casino operator client in 2015 and relied 
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. V ariants 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 2016. 
The Group ’s research & development 
function in 2015 also developed the US 
casino industry’s first virtual reality casino 
application offering end-user players of 
Simulated Gaming™ with Oculus Rift PC 
VR headsets the ability to navigate a virtual 
casino environment, explore themed worlds 
and play existing casino table games and 
casino slot games within these themed 
environments. The first virtual reality casino 
was released in early 2016 for a US casino 
operator client.
Marketing and Support Services
Throughout 2015, 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 
user acquisition marketing and internal 
cross-sell marketing to existing patron 
databases and on-property human traffic.  
In 2015, GAN secured four US casino clients 
of marketing services conducted in support 
of Simulated Gaming™ in the second half-
year period.
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
 GameAccount Network plc Annual report and accounts 2015
DIRECTORS’ 
REPORT
FINANCIAL  
STATEMENTS
STRATEGIC 
REPORT
11 The Group has established 
a significant coast to 
coast presence in the  
US market from which to 
drive additional growth
FINANCIAL AND  
OPERA TIONAL REVIEW
Summary
2015 has been a year of focus and 
investment for GAN. The Group has 
focussed on driving additional revenue 
growth with our Simulated Gaming™ 
product in the US and Australian markets 
and in the sustainable real money gaming 
markets of New Jersey in the USA and  
in Italy. 
The Group has established a significant 
coast to coast presence in the US market 
from which to drive additional growth. 
Following the successful launch of 
Simulated Gaming™ in 2014 with two US 
Casino operators, the Group added five 
additional customers during 2015; Parx 
Casino, San Manuel Digital, ‘Maryland 
Live!’ Casino and American Casino & 
Entertainment Properties (ACEP) in the 
US and Club8 Casino in Australia. The 
Group has experienced further recurring 
revenue growth in Italy where two new 
operators launched during the period and 
in New Jersey which benefitted from an 
expanded content offering and a growing 
macro market. Recurring revenues  
now account for 79% of the overall Net 
Revenue compared to 48% in 2014. The 
Group has also worked to consolidate its 
cost base and believes that the current 
fixed operational cost base is sufficient to 
support planned growth over the next 
twelve months. 
The Group reports gross income of 
£25.8m, a 1% decrease from 2014.  
Net revenue for the year was £6.0m 
compared to £7.5m in the same period 
last year. Clean EBITDA loss of £3.0m 
compares to a Clean EBITDA loss in 2014 
of £1.4m and loss before taxation of 
£5.6m compares to a loss before taxation 
in the prior period of £2.6m. Loss after 
taxation of £5.0m reflects the successful 
claim for research and development tax 
credits in respect of prior years, received 
in 2016, of £0.6m. The 2014 financial year 
benefited from the recognition of the final 
payment of a material system sale which 
generated £1.0m in gross income and  
net revenue. 
The Group continued to invest heavily in 
the underlying Internet gaming system 
capability in order to both strengthen its 
delivery capability and enhance its core 
Simulated Gaming™ and regulated real 
money gaming product offerings. The 
Group believes this investment will 
enable the Group to continue to capitalise 
on the immediate Simulated Gaming™ 
opportunity primarily in the core US 
market and to drive incremental growth 
in the regulated real money gaming 
markets of New Jersey in the US and in 
Italy. The Group remains focussed on the 
US market which now represents 50% of 
overall Group net revenues. 
The Group ended the year with a cash 
balance of £3.8m compared to £10.8m for 
the year ended 31 December 2014 and 
net assets at 31 December 2015 of 
£10.2m compared to £15.2m in the 
previous year. On 7 April 2016 the Group 
raised an additional £2.6m (before 
associated transaction expenses) in new 
capital to continue expansion of real 
money regulated gaming and Simulated 
Gaming™ opportunities in the US as well 
as for working capital and general 
business development purposes.
Revenue
Net revenue for the year of £6.0m  
is £1.5m less than the net revenue 
generated in the previous year of £7.5m. 
Revenue for 2014 benefited from the final 
payment related to a material Internet 
gaming system sale that accounted for 
£1.0m of the £7.5m. On an underlying 
basis, net revenue excluding the impact  
of this system sale decreased by 8% from 
£6.5m to £6.0m. 
GameAccount Network plc Annual report and accounts 2015 12 B2B revenue share and other revenues 
increased by 45% from £2.9m to £4.2m. 
The increase recorded in B2B revenue 
share and other revenues of £1.3m is 
offset by declines in game and platform 
development fees of £1.7m (excluding 
system sale) a decrease driven primarily 
by reduced game development fees for 
the conversion of existing offline slots 
titles to the online market. The increase  
in B2B revenue share and other revenues 
has been driven by the regulated gaming 
markets in New Jersey and Italy and by 
Simulated Gaming™ where we now have 
seven casinos operational, three of which 
launched in Q4. B2C net revenue 
decreased from £0.7m to £0.6m.
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 £3.7m to 
£5.4m for the year ended 31 December 
2015. The increase is due primarily to 
increased amortisation of intangible 
assets of £1.0m and increased royalties 
payable to providers of third party games 
content in Europe for real money gaming 
and in the US for both Simulated Gaming™ 
and real money gaming in New Jersey. 
B2B marketing expenditure has also 
increased 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. The Group reports total 
administrative expenses for the year 
ended 31 December 2015 of £6.3m, 
£0.2m less than those incurred in 2014. 
For the year ended 31 December 2015, 
the Group 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 launch 
additional Simulated Gaming™ casino 
properties in the US and Australia.
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 £3.0m compares to 
an EBITDA loss of £1.4m in 2014 
reflecting both the impact of continuing 
to invest in the underlying delivery and 
product capability and the recognition of 
£1.0m in system sale revenue in the year 
ended 31 December 2014.
Cash Flow
During the year the Group has continued to 
invest in the underlying Internet gaming 
system deployment and product capability. 
The cash balance at 31 December 2015 was 
£3.8m compared to £10.8m in 2014. In 
addition to operating cash outflow before 
movements in working capital and 
taxation of £3.4m, cash outflows during 
the year include £4.8m in incremental 
investment in intangible fixed assets 
primarily related to the capitalisation of 
internal development time and £0.5m 
invested in fixed assets including the cost 
of moving and refurbishing suitable head 
office space in London. 
Key Performance Indicators
The directors regard Clean EBITDA  
as a reliable measure of profits and the 
Group’s key performance indicators are 
set out below.
The Board also monitor customer related 
KPIs, including number of active players, 
revenue by customer, average revenue 
per daily active user for Simulated 
Gaming™, business segment profitability 
and geographic split of turnover. 
2015
£’000
2014
£’000
Gross income from gaming operations and services 25,837 26,123
Net revenue 6,011 7,528
Clean EBITDA (3,018) (1,425)
Net assets 10,184 15,176
Cash and cash equivalents 3,779 10,776
 GameAccount Network plc Annual report and accounts 2015
DIRECTORS’ 
REPORT
FINANCIAL  
STATEMENTS
STRATEGIC 
REPORT
13 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.
PRINCIPAL RISKS
Risk category Description Mitigation
Legal and regulatory risks
Loss of licences
The Group holds a number of licences for 
its activities from regulators. The loss of 
all or any of these licences 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 
licences 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 licences. 
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 GAN 
software and services. 
In addition, the Group has diversified its 
risk by obtaining multiple licences in the 
UK, Alderney, Spain, 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.
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.
GameAccount Network plc Annual report and accounts 2015 14 Risk category Description Mitigation
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.
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 
 GameAccount Network plc Annual report and accounts 2015
DIRECTORS’ 
REPORT
FINANCIAL  
STATEMENTS
STRATEGIC 
REPORT
15 CORPORA TE 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.
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.
On behalf of the Board
 
Desmond Glass 
Chief Financial Officer
Dermot Smurfit
Chief Executive Officer
28 April 2016
GameAccount Network plc Annual report and accounts 2015 16 DIRECTORS’ REPORT
The directors submit their report and the financial statements of 
GameAccount Network plc for the year ended 31 December 2015.
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 2015 show total net revenue of £6.0m (2014: 
£7.5m) and a net loss after tax of £5.0m (2014: loss £2.6m).
The Board does not recommend the payment of a dividend for 
2015 (2014:£nil).
The Group’s consolidated financial statements are set out on 
pages 23 to 49. 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 2016. Notice of this meeting will be sent under 
separate cover.
Directors
The following directors have held office since 1 January 2015:
David O’Reilly
Dermot S Smurfit 
Desmond Glass  
Michael Smurfit Jr.
Roger Kendrick  
Seamus McGill 
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 28.03.2018
Dermot Smurfit 200,000 28.03.2012 22p 28.03.2013 28.03.2018
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
Desmond Glass 130,000 10.03.2015 50p 10.03.2016 10.03.2018
Dermot Smurfit 125,000 10.03.2015 50p 10.03.2016 10.03.2018
 
Significant Shareholdings
As of 31 December 2015 the Company had been advised of the following significant shareholders:
Shareholders % No of ordinary shares 
Dermot S Smurfit 13.36 7,475,075
Andrew Black 9.79 5,480,860
Sir Michael Smurfit 9.85 5,511,270
Anthony Smurfit 8.41 4,705,805
Odey Asset Management 5.96 3,333,333
Artemis Funds 5.78 3,236,296
Ennismore Fund Manager 5.11 2,861,851
David O’Reilly 4.22 2,263,812
Roger Kendrick (including Britania Limited’s holding) 3.73 2,085,250
Jeffries International 3.30 1,846,180
  
DIRECTORS’ 
REPORT
FINANCIAL  
STATEMENTS
STRATEGIC 
REPORT
 GameAccount Network plc Annual report and accounts 2015 17 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 Group’s 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 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.
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 
28 April 2016 
DIRECTORS’ REPORT CONTINUED
GameAccount Network plc Annual report and accounts 2015 18 DIRECTORS’ RESPONSIBILITIES 
IN THE PREPARA TION OF THE FINANCIAL ST A TEMENTS
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 and 
Company’s transactions and disclose with reasonable accuracy 
at any time the financial position of the Group and Company 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.
DIRECTORS’ 
REPORT
FINANCIAL  
STATEMENTS
STRATEGIC 
REPORT
 GameAccount Network plc Annual report and accounts 2015 19 BOARD OF DIRECTORS
David O’Reilly (aged 54) 
(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 41) 
(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.
Roger Kendrick (aged 71) 
(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.
Desmond Glass (aged 46) 
(Chief Financial Officer)
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 51) 
(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 64)
(Non-executive director)
Seamus joined the Board of GameAccount 
Network in April 2014. Seamus has  
20 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.
GameAccount Network plc Annual report and accounts 2015 20 Simon Knock (aged 37) 
(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.
Senior management
Matt Mowlam (aged 36) 
(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.
Martin Smith (aged 49) 
(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.
Tom Grant (aged 41) 
(Head of Legal and Compliance and 
Company Secretary)
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.
DIRECTORS’ 
REPORT
FINANCIAL  
STATEMENTS
STRATEGIC 
REPORT
 GameAccount Network plc Annual report and accounts 2015 21 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 2015 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 the preparation of the Group and parent Company 
financial statements is applicable law and International Financial 
Reporting Standards (IFRS) as adopted by the European Union.
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 2015 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
28 April 2016
BDO LLP is a limited liability partnership registered in England 
and Wales (with registered number OC305127).
GameAccount Network plc Annual report and accounts 2015 22 CONSOLID A TED ST A TEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2015
Notes
Year ended 
31 December 
2015 
£’000
Year ended 
31 December 
2014 
£’000
Continuing Operations
Gross income from gaming operations and services 25,837 26,123
Net revenues 4 6,011 7,528
Distribution costs (5,384) (3,728)
Administrative expenses (6,250) (6,469)
Total operating costs (11,634) (10,197)
Clean EBITDA (3,018) (1,425)
Depreciation 11 (438) (360)
Amortisation of intangible assets 10 (1,801) (777)
Exceptional costs 6 (355) (67)
Employee share-based payment charge 17 (11) (40)
Operating (loss) 6 (5,623) (2,669)
Finance income 8 19 67
(Loss) before taxation (5,604) (2,602)
Tax credit 9 582 –
(Loss) for the year attributable to owners of the Group and total comprehensive 
income for the year (5,022) (2,602)
Earnings per share attributable to owners of the parent during the year
Basic (pence) 18 (8.99) (4.66)
Diluted (pence) 18 (8.99) (4.66)
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 £6,237,033 
(2014: loss of £1,289,400), which is dealt with in the financial statements of the parent Company.
DIRECTORS’ 
REPORT
FINANCIAL  
STATEMENTS
STRATEGIC 
REPORT
 GameAccount Network plc Annual report and accounts 2015 23 CONSOLIDA TED ST A TEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 31 DECEMBER 2015
Notes
At 
31 December 
2015 
£’000
At 
31 December 
2014 
£’000
Non-current assets
Intangible assets 10 5,570 3,026
Property, plant and equipment 11 884 805
Lease deposits 12 170 –
Deferred tax asset 9 510 510
7,134 4,341
Current assets
Trade and other receivables 12 2,851 2,823
Cash and cash equivalents 13 3,779 10,776
6,630 13,599
Total assets 13,765 17,940
Current liabilities
Trade and other payables 14 3,231 2,764
Total current liabilities 3,231 2,764
Non-current liabilities
Other payables 14 350 –
Total non-current liabilities 350 –
Equity attributable to equity holders of parent
Share capital 16 560 559
Share premium account 14,592 14,574
Retained (deficit)/earnings (4,968) 43
10,184 15,176
Total equity and liabilities 13,765 17,940
The financial statements on pages 23 to 49 were approved and authorised for issue by the Board of directors on 28 April 2016 and 
were signed on its behalf by:
Desmond Glass
Chief Financial Officer
GameAccount Network plc Annual report and accounts 2015 24 CONSOLIDA TED ST A TEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2015
Share 
capital 
£’000
Share 
premium 
£’000
Retained 
(deficit)/ 
earnings 
£’000
Total 
equity 
£’000
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
Loss and total comprehensive income for the year – – (5,022) (5,022)
Employee share-based payment charge – – 11 11
Issue of equity share capital 1 18 – 19
At 31 December 2015 560 14,592 (4,968) 10,184
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
DIRECTORS’ 
REPORT
FINANCIAL  
STATEMENTS
STRATEGIC 
REPORT
 GameAccount Network plc Annual report and accounts 2015 25 CONSOLIDA TED ST A TEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2015
Notes
Year ended 
31 December 
2015 
£’000
Year ended 
31 December 
2014 
£’000
Cash flow from operating activities
(Loss) for the year before taxation (5,604) (2,602)
Adjustments for:
Amortisation of intangible assets 10 1,801 777
Depreciation of property, plant and equipment 11 438 360
Share-based payment expense 17 11 40
Finance income 8 (19) (67)
Foreign exchange 23 41
Operating cash flow before movement in working capital and taxation (3,350) (1,451)
Decrease/(increase) in trade and other receivables 398 (187)
Increase/(decrease) in trade and other payables 657 (1,214)
Taxation – 85
Net cash flows from operating activities (2,295) (2,767)
Cash flow from investing activities
Interest received 19 67
Purchase of intangible fixed assets 10 (4,175) (2,892)
Purchases of property, plant and equipment 11 (517) (568)
Net cash used in investing activities (4,673) (3,393)
Cash flow from financing activities
Net proceeds on issue of shares 16 19 48
Net cash generated from financing activities 19 48
Net (decrease) in cash and cash equivalents (6,949) (6,112)
Cash and cash equivalents at beginning of year 13 10,776 16,895
Effect of foreign exchange rate changes (48) (7)
Cash and cash equivalents at end of year 13 3,779 10,776
GameAccount Network plc Annual report and accounts 2015 26 COMP ANY ST A TEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 31 DECEMBER 2015
Notes
At 
31 December 
2015 
£’000
At 
31 December 
2014 
£’000
Non-current assets
Intangible assets 10 5,544 2,982
Property, plant and equipment 11 845 778
Lease deposits 12 170 –
Deferred tax asset 9 510 510
7,069 4,270
Current assets
Trade and other receivables 12 3,231 4,122
Cash and cash equivalents 13 3,287 10,592
6,518 14,714
Total assets 13,587 18,984
Current liabilities
Trade and other payables 14 3,000 2,539
Total current liabilities 3,000 2,539
Non-current liabilities
Other payables 14 350 –
Total non-current liabilities 350 –
Equity attributable to equity holders of parent
Share capital 16 560 559
Share premium account 14,592 14,574
Retained (deficit)/ earnings (4,915) 1,312
10,237 16,445
Total equity and liabilities 13,587 18,984
The financial statements on pages 23 to 49 were approved and authorised for issue by the Board of directors on 28 April 2016 and 
were signed on its behalf by:
Desmond Glass
Chief Financial Officer
DIRECTORS’ 
REPORT
FINANCIAL  
STATEMENTS
STRATEGIC 
REPORT
 GameAccount Network plc Annual report and accounts 2015 27 COMP ANY ST A TEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2015
Share 
capital 
£’000
Share 
premium 
£’000
Retained 
(deficit)/ 
earnings 
£’000
Total 
equity 
£’000
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
Loss and total comprehensive income for the year – – (6,238) (6,238)
Employee share-based payment charge – – 11 11
Issue of equity share capital 1 18 – 19
At 31 December 2015 560 14,592 (4,915) 10,237
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 2015 28 COMP ANY ST A TEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2015
Notes
Year ended 
31 December 
2015 
£’000
Year ended 
31 December 
2014 
£’000
Cash flow from operating activities
(Loss) for the year before taxation (6,821) (1,289)
Adjustments for:
Amortisation of intangible assets 10 1,783 767
Depreciation of property, plant and equipment 11 418 344
Share-based payment expense 17 11 40
Finance income 8 (19) (67)
Foreign exchange 23 41
Operating cash flow before movement in working capital and taxation (4,605) (164)
Decrease/(increase) in trade and other receivables 1,316 (1,773)
Increase/(decrease) in trade and other payables 654 (1,131)
Taxation – 85
Net cash flows from operating activities (2,635) (2,983)
Cash flow from investing activities
Interest received 19 67
Purchase of intangible fixed assets 10 (4,175) (2,838)
Purchases of property, plant and equipment 11 (485) (560)
Net cash used in investing activities (4,641) (3,331)
Cash flow from financing activities
Proceeds on issue of shares 16 19 48
Net cash generated from financing activities 19 48
Net (decrease) in cash and cash equivalents (7,257) (6,266)
Cash and cash equivalents at beginning of year 13 10,592 16,865
Effect of foreign exchange rate changes (48) (7)
Cash and cash equivalents at end of year 13 3,287 10,592
DIRECTORS’ 
REPORT
FINANCIAL  
STATEMENTS
STRATEGIC 
REPORT
 GameAccount Network plc Annual report and accounts 2015 29 NOTES TO THE FINANCIAL ST A TEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015
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). 
Going concern
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.
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 2015. 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 IFRS 15: Revenue from Contracts with Customers and IFRS 16: Leases 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 exists, 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 
Company 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. 
GameAccount Network plc Annual report and accounts 2015 30 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 recognises the 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.
2.3 Gross income from gaming operations and services
In order to provide further information to readers of the financial statements 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.
DIRECTORS’ 
REPORT
FINANCIAL  
STATEMENTS
STRATEGIC 
REPORT
 GameAccount Network plc Annual report and accounts 2015 31 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
Brand assets 3 years
Internally generated intangible assets (development costs)
Expenditure incurred on development activities including the Group’s software development and related overheads are 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 and leasehold improvements 20%–33% straight line
Subsequent expenditures are included in the asset’s 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.
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. 
NOTES TO THE FINANCIAL ST A TEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2015
GameAccount Network plc Annual report and accounts 2015 32 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUED
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 assets or to exchange financial assets or liabilities on terms that 
maybe unfavourable, and
• The instrument is a non-derivative that contains no contractual obligation to deliver a variable number of shares or is a derivative 
that 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.
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.
Research and development tax
Research and development taxation relief is recognised once management considers it probable that any amount claimable will 
be received. 
DIRECTORS’ 
REPORT
FINANCIAL  
STATEMENTS
STRATEGIC 
REPORT
 GameAccount Network plc Annual report and accounts 2015 33 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUED
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.
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 risk of 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.
NOTES TO THE FINANCIAL ST A TEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2015
GameAccount Network plc Annual report and accounts 2015 34 3. FINANCIAL RISK MANAGEMENT (SEE ALSO NOTE 15) CONTINUED
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. 
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. Game development and the sale of platform software is recognised when the Group 
has met its contractual obligations which is typically on customer acceptance or upon receipt of certification. Simulated Gaming™
 
revenues are recognised when a player deposits into the gaming system and not on gameplay. Further detail on this can be found in 
note 2.2. 
Capitalisation and impairment of internally generated intangible assets
The Group reviews expenditure incurred on development activities and assesses whether the expenditure meets the capitalisation 
criteria set out in note 2.6. The Group specifically considers if additional expenditure on projects relates to maintenance or new 
development projects. 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. In addition to this, the Group reviews amounts capitalised are in 
accordance with requirements of the IAS 38 criteria. 
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, or 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.
DIRECTORS’ 
REPORT
FINANCIAL  
STATEMENTS
STRATEGIC 
REPORT
 GameAccount Network plc Annual report and accounts 2015 35 3. FINANCIAL RISK MANAGEMENT (SEE ALSO NOTE 15) CONTINUED
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 
2015 
£’000
Year ended 
31 December 
2014 
£’000
B2C 592 678
B2B
—Game and platform development 1,241 3,946
—Revenue share and other revenue 4,178 2,904
Total B2B 5,419 6,850
6,011 7,528
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 operating 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 2015
B2C 
£’000
B2B 
£’000
Total 
£’000
Net revenue 592 5,419 6,011
Distribution costs (excluding depreciation and amortisation) (461) (2,684) (3,145)
Segment result 131 2,735 2,866
Administration expenses (6,250)
Depreciation on property, plant and equipment (444)
Amortisation of intangible assets (1,795)
Finance income 19
Loss before taxation (5,604)
Tax credit/(charge) 582
Loss for the year after taxation (5,022)
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)
Tax credit/(charge) –
Loss for the year after taxation (2,602)
NOTES TO THE FINANCIAL ST A TEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2015
GameAccount Network plc Annual report and accounts 2015 36 5. SEGMENTAL INFORMATION CONTINUED
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. 
Geographical analysis of revenues
This analysis is determined based upon the location of the legal entity of the customer.
Year ended 
31 December 
2015 
£’000
Year ended 
31 December 
2014 
£’000 
UK and Channel Islands 1,080 1,622
Italy 1,340 1,150
Netherlands 60 490
USA 2,991 2,780
Australia 420 1,162
Rest of the World 120 324
6,011 7,528
Information about major customers
During the year ended 31 December 2015 the Group had two customers which generated revenue greater than 10% of total net 
revenue. These customers generated revenue of £2,001,000 representing 33% of net revenue (of which the largest customer 
generated £1,069,000), all of which was within the B2B segment.
During the year ended 31 December 2014 the Group had two customers which 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.
Geographical analysis of non-current assets
At 
31 December 
2015 
£’000
At 
31 December 
2014 
£’000
UK and Channel Islands 6,308 3,583
USA 298 220
Italy 18 28
6,624 3,831
6. OPERATING LOSS
6.1 Operating loss has been arrived at after charging:
Year ended 
31 December 
2015 
£’000
Year ended 
31 December 
2014 
£’000
Staff costs (note 7) 3,646 3,829
Auditor’s remuneration:
Audit 55 60
Taxation – 15
Others 5 5
Amortisation of intangibles 1,801 777
Depreciation on property, plant and equipment 438 360
Foreign exchange losses 23 41
Rent payable under operating leases 325 203
Employee share-based payment charge (note 17) 11 40
DIRECTORS’ 
REPORT
FINANCIAL  
STATEMENTS
STRATEGIC 
REPORT
 GameAccount Network plc Annual report and accounts 2015 37 6. OPERATING LOSS CONTINUED
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 £3,681,165 (2014: £2,635,702) as part of capitalised development costs reflected within note 10 of the 
financial statements.
Total wages and salaries related to research and development was £3,535,163 (2014: £3,234,748) of which £2,849,623 
(2014: £2,048,044) was capitalised. 
6.2 Exceptional costs
Year ended 
31 December 
2015 
£’000
Year ended 
31 December 
2014 
£’000
Compensation for loss of office, redundancy and compromise costs, together with associated legal expenses 213 67
Key management relocation costs 131 –
Other exceptional costs 11 –
355 67
7. STAFF COSTS
Year ended 
31 December 
2015 
£’000
Year ended 
31 December 
2014 
£’000
The average number of employees (including executive directors) employed was:
Management 6 7
Administration and technical staff 96 88
102 95
Year ended 
31 December 
2015 
£’000
Year ended 
31 December 
2014 
£’000
The aggregate remuneration of the above employees (including directors) comprised:
Wages and salaries 5,798 5,285
Social security costs 697 657
Pension costs 129 –
Employee share-based payment charge 11 40
6,635 5,982
Total staff costs included in capitalised development costs for the year were £2,849,623 (2014: £2,048,044) and are reflected within 
note 10 of the financial statements. 
The remuneration of the directors, who are part of the key management personnel of the Group, is set out below:
Fee/salary 
£’000
Bonuses 
£’000 
Share-based 
payments 
£’000 
Total 
2015 
£’000 
Total 
2014 
£’000
Desmond Glass 154 – 1 155 152
David O’Reilly 50 – – 50 50
Dermot S Smurfit 256 – 3 259 252
Michael Smurfit Jr. 30 – – 30 30
Roger Kendrick 30 – – 30 30
Seamus McGill 45 – – 45 22
565 – 4 569 536
 
NOTES TO THE FINANCIAL ST A TEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2015
GameAccount Network plc Annual report and accounts 2015 38 7. STAFF COSTS CONTINUED
The aggregate remuneration for key management personnel comprised: 
Year ended 
31 December 
2015 
£’000
Year ended 
31 December 
2014 
£’000
Wages and salaries 1,056 967
Relocation costs 93 –
Social security costs 118 130
Employee share-based payment charge 7 32
1,274 1,129
 
The remuneration of the highest paid director is set out below:
Year ended 
31 December 
2015 
£’000
Year ended 
31 December 
2014 
£’000
The aggregate remuneration comprised
Directors’ remuneration 256 250
256 250
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 
2015
Total 
2014
Desmond Glass 321,000 130,000 – 451,000 321,000
David O’Reilly 75,000 – – 75,000 75,000
Dermot S Smurfit 1,121,000 125,000 – 1,246,000 1,121,000
Michael Smurfit Jr. 50,000 – – 50,000 50,000
Roger Kendrick 50,000 – – 50,000 50,000
Seamus McGill – – – – –
1,617,000 255,000 – 1,872,000 1,617,000
8. FINANCE INCOME
Year ended 
31 December 
2015 
£’000
Year ended 
31 December 
2014 
£’000
Interest receivable 19 67
9. TAXATION
Year ended 
31 December 
2015 
£’000
Year ended 
31 December 
2014 
£’000
Current tax (credit) (582) –
Deferred tax charge – –
Tax (credit) on loss on ordinary activities (582) –
DIRECTORS’ 
REPORT
FINANCIAL  
STATEMENTS
STRATEGIC 
REPORT
 GameAccount Network plc Annual report and accounts 2015 39 9. TAXATION CONTINUED
The total tax charge/(credit) can be reconciled to the overall tax charge as follows:
Year ended 
31 December 
2015 
£’000
Year ended 
31 December 
2014 
£’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) before taxation (5,604) (2,602)
(Loss) before taxation multiplied by the average standard rate of corporation tax in the UK of 20.25% 
(2014: 21.5%) (1,135) (559)
Effects of:
Other permanent and similar differences, including expenses not deductible for tax purposes 76 85
Current year tax losses not utilised/recognised 873 628
Exercise of share option – (42)
Other timing differences not recognised for deferred tax purpose 186 (112)
Research and development relief claimed (582) –
Tax (credit)/charge for year (582) –
The Group has maximum corporation tax losses carried forward at each year end as set out below:
At 
31 December 
2015 
£’000
At 
31 December 
2014 
£’000
Corporation tax losses carried forward 14,940 9,598
Details of the deferred tax asset recognised are as set out below:
At 
31 December 
2015 
£’000
At 
31 December 
2014 
£’000
At the beginning and end of the year 510 510
The deferred tax asset for the Group at 31 December 2015 comprises £510,000 (2014: £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 
2015 
£’000
At 
31 December 
2014 
£’000
Tax losses carried forward 2,328 1,410
Depreciation in excess of capital allowances 40 17
Short-term timing differences 63 96
2,431 1,523
NOTES TO THE FINANCIAL ST A TEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2015
GameAccount Network plc Annual report and accounts 2015 40 10. INTANGIBLE ASSETS
Group
Brand 
assets 
£’000
Development 
costs 
£’000
Licence 
costs 
£’000
Total Brand 
assets, 
Development 
and Licence 
costs 
£’000
Cost
At 31 December 2013 – 1,680 118 1,798
Additions – 2,751 141 2,892
At 31 December 2014 – 4,431 259 4,690
Additions 252 3,931 161 4,344
At 31 December 2015 252 8,362 420 9,034
Accumulated amortisation
At 31 December 2013 – 881 5 886
Charge for the year – 750 27 777
At 31 December 2014 – 1,631 32 1,663
Charge for the year 6 1,729 66 1,801
At 31 December 2015 6 3,360 98 3,464
Net book value
At 31 December 2013 – 799 113 912
At 31 December 2014 – 2,800 226 3,026
At 31 December 2015 246 5,002 322 5,570
Company
Brand 
assets 
£’000
Development 
costs 
£’000
Licence 
costs 
£’000
Total Brand 
assets, 
Development 
and Licence 
costs 
£’000
Cost
At 31 December 2013 – 1,680 117 1,797
Additions – 2,697 141 2,838
At 31 December 2014 – 4,377 258 4,635
Additions 252 3,931 161 4,344
At 31 December 2015 252 8,308 419 8,979
Accumulated amortisation
At 31 December 2013 – 881 4 885
Charge for the year – 740 27 767
At 31 December 2014 – 1,621 31 1,652
Charge for the year 6 1,711 66 1,783
At 31 December 2015 6 3,332 97 3,435
Net book value
At 31 December 2013 – 799 113 912
At 31 December 2014 – 2,756 226 2,982
At 31 December 2015 246 4,976 322 5,544
DIRECTORS’ 
REPORT
FINANCIAL  
STATEMENTS
STRATEGIC 
REPORT
 GameAccount Network plc Annual report and accounts 2015 41 11. PROPERTY, PLANT AND EQUIPMENT
Group
Fixtures, fittings, 
equipment 
and leasehold 
improvements 
£’000
Cost
At 31 December 2013 1,886
Additions 568
At 31 December 2014 2,454
Additions 517
At 31 December 2015 2,971
Accumulated depreciation
At 31 December 2013 1,289
Charge for the year 360
At 31 December 2014 1,649
Charge for the year 438
At 31 December 2015 2,087
Net book value
At 31 December 2013 597
At 31 December 2014 805
At 31 December 2015 884
Company
Fixtures, fittings, 
equipment 
and leasehold 
improvements 
£’000
Cost
At 31 December 2013 1,616
Additions 560
At 31 December 2014 2,176
Additions 485
At 31 December 2015 2,661
Accumulated depreciation
At 31 December 2013 1,054
Charge for the year 344
At 31 December 2014 1,398
Charge for the year 418
At 31 December 2015 1,816
Net book value
At 31 December 2013 562
At 31 December 2014 778
At 31 December 2015 845
12. TRADE AND OTHER RECEIVABLES
Company at 
31 December 
2015 
£’000
Group at 
31 December 
2015 
£’000
Company at 
31 December 
2014 
£’000
Group at 
31 December 
2014 
£’000
Trade receivables 1,309 1,318 1,491 1,501
Other receivables 202 246 638 700
Amounts owed by Group undertakings 516 – 1,438 –
Prepayments and accrued income 622 705 555 622
Corporation tax receivable 582 582 – –
3,231 2,851 4,122 2,823
Other receivables include amounts due from payment service providers and VAT recoverable.
NOTES TO THE FINANCIAL ST A TEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2015
GameAccount Network plc Annual report and accounts 2015 42 12. TRADE AND OTHER RECEIVABLES CONTINUED
The ageing of trade receivables that are past due but not impaired is shown below:
Company at 
31 December 
2015 
£’000
Group at 
31 December 
2015 
£’000
Company at 
31 December 
2014 
£’000
Group at 
31 December 
2014 
£’000
Between one and two months 433 433 500 500
Between two and three months 85 85 146 146
More than three months 166 172 10 10
684 690 656 656
The Group recognised a charge in respect of doubtful receivables in each of the years ended 31 December 2015 and 31 December 
2014 of £163,818 and £364,487 respectively, representing a decrease of £200,669. 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. The Company has fully provided for the balance due from GameAccount Alderney 
Limited of £171,805 (2014: £347,544).
Standard credit terms are 60 days. Debtor days at each year end were:
At 
31 December 
2015
At 
31 December 
2014
Debtor days (Group and Company) 82 days 70 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 16, 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 2015, the Group does not have a concentration of credit 
risk exposure to a single counterparty (2014: £597,304). 
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 
2015 
£’000
Group at 
31 December 
2015 
£’000
Company at 
31 December 
2014 
£’000
Group at 
31 December 
2014 
£’000
United States Dollars 823 831 935 940
Euros 590 592 110 111
Australian Dollars 30 30 – –
1,443 1,453 1,045 1,051
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.
Non-current assets
Company at 
31 December 
2015 
£’000
Group at 
31 December 
2015 
£’000
Company at 
31 December 
2014 
£’000
Group at 
31 December 
2014 
£’000
Lease deposits 170 170 – –
170 170 – –
Other non-current assets relate to the deposits provided in respect of leased office space. The amount is repayable in accordance 
with the terms of the agreement.
DIRECTORS’ 
REPORT
FINANCIAL  
STATEMENTS
STRATEGIC 
REPORT
 GameAccount Network plc Annual report and accounts 2015 43 13. CASH AND CASH EQUIVALENTS (GROUP AND COMPANY)
Company at 
31 December 
2015 
£’000
Group at 
31 December 
2015 
£’000
Company at 
31 December 
2014 
£’000
Group at 
31 December 
2014 
£’000
Cash in bank accounts 3,287 3,779 10,592 10,776
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 A2 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 
2015 
£’000
Group at 
31 December 
2015 
£’000
Company at 
31 December 
2014 
£’000
Group at 
31 December 
2014 
£’000
United States Dollars 263 755 335 519
Euros 501 501 876 876
Australian Dollars 35 35 27 27
799 1,291 1,238 1,421
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 
2015 
£’000
Group at 
31 December 
2015 
£’000
Company at 
31 December 
2014 
£’000
Group at 
31 December 
2014 
£’000
Amounts falling due within one year:
Trade payables 1,833 1,880 1,285 1,295
Other taxation and social security 157 157 188 188
Other payables 149 238 191 369
Accruals and deferred income 861 956 875 912
3,000 3,231 2,539 2,764
Trade and other payables principally comprise amounts outstanding for trade purchases and ongoing costs. They are non-interest 
bearing and have standard credit terms of 30 days. Creditor days as at each year end were:
At 
31 December 
2015
At 
31 December 
2014
Creditor days (Group and Company) 67 days 54 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 
2015 
£’000
Group at 
31 December 
2015 
£’000
Company at 
31 December 
2014 
£’000
Group at 
31 December 
2014 
£’000
United States Dollars 946 969 474 664
Euros 50 50 58 58
996 1,019 532 722
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.
NOTES TO THE FINANCIAL ST A TEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2015
GameAccount Network plc Annual report and accounts 2015 44 14. TRADE AND OTHER PAYABLES CONTINUED
Non-current liabilities
Company at 
31 December 
2015 
£’000
Group at 
31 December 
2015 
£’000
Company at 
31 December 
2014 
£’000
Group at 
31 December 
2014 
£’000
Accruals 231 231 – –
Deferred consideration 119 119 – –
350 350 – –
Accruals relate to the rent free period on the Group’s leased properties and are spread over the term of the lease. The deferred 
consideration relates to amounts payable to acquire brand assets included in notes 10 and 11. Final payment of the deferred 
consideration is after one year but not later than five years.
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 
2015 
£’000
Group at 
31 December 
2015 
£’000
Company at 
31 December 
2014 
£’000
Group at 
31 December 
2014 
£’000
Loans and receivables:
Cash and cash equivalents 3,287 3,779 10,592 10,776
Trade and other receivables 2,218 1,753 3,445 2,090
5,505 5,532 14,037 12,866
Financial liabilities
The Group held the following financial liabilities:
Company at 
31 December 
2015 
£’000
Group at 
31 December 
2015 
£’000
Company at 
31 December 
2014 
£’000
Group at 
31 December 
2014 
£’000
Amortised cost:
Trade payables 1,833 1,880 1,285 1,295
Other financial liabilities 1,176 1,358 1,031 1,245
3,009 3,238 2,315 2,540
DIRECTORS’ 
REPORT
FINANCIAL  
STATEMENTS
STRATEGIC 
REPORT
 GameAccount Network plc Annual report and accounts 2015 45 15. FINANCIAL INSTRUMENTS CONTINUED
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.
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, United States Dollars and 
Euros and the majority of outgoing payments are in UK Pound Sterling and United States 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 2014 (168)
At 31 December 2015 (145)
10% is the sensitivity rate that represents management’s assessment of a 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 0.3% during the year to 31 December 2015 
(31 December 2014: 0.7%). 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 A2 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.
NOTES TO THE FINANCIAL ST A TEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2015
GameAccount Network plc Annual report and accounts 2015 46 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 2015 the Group had £3.8m (31 December 2014: £10.8m) of cash reserves.
Maturity of financial assets and liabilities
With the exception of the lease deposits in note 12 and deferred consideration in note 14, all of the Group’s non-derivative financial 
liabilities and its financial assets in the year to 31 December 2015 and 2014 are either payable or receivable within one year. 
16. SHARE CAPITAL (GROUP AND COMPANY) 
Ordinary shares 
No.
Allotted, issued and fully paid
At 31 December 2013 55,666,058
Issued during the year (i) 216,478
At 31 December 2014 55,882,536
Issued during the year (ii) 87,500
At 31 December 2015 55,970,036
At 
31 December 
2015 
£’000
At 
31 December 
2014 
£’000
Ordinary shares 560 559
Issue of shares
(i) 216,478 ordinary shares of 1p each were issued at a premium of 21p during the year ended 31 December 2014 to settle 
vested options. 
(ii) 87,500 ordinary shares of 1p each were issued at a premium of 21p during the year ended 31 December 2015 to settle 
vested options.
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
Subscription 
price per share Exercise period
750,000 22p December 2010 to March 2018
137,500 22p March 2011 to March 2016
25,000 22p December 2011 to December 2016
200,000 22p March 2012 to March 2018
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
24,500 22p August 2014 to July 2018
920,000 135p April 2015 to April 2017
1,096,000 50p March 2016 to March 2018
4,121,725
DIRECTORS’ 
REPORT
FINANCIAL  
STATEMENTS
STRATEGIC 
REPORT
 GameAccount Network plc Annual report and accounts 2015 47 17. EMPLOYEE SHARE-BASED PAYMENTS CONTINUED
The weighted average fair value of options granted in each year using the Black-Scholes option pricing model was 2014: £0.68  
and 2015: £0.63. The weighted average life of shares in issue at the year end was 1.68 years (2014: 1.92 years). The inputs into  
the Black-Scholes model are as follows:
2015 2014
Weighted average share price 58.93p 67.68p
Weighted average exercise price 50.00p 51.00p
Expected volatility 55.1% 41.4%
Expected life 2 years 2 years
Risk-free rate 0.38% 0.40%
Expected dividends 0.0% 0.0%
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 
2015 
£’000
Group at 
31 December 
2015 
£’000
Company at 
31 December 
2014 
£’000
Group at 
31 December 
2014 
£’000
Share-based payment charge 11 11 40 40
Movements in the number of share options outstanding and their related weighted average exercise prices are as follows:
At 31 December 2015 At 31 December 2014
Average exercise  
price per share
Number of 
options
Average exercise 
price per share
Number of 
options
At the beginning of the year 68p 3,220,725 22p 2,720,828
Granted 50p 1,096,000 135p 977,000
Lapsed – – (22p) (260,625)
Lapsed (56p) (12,500) – –
Lapsed (135p) (95,000) – –
Exercised (22p) (87,500) (22p) (216,478)
At the end of the year 63p 4,121,725 68p 3,220,725
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. 
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 
2015 
Pence
Year ended 
31 December 
2014 
Pence
Basic (8.99) (4.66)
Diluted (8.99) (4.66)
Earnings
Year ended 
31 December 
2015 
£’000
Year ended 
31 December 
2014 
£’000
(Loss) for the year (5,022) (2,602)
NOTES TO THE FINANCIAL ST A TEMENTS CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2015
GameAccount Network plc Annual report and accounts 2015 48 18. EARNINGS PER SHARE CONTINUED
Denominator – basic
Year ended 
31 December 
2015 
Number
Year ended 
31 December 
2014 
Number
Weighted average number of equity shares 55,886,105 55,864,119
Weighted average number of equity shares for diluted EPS 55,886,105 55,864,119
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.
• GameAccount Nevada Inc. The principal activity of GameAccount Nevada Inc. is the provision of marketing and support services 
to other Group companies. GameAccount Nevada Inc. is registered in the United States of America.
• Lockbox Games Limited. The principal activity of Lockbox Games Limited is the provision of casual mobile games anticipated in 
future periods. Lockbox Games Limited is registered in the United Kingdom. 
 
20. RELATED PARTY TRANSACTIONS
The remuneration of the key management personnel is shown in note 7. 
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 255,000 (2014: 342,000).
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 2015, the balance due from GameAccount Nevada Inc. was £516,387 (2014: £1,226,643). 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 B2C operation. As at the 
year ended 31 December 2015, the balance due from GameAccount Alderney Limited was £171,805 (2014: £347,544) and is fully 
provided in the financial statements of the parent Company.
All outstanding balances with these related parties are unsecured and are repayable on demand.
21. OPERATING LEASES
The total future value of minimum lease payments due is as follows:
Land and buildings
Company at 
31 December 
2015 
£’000
Group at 
31 December 
2015 
£’000
Company at 
31 December 
2014 
£’000
Group at 
31 December 
2014 
£’000
Operating leases
Not later than one year 480 551 152 152
Later than 1 year not later than 5 years 1,441 1,626 – –
Later than 5 years 40 40 – –
1,961 2,217 152 152
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.
23. SUBSEQUENT EVENTS
On 7th April 2016, the Company successfully completed a total of 9,331,888 share placing which raised gross proceeds of £2.6m. 
The Company plans to use the net proceeds from the placing to continue expansion of real-money regulated gaming and Simulated 
Gaming™ opportunities in the US and for working capital and general business development purposes.
DIRECTORS’ 
REPORT
FINANCIAL  
STATEMENTS
STRATEGIC 
REPORT
 GameAccount Network plc Annual report and accounts 2015 49 COMP ANY INFORMA TION
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 of the London Stock Exchange (AIM) and the 
Enterprise Securities Market, a market operated by the Irish Stock Exchange (ESM). 
Directors
David O’Reilly  Non-executive Chairman
Dermot S Smurfit  Chief Executive Officer 
Desmond Glass  Chief Financial Officer
Michael Smurfit Jr.
Roger Kendrick
Seamus McGill
Secretary
Tom Grant
Registered office
125 Kensington High Street
London W8 5SF
Web address
www.GAN.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 Annual report and accounts 2015 50 NOTES
 GameAccount Network plc Annual report and accounts 2015 51 NOTES
GameAccount Network plc Annual report and accounts 2015 52  1 GameAccount Network plc
125 Kensington High Street
London W8 5SF 
United Kingdom
http://www.gan.com
hello@gan.com
GameAccount Network plc Annual report and accounts 2015