GameAccount Network plc Annual report and accounts 2013
GameAccount Network plc 
Annual report and accounts 2013
Positioned for growth GameAccount 
Network plc is a 
leading provider of 
Internet Gaming 
Systems capable of 
being deployed 
anywhere in the world 
and containing a 
vibrant suite of 
proprietary award-
winning Internet games 
and integrated third 
party games.
Founded in 2002 and 
based in London and 
Nevada the team has 
over 80 gaming experts 
responsive to the demands 
of current and newly 
regulated markets and 
are equipped to meet the 
demands in Europe and 
the US through providing 
localised content.
Hugely experienced in 
the area of online gaming, 
GameAccount Network 
work with leading European 
operators delivering high 
quality gaming content 
across a range of casino 
table, slot and skill games 
in flash, mobile and native 
app format.
STRATEGIC REPORT
Highlights  01
GameAccount at a glance  02
Chairman’s report  04
Our history 05 
Core business offerings  06
Chief executive’s review  10
Financial and operational review  12
Corporate social responsibility  16
Directors and senior management  18
DIRECTORS’ REPORT
Corporate governance statement  20
Directors’ report  21
Directors’ responsibilities in  
the preparation of  
the financial statements  23
FINANCIAL STATEMENTS
Independent auditors’ report to  
the members of GameAccount 
Network plc  24
Consolidated statement  
of comprehensive income  25
Consolidated statement  
of financial position  26
Consolidated statement  
of changes in equity  27
Consolidated statement  
of cash flows  28
Company statement  
of financial position  29
Company statement  
of changes in equity  30
Company statement of cash flows  31
Notes to the financial statements  32
Company information  56 GameAccount Network plc Annual report and accounts 2013 01
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS
For more information, please visit: 
www.gameaccountnetwork.com/investors
NET REVENUE
(£ MILLION)
2013
2012
2011
12.3
5.5
4.6
PROFIT AFTER TAX
(£ MILLION)
2013
2012
2011
1.1
0.1
-0.7
CLEAN EBITDA
(£ MILLION)
2013
2012
2011
4.1
0.3
0.0
Financial highlights
Strategic and operating highlights
` ` Net revenue increased by 123% to £12.3 million  
(2012: £5.5 million)
` ` Clean EBITDA
1
 increased by £3.8 million to £4.1 million 
(2012: £0.3 million)
` ` Profit before tax for the year increased to £1.6 million  
(2012: loss of £1.0 million)
` ` Earnings per share increased to £0.04 (2012: £0.01)
` ` Placing and admission to AIM and ESM raised £15 million
2
 to 
accelerate growth
` ` Strong balance sheet: cash and cash equivalents increased to 
£16.9 million (2012: £1.7 million)
` ` Launch of real-money gaming platform in newly regulated New 
Jersey via Betfaircasino.com under the Trump Resorts 
International brand
` ` Partnered with Foxwoods® Casino in Connecticut in advance of 
the launch of Simulated Gaming product in January 2014
` ` Enhanced Simulated Gaming player economics compared to 
social casino
` ` Game development and distribution deals with KONAMI 
Gaming, Multimedia Games, Reel Time Gaming and Gamomat 
launching in 2014
` ` Significant growth in higher margin revenue streams including a 
major platform sale and increased third party game 
development deals
` ` Increased gross income from Italian market from the 
distribution of third party slots content
` ` Continued investment in Internet Gaming System software 
platform and in the US market through recruitment of US 
management and the opening of Las Vegas, Nevada office
` ` Post year-end, signed new partnerships with Net Entertainment 
for game distribution in Italy; and with Osage Casinos in 
Oklahoma and New York’s Empire City Casino in the  
United States
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. Before deduction of associated expenses. GameAccount Network plc Annual report and accounts 2013 02
GameAccount at a glance
GameAccount Network has strategically 
positioned itself as a first mover in regulated 
European markets and is actively seeking to 
replicate this successful approach in 
regulating markets in Europe and the US.
Our technology
Licensed and regulated by leading online 
authorities around the world including The 
UK Gambling Commission, AGCC, AAMS 
in Italy and the NJDGE in the US, 
GameAccount Network has developed an 
Internet gaming enterprise software 
system which it licenses to online and 
land-based gaming operators as a turn-
key technology solution for both 
regulated real-money and simulated 
online gaming. The Internet Gaming 
System, developed in London under a 
UKGC licence, is certified to the highest 
technical standards currently required by 
gaming regulators.
Our partners
GameAccount Network has global 
experience working with partners in 
regulated markets around the world. 
Whether that’s full Internet Gaming 
Systems in North America and Europe,  
or partnering with the world’s best game 
content producers. We understand the 
need for a specific market-by-market 
approach.
USA
GameAccount  
Network has been 
developing its presence  
in the US since 2009 and 
established a dedicated 
US office in Las Vegas, 
Nevada in 2013. In New 
Jersey, GameAccount 
Network has partnered 
with Betfair to provide 
Trump Plaza Hotel and 
Casino with the Internet 
Gaming System to offer 
regulated real-money 
online gaming from 
November 2013. GameAccount Network plc Annual report and accounts 2013 03
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS
For more information, please visit: 
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Spain
GameAccount Network 
delivers a comprehensive, 
certified and compliant 
platform for Spain’s 
national regulated Internet 
gaming market. Preparing 
for the expected 
regulation of casino slots, 
GameAccount Network is 
positioned to deliver 
online games, mobile 
gaming apps and offline-
to-online convergence for 
operators wanting to enter 
the Spanish market.
Italy
GameAccount Network 
operates an Italian Network 
for Italy’s eGaming operators 
licensed and regulated by 
the Italian government.  
Many of Italy’s leading 
eGaming operators are 
already licensee members  
of the Italian Network which 
is located on a hardware 
platform in Rome, Italy.  
The Internet Gaming System 
software developed by 
GameAccount Network is 
certified to the stringent 
technical regulatory 
requirements of the Italian 
regulator AAMS.
UK
Headquartered in central 
London, the growing team 
of over 70 gaming experts 
are equipped to be very 
responsive to the demands 
of the current and newly 
regulated markets.  GameAccount Network plc Annual report and accounts 2013 04
Chairman’s report 
Dear fellow shareholders 
I would like to thank you all for your 
support since the inception of 
GameAccount Network in 2002. 
During the intervening 11 years  
we have come a long way from  
our origins of four employees 
operating from serviced offices. 
We have evolved from a developer 
and provider of pure games of skill 
into a leading enterprise-level 
technology solution provider for 
land-based casino operators in 
regulated Internet gaming markets.
We believe our vibrant innovative 
business mix will generate 
substantial shareholder value over 
the next few years. 2013 has been 
a momentous year for our 
Company with admission to both 
the AIM and ESM markets, healthy 
profits and a strong balance sheet, 
which should expedite our 
expansion plans in the United 
States in particular.
We welcome regulatory changes 
in the United States, the United 
Kingdom, Spain and Italy where 
we believe we are well positioned 
to grow sustainable revenues.
GameAccount Network is 
committed to maintaining a Board 
composition that complies with 
the UK Corporate Governance 
Code and we have further 
strengthened our Board with the 
recent appointment of Seamus 
McGill as an independent non-
executive director.
Finally, the Board and I would like 
to thank all GameAccount 
Network employees for their work 
and commitment over the last 
year. Our people, culture and their 
commitment to excellence are 
among our greatest assets.
We look forward to the 
opportunities in 2014 and 2015 
during which we believe we can be 
a substantial player on the world 
stage as regulation of Internet 
gaming continues to unfold.
David O’Reilly
Chairman
David O’Reilly
Chairman GameAccount Network plc Annual report and accounts 2013 05
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS
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2002
2013
Our history
December 2002
 › Commenced B2C trading, 
one game for money on 
GameAccount.com
2003
 › First B2B managed services  
deal with UK Betting PLC  
(now SkyBet)
2004
 › B2B deal with 
PaddyPower 
and Sportingbet
2005
 › Launched Backgammon, 
leading Skill Games
2006
 › Online Rummy World 
Championship 2006
 › eGaming award for 
innovation 2006 
(Multiplayer Blackjack)
2007
 › Launched Skill Games 
for William Hill
 › Developed and launched 
first Casino Table Games
 › Launched Skill Games in 
Italy’s regulating market
2009
 › Launched B2B managed services 
for Italian giant Lottomatica
2010
 › Signed Rank Group Plc  
as first client for B2B 
Platform Services
2011
 › Launched first Aristocrat Casino Slot  
Game online
 › Launched Casino Table Games in Italy’s 
regulated market
 › Developed first game apps for iOS/Android 
mobile devices
 › 29th in the Sunday Times ‘Tech Track’ Top 100 
UK’s fastest-growing technology companies
2012
 › Game Distribution with Incredible 
Technologies, Inc
 › Launched first USA Virtual Currency  
gaming website
 › Game Distribution with Scientific Games, Inc
 › Launched Platform and Games in Spain’s 
regulated market
 › First real-money gaming casino App  
published in Apple Appstore
 › Platform Sale to Aristocrat Leisure (ASX:ALL)
 › Game Distribution deal with Ainsworth  
Game Technology (ASX:AGI)
2013
 › Game Distribution with Shufflemaster, 
Inc (NASDAQ:SHFL)
 › Launched first real-money casino 
gaming iOS and Android apps in Italy for 
SNAI
 › Launched IGT’s casino slots into Italy’s 
regulated Internet gaming market
 › Successful IPO and admission to AIM and 
ESM public markets
 › Launch of real money gaming platform in 
New Jersey via Betfaircasino.com GameAccount Network plc Annual report and accounts 2013 06
Core business offerings
GameAccount’s open platform 
means that operators can choose 
their own mix of content to appeal 
directly to their customer base. It 
allows operators to access content 
through a simple, efficient 
integration process across online 
and mobile.
For land-based casinos – it offers 
a complete range of games that 
reflect and complement the offline 
offering, without being biased to a 
single content provider.
For online operators – it fills 
gaps in the product portfolio 
by targeting the best performing 
offline content and bringing 
it online.
Technically, the platform is a 
single, proven, scalable solution 
that can easily integrate with 
internal operator or customer 
management systems. This is 
supported and serviced by 
world-class developers.
The platform is managed through 
a single back office which gives 
the operator not only a complete 
view of the players’ activity but 
also a toolkit to successfully run 
and manage every aspect of an 
online business.
The platform has been built 
around the requirements of newly 
regulated markets and existing 
responsible gaming and player 
protection frameworks.
Content development
As an agnostic content provider, 
GameAccount has invested heavily 
in a strategy which allows the very 
best of breed gaming products to 
be made available to its partners 
via either existing integrations or 
locally deployed content.
Since 2003, online gaming 
operators have been selecting 
GameAccount Network’s Gaming 
Content Platform in order to offer 
end-users proprietary, multi-player 
skill games and tournaments. This 
was supplemented in 2007 with 
the addition of casino table games 
and, significantly, with a large 
range of high performance third 
party slot content since 2011.
The GameAccount platform is a trusted, 
certified and open platform that provides a 
quick, cost-effective way for land-based 
casinos to move online.
1
2
3
4
5
A leading Internet Gaming System, offering corporate customers a turn-key technology solution  
for both regulated real-money and simulated online gaming.
Comprehensive suite of proprietary and third party gaming content offered across 
desktop and mobile devices.
Proven developer and distributor of proprietary and third party gaming content with significant 
appeal to US land-based casino operators who are seeking to develop an online presence.
Strong record of licensing proven gaming content to regulated, blue-chip 
customers in Europe and the US.
Clean US probity and compliance record (having never previously accepted or facilitated  
a wager originating in the US). GameAccount Network plc Annual report and accounts 2013 07
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS
For more information, please visit: 
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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.
Internet Gaming System
Built on the pillars of an open platform, with 
proven high performance content combined 
with a unique back office system and the ability 
to seamlessly integrate into existing casino 
management systems, fraud, verification and 
payment tools using a single version of code.
GameAccount Network has 
developed a leading Internet 
Gaming System which it licenses 
to online and land-based gaming 
operators as a turn-key 
technology solution for both 
regulated real-money and 
simulated gaming. The Internet 
Gaming System enables 
authenticated, verified and 
registered end-users to deposit 
and withdraw funds and wager 
real money on a wide range of 
online games.
The Internet Gaming System also 
provides a range of tools to assist 
licensees to manage and grow 
their online gaming business, 
including, inter alia, business 
intelligence, analytic and customer 
relationship management services. 
The Internet Gaming System has a 
single, dynamic code base, 
certified to the highest technical 
standards currently required by 
gaming regulators and is capable 
of handling a high volume of 
financial transactions.
RGS Advertising
Personal 
Info Entry
Bonus/Promo Fraud
RNG
Connect to 
Core Website
APIs
Analytics 
and KPIs
Branding
Monetised Back Office
Simulated 
Gaming
Wagered 
Gaming
Marketing 
Tools
Age Verification
Payment Processing
Geolocation
Third Party 
Peripherals
GameSTACK™ Player Engagement
Integration Portals
Data Return
Credit and Risk Scoring Third Party
Browser 
Based Play
Data GameAccount Network plc Annual report and accounts 2013 08
Content Deployment
A content agnostic approach 
means that GameAccount 
Network constantly sources, 
develops and distributes proven 
performing content specifically 
chosen to serve regulated 
markets, allowing operators to 
always have the right product for 
the right market. Operator 
selectable content in Simulated 
Gaming™ and wagered:
` Single player
` Peer to peer
` Slots
` Tables
`  Pick up your land-based  
slot floor and place it online
CMS Connection
Patent pending IGS-to-CMS 
integration technology with  
wager level analytics.
Core business offerings continued
Internet Gaming System
Deployments (IGS)
`  Deployments in Alderney, 
Gibraltar and Italy in Europe. 
Connecticut and New Jersey in 
the US
`  Single code base; updates 
deployed across all instances
`  Seamless transition to 
real-money, enabling 
speed to market
`  iSight™ next generation back 
office developed in H2 2013 and 
on target for 2014 launch
CMS
`  Multiple CMS supported
`  Direct integration to CMS 
or data warehouse
`  Support multi-property 
executions
iBridge™ key player metrics
`  A ge v e r i fic a t i o n
` Time in game
` Credit balances
` Loyalty points
`  Virtual currency purchases
` Bonuses redeemed
` Click through rates
` Purchases from coupons
` Events registered
IGS
`  One iBridge™ connection 
supports dual play options
` New player registration
`  Loyalty sign on for existing 
casino patrons
Simulated
Wagered GameAccount Network plc Annual report and accounts 2013 09
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS
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“ I am proud to announce another year of excellent growth 
and outstanding performance for GameAccount Network, 
in a year where the business and the entire sector are 
undergoing a rapid transformation.” 
 
Dermot Smurfit, CEO
Our partnership with Foxwoods® 
Resort Casino launched the first 
ever Simulated Gaming™ online 
casino experience in the United 
States. Legal nationwide in the 
United States, this revolutionary 
online casino offers users the 
ability to enjoy the Foxwoods® 
experience from their own 
electronic devices. The Simulated 
Gaming™ online casino will be 
accessible to players around the 
world through multiple platforms, 
including Android phones and 
tablets, iPhones, iPads, and mobile 
formatted browser-based play. 
The online casino features over 50 
games from the GameAccount 
Network library including dozens 
of slot and table games supported 
by creative promotional offers 
from Foxwoods® that are available 
to anyone who plays.
What is Simulated Gaming?
• Freemium Play deployed from 
wagered GameSTACK™ IGS
• Potential to seamlessly 
migrate players from Fun to 
Wagered
• Bonusing and tracking 
features social-only platforms 
can’t support
• Capture player data via 
wagered tools
• Age verification
The experience
• Virtual currency freemium 
model
• No ‘cash out’ option
• Awards players online or 
in-casino on non-monetised 
events
• Includes socialising features
• Integrated Facebook sharing
Launching the first Simulated Gaming™ 
online casino experience in the US
Case study GameAccount Network plc Annual report and accounts 2013 10
Chief Executive’s review
to £29.6 million (2012: £17.7 million). 
Net revenues increased 123% to 
£12.3 million (2012: £5.5 million), 
driven by new business and 
organic growth. The business 
delivered strong organic growth in 
Europe, started receiving income 
derived from newly regulated 
Internet gaming in the United 
States and made significant 
progress positioning the Group 
for continued growth in the 
United States.
Strategy
Expansion in the United States 
remains a strategic priority for the 
Group following the establishment 
of a dedicated sales and 
infrastructure support office in Las 
Vegas, Nevada during the year. 
During the year the Group entered 
into landmark agreements with 
both Betfair for regulated real-
money Internet gaming in New 
Jersey and with Foxwoods® Casino 
Resort, America’s largest casino, 
for Simulated Gaming™, in 
advance of potential regulation, 
being a compelling converged 
Internet gaming enterprise 
solution designed for land-based 
casinos seeking to move online 
ahead of anticipated regulation of 
real-money Internet gaming. 
Regulated real-money Internet 
gaming and Simulated Gaming™ 
remain the primary growth 
opportunities in the United States. 
Extending the convergence 
capabilities of the Group’s 
GameSTACK™ Internet gaming 
system (IGS) remains a strategic 
priority, extending GameAccount 
Network’s substantial lead in 
offering land-based US casino 
operators the ability to converge 
their customers’ experience across 
land, online and mobile. Mobile 
casino gaming in particular 
represents a continued strong 
growth opportunity with gross 
income derived from mobile 
casino gaming growing 
substantially in 2013. In Europe, 
the Group continues to prepare for 
growth opportunities consequent 
to newly regulated casino slot 
gaming in Spain and is 
consolidating its position in Italy’s 
regulated casino slot Internet 
gaming market by delivering an 
expanding breadth of casino slots 
content to its major Italian 
operator partners.
Products
During the year the Group 
completed the development of 10 
online casino games for its casino 
equipment manufacturer clients 
including Aristocrat, Incredible 
Technologies and Ainsworth 
Game Technology, bringing the 
Group’s total games portfolio 
inherent within the GameSTACK™ 
Internet gaming system to 135. In 
2013 new casino equipment 
manufacturer clients of the 
Company’s game development 
services included Multi KONAMI 
Gaming in the United States, 
GamoMAT in Germany and Reel 
Time Gaming in Australia, with 
online facsimiles of their machine-
based casino slots scheduled for 
delivery in 2014.
By the year’s end the Company 
completed development of the 
unique Simulated Gaming™ 
product offering designed to 
enable land-based casino 
operators in the United States to 
move online in advance of 
regulation of real-money Internet 
gaming. Simulated Gaming™ 
combines the Company’s real-
money Internet gaming technology 
platform, recognisable Class III 
casino gaming content and the 
land-based casino operator’s 
brand. Augmented with a carefully 
constructed monetisation model, in 
2014 US land-based casinos have 
the opportunity to launch online 
casinos embedded within their 
existing news and information 
websites and offering a legal 
Simulated Gaming™ entertainment 
Overview
GameAccount Network has made 
significant progress in delivering 
its enterprise software solution, 
gaming content and supporting 
services to major operators with a 
particular focus on the newly 
regulated intra-State markets 
emerging in the United States. 
During the year the Group signed 
a landmark agreement with Betfair 
and subsequently delivered its 
enterprise Internet gaming solution 
into New Jersey’s newly regulated 
Internet gaming market for Betfair, 
operating in partnership with New 
Jersey casino operator Trump 
Resorts International. Throughout 
the year GameAccount Network 
continued delivering a diverse 
range of machine-based casino 
slot games online for casino 
equipment manufacturers. The 
Group experienced strong organic 
growth in Italy’s newly regulated 
online casino slots market and 
continued to win new business in 
both Europe and the United States. 
During the year, the Group 
achieved double-digit financial 
growth, with gross income up 67% 
Dermot Smurfit
Chief Executive Officer GameAccount Network plc Annual report and accounts 2013 11
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS
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experience online to residents 
anywhere within the United States.
GameAccount Network also 
continued to develop its industry-
leading casino product and 
service offering with a particular 
focus on the Group’s SENSE3™ 
mobile solution comprising 
multi-game native apps for iOS 
and Android, HTML5 casino 
games and responsive design 
websites. Major beneficiaries of 
this historic and continued 
investment in mobile capability 
include the Group’s client casino 
equipment manufacturers today 
relying upon GameAccount 
Network to develop online 
equivalents of their Class III 
machine-based slot games and 
distribute them online in Europe 
and the United States, enabled for 
real-money Internet gaming as 
well as Simulated Gaming™. 
Throughout 2013 the Group 
delivered substantially extended 
convergence capability within the 
GameSTACK™ Internet gaming 
system by completing two 
incremental integrations with 
major land-based casino 
management systems, being those 
employed by Foxwoods® Casino 
Resort in Connecticut and Trump 
Plaza in New Jersey. Convergence 
between a traditional land-based 
casino and a new online casino 
experience enables seamless 
customer journeys maximising the 
casino operator’s ability to 
monetise their customer database 
and extend online beyond the 
typical geographic radius in which 
their traditional customers reside. 
The continued investment in 
convergence supports the Group’s 
proven ability to enable traditional 
land-based casinos to move online 
and deliver an Internet gaming 
experience which supports and 
accelerates their existing gaming 
business through increased 
on-property visitation and 
increased local market share.
Marketing and support services
Throughout 2013 the Group 
significantly expanded its support 
services capability for operator 
customers using the 
GameSTACK™ as their primary 
platform for Internet gaming. 
Services are an increasingly 
important component in delivering 
an enterprise gaming solution to 
land-based casino operators and 
include the provision of managed 
payment processing, predictive 
analytics, CRM and online 
acquisition marketing services 
across all major online acquisition 
channels together with expertise 
in converting and reactivating 
land-based patron databases into 
online players. The marketing, 
CRM and analytics capabilities of 
the GameSTACK™ back office and 
associated integrated reporting 
systems enable the provision of a 
turn-key service to land-based 
casinos seeking to move online 
consequent to, or in advance of, 
real-money Internet gaming 
regulation. Income derived from 
services creates an incremental 
income opportunity for the Group 
and diversifies the business in a 
manner complementary to the 
core software licensing business.
Dermot Smurfit
Chief Executive Officer
T op of our Game
GameAccount Network 
has evolved as a business 
to meet the changing 
iGaming landscape. As a 
publicly owned business it 
combines expertise and a 
‘can-do’ attitude to 
respond quickly to clients 
and delivers quality 
products and solutions.
`  Listed on the London Stock 
Exchange AIM (GAME.LN) 
`  Headquartered in London
`  Regulated by the UKGC, AGCC 
and NJDGE
`  A proud heritage in 
skill gaming 
`  Experienced and proven 
management team
`  Active in regulated Internet 
gaming markets
`  Clients – blue-chip, regulated 
operators and leading publicly 
quoted companies 
`  One of the fastest-growing tech 
companies in the UK
`  Content agnostic and with 
the most thorough games 
portfolio available featuring best 
of breed products  
from the world’s best 
game manufacturers GameAccount Network plc Annual report and accounts 2013 12
Financial and operational review
Summary
GameAccount Network has 
delivered a record year in 2013 with 
net revenues increasing by 123% to 
£12.3 million resulting in EBITDA of 
£4.1 million compared to £0.3 
million in the comparative period. 
The strategy to diversify the 
Group’s revenue base has started 
to pay off and during the year the 
Group recorded its first significant 
Internet Gaming System sale and 
continued to increase B2B 
revenues from the development of 
online versions of machine-based 
slots game content. Operating 
profit for the year was £1.6 million 
compared to a loss in 2012 of £0.9 
million and profit after tax for the 
year was £1.1 million, an increase of 
£1.0 million from the £0.1 million 
recorded in 2012. 
In November 2013 the Group 
raised £15 million (before 
associated transaction expenses) 
in new capital as part of an initial 
public offering to place 11,111,111 
new ordinary shares and was 
admitted to both the AIM market 
in London and the ESM market in 
Dublin. As a consequence of this, 
the Group enters 2014 with a 
significantly strengthened balance 
sheet and together with an 
absence of debt financing is 
strongly positioned for future 
growth. The Group ended the 
period with a cash balance of 
£16.9 million compared to £1.7 
million for the year ended 31 
December 2012 and net assets at 
31 December 2013 of £17.7 million, 
an increase of £15.8 million during 
the period.
Revenue
Gross income increased by 67% 
from £17.7 million in the year 
ended 31 December 2012 to £29.6 
million in the current fiscal year. 
This increase has primarily been 
due to increased gross income 
from the distribution of slots 
content in the Italian market and 
increased gross income from the 
sale of an Internet Gaming System 
and game content development.
Net revenues for the year 
increased to £12.3 million 
representing an increase of £6.8 
million compared to net revenue 
generated in the previous year of 
£5.5 million. The increase has been 
primarily due to a major Internet 
Gaming System sale and increased 
game development and related 
revenues. Overall B2B revenues 
have increased from £3.9 million 
to £11.3 million offsetting a decline 
in the B2C business where 
revenues fell from £1.6 million to 
£1.0 million in the same period. 
Within the B2B revenue stream 
Game and Platform development 
revenues have increased from £1.3 
million to £8.7 million while 
revenues from the European 
distribution network are consistent 
with prior year at £2.6 million for 
the year ended 31 December 2013.
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 and have 
increased from £2.3 million to 
£3.0 million in the 12 months to 
31 December 2013. The increase is 
due primarily to increased 
royalties payable to providers of 
third party games content and the 
incremental cost of operating 
hardware platforms due to 
expansion into the US regulated 
market. 
Administration expenses include 
the costs of personnel and related 
expenditure for both the London 
and Nevada offices. Total 
administrative expenses have 
increased from £4.1 million in 2012 
to £7.7 million in the year ended 
31 December 2013 primarily due to 
expenses incurred in connection 
with the admission to AIM and 
ESM markets and increased 
headcount to support the Group’s 
continued investment in both the 
underlying Internet Gaming 
System and enhanced games 
team capability to develop online 
“ The strategy to diversify  
the Group’s revenue base 
has started to pay off and 
during the year the Group 
recorded its first significant 
Internet Gaming System 
sale and continued to 
increase B2B revenues from 
the development of online 
versions of machine-based 
slots game content.”
Desmond Glass
Chief Financial Officer  GameAccount Network plc Annual report and accounts 2013 13
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS
For more information, please visit: 
www.gameaccountnetwork.com/investors
versions of existing offline slots 
game content. This investment has 
enabled expansion into the US 
market primarily to support the 
Group’s efforts to capitalise on the 
opportunity presented by real-
money gaming in regulated states 
and simulated gaming in states 
across the US market. 
 
EBITDA 
Clean earnings before interest, tax, 
depreciation and amortisation 
(clean EBITDA) of £4.1 million in 
2013 has increased materially from 
£0.3 million in the comparative 
period. 
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. The directors regard clean 
EBITDA as a reliable measure of 
profits that is not unduly subjective. 
During the year the Group incurred 
£1.7 million of net costs included 
within administrative expenses that 
have not been included within the 
clean EBITDA measure, which 
include the costs of the Group’s 
initial public offering in November 
and are regarded as non-recurring 
and one time in nature.
Cash flow
The cash balance at 31 December 
2013 was £16.9 million (2012: £1.7 
million) representing an increase 
of £15.2 million. Cash balances 
have been significantly bolstered 
from the proceeds of issuing new 
shares of £14.7 million and cash 
flow generated from operations 
during the period of £1.9 million. 
During the year £0.8 million was 
spent related to the capitalisation 
of internal development time and 
£0.5 million was spent on fixed 
assets including the acquisition of 
new hardware to establish a 
platform in the United States 
market. 
Key Performance Indicators
The performance of the Group during the year demonstrates the Group’s 
strategy to both consolidate the core gaming content distribution 
business in Europe and to grow through higher margin revenue 
opportunities including IGS sales and game development in regulated 
markets. The directors regard earnings before interest, tax, depreciation 
and amortisation (clean EBITDA) as a reliable measure of profits and the 
Group’s key performance indicators (KPIs) are set out below:
2013
£’000
2012
£’000
Gross income from gaming operations 
and services 29,657 17,690
Net revenue 12,264 5,499
Clean EBITDA 4,109 305
Net assets 17,690 1,880
Cash and cash equivalents 16,895 1,668
The Board also monitor customer-related KPIs, including number of 
active players, revenue by partner, business segment profitability and 
geographic split of turnover. GameAccount Network plc Annual report and accounts 2013 14
Financial and operational review continued
Principal risks and uncertainties 
The risks outlined below are those risks and uncertainties that the Board considers material to the Group. 
They are not presented in any order of priority. There may be other risks that are either currently unknown,  
or considered by the Board to be immaterial, which could adversely affect the Group’s business, results of 
operation or financial condition. 
The Board routinely monitors risks that could materially and adversely affect the Group’s ability to achieve 
strategic goals, financial condition and results of operations. The Board is supported by senior management 
personnel who collectively play a key role in risk management and regularly report to the Board.
Risk category Description Mitigation
Legal and regulatory risks
Loss of 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 and regulations 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. 
As an established regulated supplier 
to the online gambling sector, the 
Group is vigilant over legal and 
regulatory issues that may apply 
to its activities, not only in those 
jurisdictions where the Group is 
located but also where its licensees 
are operating using GameAccount 
Network software and services. 
In addition, the Group has diversified 
its risk by obtaining multiple  
licences in the UK, Alderney 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 industry groups to 
help shape new licensing regulations. GameAccount Network plc Annual report and accounts 2013 15
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS
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Risk category Description Mitigation
The marketplace
Competition The online gambling market is highly 
competitive. Failure to compete 
effectively may result in loss of 
licensees and also the inability to 
attract new licensees.
The Group closely monitors 
competition and continues to invest 
significant resources to improve its 
technology, products and services. In 
addition the Group has a diversified 
geographical base which spreads the 
competitive risk.
Technology
Dependence on technology The Group’s operations are highly 
dependent on technology and 
advanced information systems and 
there is a risk that such technology 
or systems could fail. 
The Group may be adversely 
affected by activities such as system 
intrusions, denial of service attacks, 
virus spreading and phishing.
The Group has in place data recovery 
and systems recovery procedures, 
security measures and business 
continuity plans in the event of failure 
or disruption, or damage to, the 
Group’s technology or systems.
Customers
Fraud As an operator (www.moneygaming.
com), the Group experiences 
fraudulent activity on customer 
accounts in the form of deposits from 
stolen credit cards and debit cards. 
These amounts are written off as a 
loss to the business.
The Group has a compliance team 
whose role is to monitor transactions 
for signs of fraudulent activity and 
to carry out Know-Your-Customer 
procedures. Reports from the 
Management Information System 
(MIS) are used by the compliance 
team to monitor possible fraudulent 
activities. The Group sources multiple 
payment providers to mitigate for 
risk of losing any single funding 
channel. 
Risk of reliance on major licensees The Group operates a revenue share 
model with its licensees, meaning 
results can be impacted by poor 
performance of its licensees or by its 
licensees choosing to withdraw from 
a particular market.
The Group has continued to diversify 
its licensee base and develop its 
business in stable regulated markets.
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 2013 16
Corporate social responsibility
The Group has an open, 
honest and responsible 
approach towards its 
stakeholders, which include 
its employees, suppliers, 
customers, investors and 
the wider community. 
Responsible gaming
As both a direct to consumer and 
business to business provider of 
games of skill and chance in 
regulated markets, GameAccount 
Network plc has placed our 
responsible gaming policies and 
tools at the core of our vision to 
provide industry-leading 
entertainment in a socially 
responsible fashion. 
We also, in conjunction with our 
partners NetID Me and Aristotle, 
provide our partners with robust 
age verification processes to 
ensure that no minors can access 
our games. 
Regulation
GameAccount Network plc is 
licensed and regulated by the 
UK Gambling Commission, 
The Alderney Gambling Control 
Commission 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, 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 is 
committed to ensuring employees 
are treated fairly and are not 
subjected to unfair or unlawful 
discrimination. GameAccount Network plc Annual report and accounts 2013 17
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS
For more information, please visit: 
www.gameaccountnetwork.com/investors
Software and reporting
Responsible gaming and player 
protection lie 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 
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 contribution towards 
employees’ gym membership.
Charity and community
The Group donates £5,000 a 
year to the Responsible Gambling 
Trust, a leading charity in the 
UK committed to minimising 
gambling-related harm by 
funding education, prevention 
and treatment services, and 
commissioning research to 
broaden public understanding 
of gambling-related harm. GameAccount Network plc Annual report and accounts 2013 18
Directors 
Roger Kendrick (aged 69) 
(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.
Seamus McGill (aged 62) 
(Non-executive director)
Seamus joined the Board of 
GameAccount Network in April 
2014. Seamus has 18 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.
David O’Reilly (aged 52) 
(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 39)
(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 and Corporate Finance 
Advisory qualification from the 
UK’s Financial Conduct Authority. 
Dermot is a non-executive director 
of Powerflute Oyj and is a member 
of its audit and remuneration 
committees. 
Desmond Glass (aged 44) 
(Chief Financial Officer and 
Company Secretary)
Des joined GameAccount Network 
in 2008. Des has over 15 years of 
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 48)
(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.  GameAccount Network plc Annual report and accounts 2013 19
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS
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Senior management
Julius Patta (aged 47) 
(President, North America)
Julius was appointed President, 
North America, GameAccount 
Network in 2013. Prior to joining 
GameAccount Network, Julius 
served as Chief Technology Officer 
for Aristocrat (USA and Australia), 
a global manufacturer of video-slot 
gaming devices and content, since 
2009. Julius is a board member of 
Slovenske Loterie a.s., a national 
VLT route operator in the Slovak 
Republic, a company he founded 
and operated as CEO from 1999, 
and which was subsequently 
acquired by Intralot (Greece) in 
2008. In 1996, Julius founded 
PlayStar (USA) and Dreamplay 
Research (Canada) corporations, 
which developed, released and 
operated an international online 
casino gaming operation. Julius has 
founded multiple other companies 
involved in software development 
for the gaming industry, ranging 
from systems and platforms, 
through to gaming content. Julius 
studied management at Templeton 
College and Said Business School, 
both at Oxford University. 
Martin Smith (aged 47) 
(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 video game 
developer Elixir Studios, working 
on video game 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.
Simon Knock (aged 35) 
(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. GameAccount Network plc Annual report and accounts 2013 20
Corporate governance statement 
As an AIM listed group, GameAccount Network plc is 
not required to follow the provisions of the UK 
Corporate Governance Code (the Code). The Board 
however recognises the importance and value of 
good corporate governance procedures and 
accordingly have selected those elements of the 
Code that they consider relevant and appropriate to 
the Group, given its size and structure.
The Board
The Board comprises five directors including two 
executive directors, two non-executive directors and 
the Chairman. The Company appointed a further 
independent non-executive director on 9 April 2014. 
The Board meets regularly to consider strategy, 
performance and the framework of internal controls. 
The Board of directors comprises a mix of the 
necessary skills, knowledge and experience required 
to provide leadership, control and oversight of the 
management of GameAccount Network plc and to 
contribute to the development and implementation of 
strategy. In particular, the Board combines a group of 
directors with diverse backgrounds within the 
technology and related sectors, in both public and 
private companies, which combine to provide the 
Board with the resources and expertise to drive the 
continuing development of the Group and advance its 
commercial objectives.
The directors have established an audit committee, a 
remuneration committee and a nomination 
committee with formally delegated rules and 
responsibilities. Each of the committees currently 
comprises the non-executive directors and meets 
regularly, and at least twice each year.
Committees
The audit committee is responsible for ensuring that 
the financial performance of the Company is properly 
reported on and monitored and for meeting the 
auditors and reviewing the reports from the auditors 
relating to accounts and internal control systems. It 
meets at least once a year with the auditors without 
executive directors present. The audit committee is 
comprised of Roger Kendrick, David O’Reilly and 
Michael Smurfit Jr. and is chaired by Roger Kendrick. 
Roger Kendrick is deemed to have recent and 
relevant financial experience and is the audit 
committee financial expert.
The remuneration committee reviews the 
performance of the executive directors and sets and 
reviews the scale and structure of their remuneration 
and the basis of their remuneration and the terms of 
their service agreements with due regard to the 
interests of shareholders. In determining the 
remuneration of executive directors, the remuneration 
committee will seek to enable the Company to attract 
and retain staff of the highest calibre. The 
remuneration committee will also make 
recommendations to the Board concerning the 
allocation of share options to employees. No director 
is permitted to participate in discussions or decisions 
concerning his own remuneration. The remuneration 
committee is comprised of David O’Reilly, Roger 
Kendrick and Michael Smurfit Jr. and is chaired by 
David O’Reilly.
The nomination committee is responsible for 
reviewing the size, structure and composition of the 
Board, succession planning, the appointment of 
replacement and/or additional directors and for 
making the appropriate recommendations to the 
Board. It meets at least once a year with the auditors 
without executive directors present. The nomination 
committee is comprised of Michael Smurfit Jr., David 
O’Reilly and Roger Kendrick and is chaired by Michael 
Smurfit Jr.
Internal control
The Company has adopted a share dealing code in 
conformity with the requirements of Rule 21 of the 
AIM Rules and ESM Rules and will take steps to 
ensure compliance by the Board and the Group’s 
employees with the terms of the code.
The Bribery Act 2010 (Bribery Act) which came into 
force in the UK on 1 July 2011 prescribes criminal 
offences for individuals and businesses relating to the 
payment of bribes and, in certain cases, a failure to 
prevent the payment of bribes. The Company has 
therefore established procedures designed to ensure 
that no member of the Group engages in conduct for 
which a prosecution under the Bribery Act may result.
  GameAccount Network plc Annual report and accounts 2013 21
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS
For more information, please visit: 
www.gameaccountnetwork.com/investors
Directors’ report 
The directors submit their report and the financial statements of GameAccount Network plc (formerly 
GameAccount Global Limited) for the year ended 31 December 2013.
Principal activities
The principal activity of the Group was the provision and development of gaming software and the supply of 
Internet gaming systems to the online industry both nationally and internationally.
Results and dividends
The results for the Company and the Group for the year ended 31 December 2013 show total net revenue of 
£12.3 million (2012: £5.5 million) and a net profit after tax of £1,109,000 (2012: £130,000).
The Board does not recommend the payment of a dividend for 2013 (2012: £nil).
Annual General Meeting
The Annual General Meeting of the Company will be held on 30 June 2014. Notice of this meeting will be sent 
under separate cover.
Directors
The following directors have held office since 1 January 2013:
David O’Reilly
Dermot S Smurfit
Desmond Glass
Michael Smurfit Jnr.
Roger Kendrick 
Seamus McGill (appointed 9 April 2014)
Details of share options granted to directors are as follows:
Share 
options
Date of 
grant
Exercise
 price
Date first 
exercisable
Expiry 
date
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 01.08.2015
Significant shareholdings
As of 31 December 2013 the Company had been advised of the following significant shareholders:
Shareholders % 
No of 
ordinary 
shares 
Dermot S Smurfit 13.23 7,367,350
Andrew Black 9.85 5,480,860
Sir Michael Smurfit 9.49 5,281,270
Anthony Smurfit 8.45 4,705,805
Odey Asset Management 5.99 3,333,333
Artemis Funds 5.56 3,096,296
Blackrock International Limited 4.64 2,581,852
David O’Reilly 4.07 2,263,812
Roger Kendrick (including Britannia Limited’s holding) 3.38 1,885,250
Ennismore Fund Managers 3.33 1,851,851 GameAccount Network plc Annual report and accounts 2013 22
Directors’ report continued
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 for the maintenance of the Group’s market 
position and for future growth.
Political and charitable contributions 
During the year the Group made charitable donations 
of £5,000 (2012: £5,000) to Responsible Gambling 
Trust, a leading charity in the UK committed to 
minimising gambling-related harm.
Statement as to disclosure of information to 
the auditor 
The directors who were in office on the date of 
approval of these financial statements have 
confirmed that, as far as they are aware, there is no 
relevant audit information of which the auditor is 
unaware. Each of the directors have confirmed that 
they have taken all the steps that they ought to have 
taken as directors in order to make themselves aware 
of any relevant audit information and to establish that 
it has been communicated to the auditor.
Auditor
Baker Tilly UK Audit LLP resigned as auditors and 
BDO LLP was appointed as auditor during the year. 
A resolution to reappoint BDO LLP as the Company’s 
auditors will be submitted to the Board at the Annual 
General Meeting. 
On behalf of the Board
Desmond Glass
Chief Financial Officer  GameAccount Network plc Annual report and accounts 2013 23
For more information, please visit: 
www.gameaccountnetwork.com/investors
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS
Directors’ responsibilities in the preparation of the 
financial statements
The directors are responsible for preparing the annual 
report and the financial statements in accordance 
with applicable law and regulations. 
 
Company law requires the directors to prepare 
financial statements for each financial year. Under 
that law the directors have elected to prepare the 
Group and parent Company financial statements in 
accordance with applicable law and International 
Financial Reporting Standards (IFRSs) as adopted by 
the European Union. Under company law the 
directors must not approve the financial statements 
unless they are satisfied that they give a true and fair 
view of the state of affairs of the Group and Company 
and of the profit or loss of the Group for that period. 
The directors are also required to prepare financial 
statements in accordance with the rules of the 
London Stock Exchange for companies trading 
securities on the Alternative Investment Market. 
 
In preparing these financial statements, the directors 
are required to: 
 
• select suitable accounting policies and then apply 
them consistently; 
• make judgements and accounting estimates that 
are reasonable and prudent; 
• state whether the Group financial statements have 
been prepared in accordance with IFRSs as 
adopted by the European Union, subject to any 
material departures disclosed and explained in the 
financial statements; and
• prepare the financial statements on the going 
concern basis unless it is inappropriate to presume 
that the Company will continue in business. 
 
The directors are responsible for keeping adequate 
accounting records that are sufficient to show and 
explain the Company’s transactions and disclose with 
reasonable accuracy at any time the financial position 
of the 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 Company 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 Company’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 
Company’s website is the responsibility of the 
directors. The directors’ responsibility also extends to 
the ongoing integrity of the financial statements 
contained therein. GameAccount Network plc Annual report and accounts 2013 24
We have audited the financial statements of 
GameAccount Network plc for the year ended 
31 December 2013 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 and the consolidated and 
company statements of cash flows and the related 
notes. The financial reporting framework that has 
been applied in their preparation is applicable law 
and International Financial Reporting Standards 
(IFRSs) as adopted by the European Union and, as 
regards the parent Company financial statements, as 
applied in accordance with the provisions of the 
Companies Act 2006. 
This report is made solely to the Company’s 
members, as a body, in accordance with Chapter 3 of 
Part 16 of the Companies Act 2006. Our audit work 
has been undertaken so that we might state to the 
Company’s members those matters we are required 
to state to them in an auditor’s report and for no 
other purpose. To the fullest extent permitted by law, 
we do not accept or assume responsibility to anyone 
other than the Company and the Company’s 
members as a body, for our audit work, for this 
report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
As explained more fully in the statement of directors’ 
responsibilities, the directors are responsible for the 
preparation of the financial statements and for being 
satisfied that they give a true and fair view. Our 
responsibility is to audit and express an opinion on 
the financial statements in accordance with 
applicable law and International Standards on 
Auditing (UK and Ireland). Those standards require us 
to comply with the Financial Reporting Council’s 
(FRC’s) Ethical Standards for Auditors. 
Scope of the audit of the financial statements
A description of the scope of an audit of financial 
statements is provided on the FRC’s website at 
www.frc.org.uk/auditscopeukprivate.
Opinion on financial statements
In our opinion: 
• the financial statements give a true and fair view of 
the state of the Group’s and the parent Company’s 
affairs as at 31 December 2013 and of the Group’s 
profit 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.
John Barker (senior statutory auditor)
For and on behalf of BDO LLP, statutory auditor
London
United Kingdom
29 April 2014
BDO LLP is a limited liability partnership registered in 
England and Wales (with registered number 
OC305127).
Independent auditors’ report to the members of 
GameAccount Network plc GameAccount Network plc Annual report and accounts 2013 25
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS
For more information, please visit: 
www.gameaccountnetwork.com/investors
Notes
Year ended 
31 December 
2013 
£’000
Year ended 
31 December 
2012 
£’000
Continuing operations
Gross income from gaming operations and services 2.3 29,657 17,690
Net revenues 4 12,264 5,499
Distribution costs (3,039) (2,316)
Administrative expenses (7,671) (4,121)
Total operating costs (10,710) (6,437)
 Clean EBITDA 4,109 305
 Depreciation 11 (289) (280)
 Amortisation of intangible assets 10 (511) (438)
 Loss on disposal of intangible assets 10 – (119)
 Exceptional costs 6 (1,705) (330)
 Employee share-based payment charge 17 (50) (76)
Operating profit/(loss) 6 1,554 (938)
Finance income 8 15 –
Finance costs 8 – (18)
Profit/(loss) before taxation 1,569 (956)
Tax (charge)/credit 9 (460) 1,086
Profit for the year attributable to owners of the Company and 
comprehensive income for the year 1,109 130
Basic earnings per share attributable to owners of the parent during 
the year
Basic (pence) 18 4.14 0.53
Diluted (pence) 18 2.41 0.30
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 profit for the 
year includes a profit after tax of £2,051,239 (2012: £234,594 loss after tax), which is dealt with in the financial 
statements of the parent Company.
Consolidated statement of comprehensive income
For the year ended 31 December 2013 GameAccount Network plc Annual report and accounts 2013 26
Notes
At 
31 December 
2013
 £’000
At 
31 December 
2012 
£’000
At 
31 December 
2011 
£’000
Non-current assets
Intangible assets 10 912 664 750
Property, plant and equipment 11 597 433 466
Deferred tax asset 9 510 1,000 –
2,019 2,097 1,216
Current assets
Trade and other receivables 12 2,730 1,462 1,008
Cash and cash equivalents 13 16,895 1,668 1,116
19,625 3,130 2,124
Total assets 21,644 5,227 3,340
Non-current liabilities
Borrowings 14a – – 100
– – 100
Current liabilities
Trade and other payables 14b 3,954 3,347 1,448
Borrowings 14a – – 120
3,954 3,347 1,568
Total liabilities 3,954 3,347 1,668
Equity attributable to equity holders of parent
Share capital 16 557 434 433
Share premium account 14,528 10,696 10,695
Retained earnings 2,605 (9,250) (9,456)
17,690 1,880 1,672
Total equity and liabilities 21,644 5,227 3,340
The financial statements on pages 25 to 55 were approved and authorised for issue by the Board of directors 
on 29 April 2014 and were signed on its behalf by:
Desmond Glass
Chief Financial Officer
Consolidated statement of financial position
As at 31 December 2013 GameAccount Network plc Annual report and accounts 2013 27
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS
For more information, please visit: 
www.gameaccountnetwork.com/investors
Share 
capital 
£’000
Share 
premium 
£’000
Retained 
earnings 
£’000
Total 
equity 
£’000
At 31 December 2011 433 10,695 (9,456) 1,672
Profit and total comprehensive income for the year – – 130 130
Employee share-based payment charge – – 76 76
Issue of equity share capital 1 1 – 2
At 31 December 2012 434 10,696 (9,250) 1,880
Profit and total comprehensive income for the year – – 1,109 1,109
Employee share-based payment charge – – 50 50
Issue of equity share capital 123 15,128 – 15,251
Issue costs – (600) – (600)
Effect of capital reduction – (10,696) 10,696 –
At 31 December 2013 557 14,528 2,605 17,690
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
Consolidated statement of changes in equity
For the year ended 31 December 2013 GameAccount Network plc Annual report and accounts 2013 28
Notes
Year ended 
31 December 
2013
 £’000
Year ended 
31 December 
2012 
£’000
Cash flow from operating activities
Profit/(loss) for the year before taxation 1,569 (956)
Adjustments for:
Amortisation of intangible assets 10 511 438
Depreciation of property, plant and equipment 11 289 280
Loss on disposal of intangible assets 10 – 119
Share-based payment expense 17 50 76
Net finance (income)/costs 8 (15) 18
Foreign exchange 238 31
Operating cash flow before movement in working capital and taxation 2,642 6
Increase in trade and other receivables (1,369) (367)
Increase in trade and other payables 612 1,880
Taxation 30 –
Cash generated from operations 1,915 1,519
Cash flow from investing activities
Purchase of intangible fixed assets 10 (759) (471)
Purchases of property, plant and equipment 11 (453) (247)
Net cash used in investing activities (1,212) (718)
Cash flow from financing activities
Interest paid 15 (18)
Net proceeds on issue of shares 16 14,651 2
Repayment of borrowings – (220)
Net cash generated from/(used in) financing activities 14,666 (236)
Net increase in cash and cash equivalents 15,369 565
Cash and cash equivalents at beginning of year 13 1,668 1,116
Effect of foreign exchange rate changes (142) (13)
Cash and cash equivalents at end of year 13 16,895 1,668
Consolidated statement of cash flows
For the year ended 31 December 2013 GameAccount Network plc Annual report and accounts 2013 29
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS
For more information, please visit: 
www.gameaccountnetwork.com/investors
Notes
At 
31 December 
2013 
£’000
At 
31 December 
2012 
£’000
At 
31 December 
2011 
£’000
Non-current assets
Intangible assets 10 912 538 600
Property, plant and equipment 11 562 384 344
Deferred tax asset 9 510 1,000 –
1,984 1,922 944
Current assets
Trade and other receivables 12 2,496 1,142 802
Cash and cash equivalents 13 16,865 1,668 1,116
19,361 2,810 1,918
Total assets 21,345 4,732 2,862
Non-current liabilities
Borrowings 14a – – 100
– – 100
Current liabilities
Trade and other payables 14b 3,699 3,838 1,591
Borrowings 14a – – 120
3,699 3,838 1,711
Total liabilities 3,699 3,838 1,811
Equity attributable to equity holders of parent
Share capital 16 557 434 433
Share premium account 14,528 10,696 10,695
Retained earnings 2,561 (10,236) (10,077)
17,646 894 1,051
Total equity and liabilities 21,345 4,732 2,862
The financial statements on pages 25 to 55 were approved and authorised for issue by the Board of directors 
on 29 April 2014 and were signed on its behalf by:
Desmond Glass
Chief Financial Officer
Company statement of financial position
As at 31 December 2013 GameAccount Network plc Annual report and accounts 2013 30
Share
 capital 
£’000
Share 
premium 
£’000
Retained 
earnings 
£’000
Total 
equity 
£’000
At 31 December 2011 433 10,695 (10,077) 1,051
Loss and total comprehensive income for the year – – (235) (235)
Employee share-based payment charge – – 76 76
Issue of equity share capital 1 1 – 2
At 31 December 2012 434 10,696 (10,236) 894
Profit and total comprehensive income for the year – – 2,051 2,051
Employee share-based payment charge – – 50 50
Issue of equity share capital 123 15,128 – 15,251
Issue costs – (600) – (600)
Effect of capital reduction – (10,696) 10,696 –
At 31 December 2013 557 14,528 2,561 17,646
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
Company statement of changes in equity
For the year ended 31 December 2013 GameAccount Network plc Annual report and accounts 2013 31
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS
For more information, please visit: 
www.gameaccountnetwork.com/investors
Notes
Year ended 
31 December 
2013 
£’000
Year ended 
31 December 
2012 
£’000
Cash flow from operating activities
Profit/(loss) for the year before taxation 2,511 (1,320)
Adjustments for:
Amortisation of intangible assets 10 386 351
Depreciation of property, plant and equipment 11 234 204
Loss on disposal of intangible assets 10 – 119
Share-based payment expense 17 50 76
Net finance (income)/costs 8 (15) 18
Foreign exchange 238 31
Operating cash flow before movement in working capital and taxation 3,404 (521)
Increase in trade and other receivables (1,401) (254)
(Decrease)/increase in trade and other payables (188) 2,228
Taxation 30 –
Cash generated from operations 1,845 1,453
Cash flow from investing activities
Purchase of intangible fixed assets 10 (760) (408)
Purchases of property, plant and equipment 11 (412) (244)
Net cash used in investing activities (1,172) (652)
Cash flow from financing activities
Interest received/(paid) 15 (18)
Proceeds on issue of shares 16 14,651 2
Repayment of borrowings – (220)
Net cash generated from/(used in) financing activities 14,666 (236)
Net increase in cash and cash equivalents 15,339 565
Cash and cash equivalents at beginning of year 13 1,668 1,116
Effect of foreign exchange rate changes (142) (13)
Cash and cash equivalents at end of year 13 16,865 1,668
Company statement of cash flows
For the year ended 31 December 2013 GameAccount Network plc Annual report and accounts 2013 32
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). 
As this is the Group’s first year presenting its results and financial position under IFRS, the financial statements 
have been prepared in accordance with IFRS 1 ‘First-time Adoption of IFRS’ and accordingly a third balance 
sheet showing the financial position as at 31 December 2011 has been disclosed. 
The Group’s significant accounting policies under IFRS are detailed below. As disclosed in note 23, there were 
no material differences on transition to IFRS and therefore no reconciliations are shown.
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 2013.
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 2014. These have 
not been early adopted and the directors do not expect that the adoption of these 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
The consolidated financial information incorporates the financial statements of the Company and entities 
controlled by the Company (its subsidiaries) made up to 31 December 2013. Control is achieved where the 
Company has the power to govern the financial and operating policies of an entity so as to obtain benefits 
from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated statement 
of comprehensive income from the effective date of acquisition and up to the effective date of disposal, as 
appropriate.
Uniform accounting policies have been adopted across the Group. All intra-Group transactions, balances, 
income and expenses are eliminated on consolidation.
Foreign currencies
(a) Functional and presentational currency
Items included in the financial statements are measured using the currency of the primary economic 
environment in which the Group operates (‘the functional currency’) which is UK Pound Sterling (£). The 
financial statements are presented in UK Pound Sterling (£), which is the Group’s presentational currency.
(b) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing  
at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such 
transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated 
in foreign currencies are recognised in net profit or loss in the statement of comprehensive income.
Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates 
prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of 
historical cost in a foreign currency are not retranslated.
Notes to the financial statements
For the year ended 31 December 2013 GameAccount Network plc Annual report and accounts 2013 33
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS
For more information, please visit: 
www.gameaccountnetwork.com/investors
2. Summary of significant accounting policies (continued)
(c) Group companies
On consolidation, the results of overseas operations are translated at rates approximating to those ruling when 
the transactions took place. All assets and liabilities of overseas operations, including goodwill arising on the 
acquisition of those operations, are translated at the rate ruling at the reporting date. Exchange differences 
arising on translating the opening net assets at opening rate and the results of overseas operations at actual 
rate are recognised in other comprehensive income and accumulated in the foreign exchange reserve. 
 
Exchange differences recognised profit or loss in Group entities’ separate financial statements on the 
translation of long-term monetary items forming part of the Group’s net investment in the overseas operation 
concerned are reclassified to other comprehensive income and accumulated in the foreign exchange reserve 
on consolidation. 
 
On disposal of a foreign operation, the cumulative exchange differences recognised in the foreign exchange 
reserve relating to that operation up to the date of disposal are transferred to the consolidated statement of 
comprehensive income as part of the profit or loss on disposal.
2.2 Revenue recognition
Net revenues comprise amounts earned from B2C and B2B activities. B2B activities include revenues derived 
from the use of the Group’s intellectual property in online gaming activities and revenues derived from the 
game and platform development and related services.
(a) B2C
Net revenue from ‘business to consumer’ (B2C) activities represents the net house win, commission charged or 
tournament entry fees where the player has concluded his participation in a tournament. Net revenue is 
recognised in the accounting years in which the gaming transactions occur and is measured at the fair value of 
the consideration received or receivable, net of certain promotion bonuses and customer incentives.
(b) B2B
Revenue share and other services
Net revenue receivable from ‘business to business’ (B2B) activities in respect of revenue share and other 
services comprises a percentage of the revenue generated by the contracting party from use of the Group’s 
intellectual property in online gaming activities and from fees charged for services rendered. Net revenue is 
recognised in the accounting years in which the gaming transactions occur or the services are rendered.
Game and platform development
Net revenue receivable from B2B activities in respect of game and platform development comprises fees 
earned from development of games for customers for use on GameAccount Network’s platforms and from the 
sale of platform software and related services.
Revenue in respect of game development and the sale of platform software is recognised when certification 
for the game has been obtained from the relevant regulatory authority, 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.
2.3 Gross income from gaming operations and services
In order to provide further information to readers of the historical financial information and in particular to give 
an indication of the extent of transactions that have passed through the Group’s systems, the statement of 
comprehensive income discloses gross income from gaming operations and services arising through the use of 
the Group’s intellectual property in online gaming activities, which represents the total income of the Group, 
together with that derived by its contracting parties. This line item does not represent the Group’s revenue for 
the purposes of IFRS income recognition. GameAccount Network plc Annual report and accounts 2013 34
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
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, their useful economic lives and the methods used to 
determine the cost of intangibles acquired in a business combination are as follows:
Licences and trademarks Shorter of licence term or 10 years
Internally generated intangible assets (development costs)
Expenditure incurred on development activities, including the Group’s software development, is capitalised 
only where the expenditure will lead to new or substantially improved products, the products are technically 
and commercially feasible and the Group has sufficient resources to complete development.
Capitalised development costs are amortised over the years the Group expects to benefit from selling the 
products developed, which is typically three to five years. The amortisation expense is included within the 
distribution cost line in the consolidated statement of comprehensive income.
Development expenditure not satisfying the above criteria and expenditure on the research phase of internal 
projects are recognised in the consolidated statement of comprehensive income as incurred.
Subsequent expenditure on capitalised intangible assets is capitalised only where it clearly increases the 
economic benefits to be derived from the asset to which it relates. All other expenditure, including that 
incurred in order to maintain an intangible asset’s 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 and equipment 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.
Notes to the financial statements continued
For the year ended 31 December 2013 GameAccount Network plc Annual report and accounts 2013 35
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS
For more information, please visit: 
www.gameaccountnetwork.com/investors
2. Summary of significant accounting policies (continued)
2.8 Impairment of property, plant and equipment and internally generated 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. An intangible asset with an indefinite useful life is tested for impairment at least annually and 
whenever there is an indication that the asset may be impaired.
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 receivables
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the 
effective interest method less provision for impairment. Appropriate provisions for estimated irrecoverable 
amounts are recognised in the statement of comprehensive income when there is objective evidence that the 
assets are impaired. Interest income is recognised by applying the effective interest rate, except for short-term 
receivables when the recognition of interest would be immaterial.
Impairment provisions are recognised when there is objective evidence (such as significant financial difficulties 
on the part of the counterparty or default or significant delay in payment) that the Group will be unable to 
collect all of the amounts due under the net carrying amount and the present value of the future expected cash 
flows associated with the impaired receivable. For trade receivables, which are reported net, such provisions 
are recorded in a separate allowance account with the loss being recognised within administrative expenses in 
the statement of comprehensive income. On confirmation that the trade receivable will not be collectable, the 
gross carrying value of the asset is written off against the associated provision.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, demand deposits, and other short-term highly liquid 
investments that have maturities of three months or less from inception, are readily convertible to a known 
amount of cash and are subject to an insignificant risk of changes in value.
Classification of shares as debt or equity instruments
Financial instruments issued by the Group are classified as equity only to the extent that they do not meet the 
definition of a financial liability. An equity instrument is a contract that evidences a residual interest in assets or 
an entity after deducting all of its liabilities. Accordingly, a financial instrument is treated as equity if:
• there is no contractual obligation to deliver cash or other financial asset or to exchange financial assets or 
liabilities on terms that may be unfavourable; and
• the instrument is a non-derivative that contains no contractual obligation to deliver a variable number of 
shares or is a derivative 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. GameAccount Network plc Annual report and accounts 2013 36
2. Summary of significant accounting policies (continued)
When shares are issued, any component that creates a financial liability of the Group is presented as such in the 
statement of financial position, measured initially at fair value, net of transaction costs, thereafter at amortised 
cost until derecognised. Any corresponding dividends relating to the liability component are charged as 
interest expenses in the income statement. The initial fair value of the liability component is determined using a 
market rate for an equivalent liability without a conversion feature, or where relevant, the redemption amount 
of the instrument.
Equity instruments issued by the Group are recorded at the proceeds 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.
Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently 
stated at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption 
value is recognised in the statement of comprehensive income over the period of the borrowings using the 
effective interest method.
2.10 Current and deferred tax
Taxation represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit reported 
in the statement of comprehensive income because it excludes items of income or expense that are taxable or 
deductible in other years and it further excludes items that are never taxable or deductible. The Group’s liability 
for current tax is calculated using tax rates that have been enacted or substantively enacted by the statement 
of financial position date.
Deferred tax
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or 
the liability is settled based upon tax rates that have been enacted or substantively enacted by the balance 
sheet 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.
Notes to the financial statements continued
For the year ended 31 December 2013 GameAccount Network plc Annual report and accounts 2013 37
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS
For more information, please visit: 
www.gameaccountnetwork.com/investors
2. Summary of significant accounting policies (continued)
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.
2.13 Pension costs
The Group operates a defined contribution scheme. The amount charged to the statement of comprehensive 
income in respect of pension costs and other post-retirement benefits is the contributions payable in the 
period. Differences between contributions payable in the period and contributions actually paid are shown as 
either other liabilities or prepayments in the statement of financial position.
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.
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. GameAccount Network plc Annual report and accounts 2013 38
3. Financial risk management (see also note 15) (continued)
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 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 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
Taxation, including deferred taxation 9
4. Net revenue
Year ended 
31 December 
2013 
£’000
Year ended 
31 December 
2012 
£’000
B2C 983 1,629
B2B
 – Game and platform development 8,714 1,310
 – Revenue share and other revenue 2,567 2,560
Total B2B 11,281 3,870
12,264 5,499
Notes to the financial statements continued
For the year ended 31 December 2013 GameAccount Network plc Annual report and accounts 2013 39
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS
For more information, please visit: 
www.gameaccountnetwork.com/investors
5. Segmental information
Information reported to the Group’s Chief Executive, the strategic chief operating decision maker, for the 
purposes of resource allocation and assessment of the Group’s segmental performance is primarily focused  
on the origination of the revenue stream. The Group’s principal reportable segments under IFRS 8 are therefore 
as follows:
• Business to business (B2B)
• Business to consumer (B2C)
Segment revenues and results
The following is an analysis of the Group’s revenue and results by reportable segment.
Year ended 31 December 2013
B2C 
£’000
B2B 
£’000
Total 
£’000
Net revenue 983 11,281 12,264
Distribution costs (excluding depreciation and amortisation) (1,096) (1,143) (2,239)
Segment result (113) 10,138 10,025
Administration expenses (7,671)
Depreciation (289)
Amortisation of intangible assets (511)
Finance income 15
Profit before taxation 1,569
Taxation (460)
Profit for the year after taxation 1,109
Year ended 31 December 2012
B2C 
£’000
B2B 
£’000
Total 
£’000
Net revenue 1,629 3,870 5,499
Distribution costs (excluding depreciation and amortisation) (1,027) (571) (1,598)
Segment result 602 3,299 3,901
Administration expenses (4,002)
Depreciation (280)
Amortisation of intangible assets (438)
Loss on disposal of intangible assets (119)
Finance costs (18)
Loss before taxation (956)
Taxation 1,086
Profit for the year after taxation 130
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. GameAccount Network plc Annual report and accounts 2013 40
5. Segmental information (continued)
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. All non-current assets are 
located in Europe and USA.
Geographical analysis of revenues
This analysis is determined based upon the location of the legal entity of the customer.
Year ended 
31 December 
2013 
£’000
Year ended 
31 December 
2012 
£’000
UK and Channel Islands 2,735 3,652
Italy 941 909
USA 1,314 505
Australia 7,007 90
Rest of the World 267 343
12,264 5,499
Information about major customers
During the year ended 31 December 2012 the Group had one customer which generated revenue greater than 
10% of total revenue. This customer generated revenue of £858,000 representing 16% of net revenue, all of 
which was within the B2B segment.
During the year ended 31 December 2013 the Group had one customer which generated revenue greater than 
10% of total net revenue. This customer generated revenue of £6,910,000 representing 56% of net revenue, all 
of which was within the B2B segment.
Geographical analysis of non-current assets
At 
31 December 
2013 
£’000
At 
31 December 
2012 
£’000
UK and Channel Islands 1,425 1,049
USA 288 –
Italy 5 48
1,718 1,097
6. Operating profit/(loss)
6.1 Operating profit/(loss) has been arrived at after charging:
Year ended 
31 December 
2013 
£’000
Year ended 
31 December 
2012 
£’000
Staff costs (note 7) 3,949 2,739
Auditor’s remuneration:
 Audit 43 35
 Taxation 10 3
 IPO advisory 210 –
 Others 2 –
Foreign exchange losses 238 31
Rent payable under operating leases 173 173
Employee share-based payment charge (note 17) 50 76
Notes to the financial statements continued
For the year ended 31 December 2013 GameAccount Network plc Annual report and accounts 2013 41
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS
For more information, please visit: 
www.gameaccountnetwork.com/investors
6. Operating profit/(loss) (continued)
6.2 Exceptional costs
Year ended 
31 December 
2013 
£’000
Year ended 
31 December 
2012 
£’000
IPO transaction costs 1,349 –
Other transaction costs 333 330
Compensation for loss of office, redundancy and compromise costs, together with 
associated legal expenses 214 –
Other exceptional costs 137 –
Exceptional income (Remote Gaming Duty refund) (328) –
1,705 330
7. Staff costs
Year ended 
31 December 
2013
Year ended 
31 December 
2012
The average number of employees (including executive directors) employed was:
Management 6 6
Administration and technical staff 55 45
61 51
Year ended 
31 December 
2013 
£’000
Year ended 
31 December 
2012 
£’000
The aggregate remuneration of the above employees comprised  
(including directors):
Wages and salaries 3,543 2,431
Social security costs 402 286
Pension costs 4 22
Employee share-based payment charge 50 76
3,999 2,815
The remuneration of the directors, who are the key management personnel of the Group, is set out below:
Fee/salary 
£’000 
Bonuses 
£’000 
Share-based 
payments 
£’000 
Pension 
£’000
Total 2013 
£’000 
Total 2012 
£’000
Desmond Glass 127 183 3 – 313 116
David O’Reilly 73 – 1 – 74 69
Dermot S Smurfit 221 258 17 – 496 182
Michael Smurfit Jnr 15 – 1 – 16 6
Roger Kendrick 15 – 1 – 16 6
451 441 23 – 915 379
Year ended 
31 December 
2013 
£’000
Year ended 
31 December 
2012 
£’000
The aggregate remuneration comprised:
Wages and salaries 892 317
Pension costs – 22
Employee share-based payment charge 23 40
915 379
The aggregate gain on share option exercised during the year was £508,500 (2012: £Nil). GameAccount Network plc Annual report and accounts 2013 42
7. Staff costs (continued)
The remuneration of the highest paid director is set out below:
Year ended 
31 December 
2013 
£’000
Year ended 
31 December 
2012 
£’000
The aggregate remuneration comprised:
Director’s remuneration 310 133
Pension costs – 22
Gain on exercise of share options 509 –
819 155
The directors’ interests in share options, over ordinary shares in the Company, were as follows:
Share 
options at the 
beginning of 
the year
Effect of 
share split
Granted 
during the 
year 
Exercised 
during the 
year 
Total 
2013
Total 
2012
Desmond Glass 18,000 432,000 150,000 (450,000) 150,000 18,000
David O’Reilly – – 75,000 – 75,000 –
Dermot S Smurfit 38,000 912,000 – – 950,000 38,000
Michael Smurfit Jnr – – 50,000 – 50,000 –
Roger Kendrick – – 50,000 – 50,000 –
56,000 1,344,000 325,000 (450,000) 1,275,000 56,000
8. Finance income/(costs)
Year ended 
31 December 
2013 
£’000
Year ended 
31 December 
2012 
£’000
Interest receivable 15 –
Interest payable – (18)
9. Taxation
Year ended 
31 December 
2013 
£’000
Year ended 
31 December 
2012 
£’000
Current tax (credit) (30) (86)
Deferred tax charge/(credit) 490 (1,000)
Tax charge/(credit) on loss on ordinary activities 460 (1,086)
Notes to the financial statements continued
For the year ended 31 December 2013 GameAccount Network plc Annual report and accounts 2013 43
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS
For more information, please visit: 
www.gameaccountnetwork.com/investors
9. Taxation (continued)
The total tax charge/(credit) can be reconciled to the overall tax charge as follows:
Year ended 
31 December 
2013 
£’000
Year ended 
31 December 
2012 
£’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:
Profit/(loss) before taxation 1,569 (956)
Profit/(loss) before taxation multiplied by the average standard rates of corporation 
tax in the UK of 23.25% (2012: 24.5%) 365 (234)
Effects of:
Other permanent and similar differences, including expenses not deductable  
for tax purposes 326 113
Current year tax losses not utilised/recognised 211 121
Exercise and share options (193) –
Prior year tax losses utilised/recognised (355) (1,000)
Other timing differences and changes in applicable tax rates 136 –
Adjustment in respect of prior years (30) (86)
Tax charge/(credit) for year 460 (1,086)
The Group has maximum corporation tax losses carried forward at each year-end as set out below:
At 
31 December 
2013 
£’000
At 
31 December 
2012 
£’000
At 
31 December 
2011 
£’000
Corporation tax losses carried forward 6,446 9,200 8,700
Details of the deferred tax asset recognised are as set out below:
At 31 
December 
2013 
£’000
At 31 
December 
2012 
£’000
At 31 
December 
2011 
£’000
At the beginning of the year 1,000 – –
(Utilised)/recognised in the year/credited to income statement, in 
respect of tax losses and changes in applicable tax rates (490) 1,000 –
At the end of the year 510 1,000 –
The deferred tax asset for the Group at 31 December 2013 comprises £510,000 (2012: £1,000,000) 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. GameAccount Network plc Annual report and accounts 2013 44
9. Taxation (continued)
In addition, the Group has an unrecognised deferred tax asset as follows:
At 
31 December 
2013 
£’000
At 
31 December 
2012 
£’000
At 
31 December 
2011 
£’000
Tax losses carried forward 779 1,100 2,200
Depreciation in excess of capital allowances 73 64 51
Short-term timing differences 489 24 20
1,341 1,188 2,271
10. Intangible assets
Group
Licence and 
development 
costs 
£’000
Cost
At 31 December 2010 733
Additions 489
At 31 December 2011 1,222
Additions 471
Disposals (141)
At 31 December 2012 1,552
Additions 759
Disposals (514)
At 31 December 2013 1,797
Accumulated amortisation
At 31 December 2010 160
Charge for the year 312
At 31 December 2011 472
Charge for the year 438
Disposals (22)
At 31 December 2012 888
Charge for the year 511
Disposals (514)
At 31 December 2013 885
Net book value
At 31 December 2010 573
At 31 December 2011 750
At 31 December 2012 664
At 31 December 2013 912
Notes to the financial statements continued
For the year ended 31 December 2013 GameAccount Network plc Annual report and accounts 2013 45
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS
For more information, please visit: 
www.gameaccountnetwork.com/investors
10. Intangible assets (continued)
Company
Licence and 
development 
costs 
£’000
Cost
At 31 December 2010 605
Additions 388
At 31 December 2011 993
Additions 408
Disposals (141)
At 31 December 2012 1,260
Additions 760
Disposals (223)
At 31 December 2013 1,797
Accumulated amortisation
At 31 December 2010 153
Charge for the year 240
At 31 December 2011 393
Charge for the year 351
Disposals (22)
At 31 December 2012 722
Charge for the year 386
Disposals (223)
At 31 December 2013 885
Net book value
At 31 December 2010 452
At 31 December 2011 600
At 31 December 2012 538
At 31 December 2013 912 GameAccount Network plc Annual report and accounts 2013 46
11. Property, plant and equipment
Group
Fixtures, 
fittings and 
equipment 
£’000
Cost
At 31 December 2010 934
Additions 252
At 31 December 2011 1,186
Additions 247
At 31 December 2012 1,433
Additions 453
At 31 December 2013 1,886
Accumulated depreciation
At 31 December 2010 523
Charge for the year 197
At 31 December 2011 720
Charge for the year 280
At 31 December 2012 1,000
Charge for the year 289
At 31 December 2013 1,289
Net book value
At 31 December 2010 411
At 31 December 2011 466
At 31 December 2012 433
At 31 December 2013 597
Company
Fixtures, 
fittings and 
equipment 
£’000
Cost
At 31 December 2010 709
Additions 251
At 31 December 2011 960
Additions 244
At 31 December 2012 1,204
Additions 412
At 31 December 2013 1,616
Accumulated depreciation
At 31 December 2010 494
Charge for the year 122
At 31 December 2011 616
Charge for the year 204
At 31 December 2012 820
Charge for the year 234
At 31 December 2013 1,054
Net book value
At 31 December 2010 215
At 31 December 2011 344
At 31 December 2012 384
At 31 December 2013 562
Notes to the financial statements continued
For the year ended 31 December 2013 GameAccount Network plc Annual report and accounts 2013 47
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS
For more information, please visit: 
www.gameaccountnetwork.com/investors
12. Trade and other receivables
Company at 
31 December 
2013 
£’000
Group at 
31 December 
2013 
£’000
Company at 
31 December 
2012 
£’000
Group at 
31 December 
2012 
£’000
Company at 
31 December 
2011 
£’000
Group at 
31 December 
2011 
£’000 
Trade receivables 952 1,091 762 866 550 583
Other receivables 243 275 164 301 100 240
Prepayments and accrued income 1,216 1,279 130 209 152 185
Corporation tax receivable 85 85 86 86 – –
2,496 2,730 1,142 1,462 802 1,008
Other receivables include amounts due from payment service providers and VAT recoverable.
The ageing of trade receivables that are past due but not impaired is shown below:
Company at 
31 December 
2013
 £’000
Group at 
31 December 
2013 
£’000
Company at 
31 December 
2012 
£’000
Group at 
31 December 
2012 
£’000
Between one and two months 237 244 129 136
Between two and three months 93 92 38 65
More than three months 245 367 79 80
575 703 246 281
The Group recognised a charge in respect of doubtful receivables in each of the years ended 31 December 
2012 and 31 December 2013 of £9,845 and £106,880 respectively. The Group has not recognised any further 
allowances for doubtful receivables because there has not been a significant change in credit quality on any 
receivable and the amounts are still considered fully recoverable.
Standard credit terms are 30 days. Debtor days at each year-end were:
At 
31 December 
2013
At 
31 December 
2012
Debtor days (Group and Company) 42 days 35 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 2013, the Group has a concentration 
of credit risk exposure to one, single counterparty. The value of this receivable was £886,391. For the preceding 
years there was no such significant credit risk exposure. GameAccount Network plc Annual report and accounts 2013 48
12. Trade and other receivables (continued)
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 
2013 
£’000
Group at 
31 December 
2013 
£’000
Company at 
31 December 
2012 
£’000
Group at 
31 December 
2012 
£’000 
United States Dollars 1,106 1,112 243 243
Euros 212 239 165 266
Australian Dollars – 2 – 3
1,318 1,353 408 512
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.
13. Cash and cash equivalents (Group and Company)
Company at 
31 December 
2013 
£’000
Group at 
31 December 
2013 
£’000
Group and 
Company at 
31 December 
2012
 £’000
Group and 
Company at 
31 December 
2011 
£’000
Cash in bank accounts 16,865 16,895 1,668 1,116
All of the Group’s cash and cash equivalents are at floating interest rates and are held with Barclays Bank, an 
institution with an Aa3 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 (£).
Group at 
31 December 
2013  
£’000
Group at 
31 December 
2012  
£’000
United States Dollars 719 50
Euros 340 359
Australian Dollars 28 28
1,087 437
The directors consider that the carrying value of cash and cash equivalents approximates to their fair value.
Notes to the financial statements continued
For the year ended 31 December 2013 GameAccount Network plc Annual report and accounts 2013 49
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS
For more information, please visit: 
www.gameaccountnetwork.com/investors
14a. Borrowings (Group and Company)
At 
31 December 
2013 
£’000
At 
31 December 
2012 
£’000
At 
31 December 
2011 
£’000
Amounts falling due within one year – – 120
Amounts falling due after more than one year – – 100
– – 220
14b. Trade and other payables
Company at 
31 December 
2013 
£’000
Group at 
31 December 
2013 
£’000
Company at 
31 December 
2012 
£’000
Group at 
31 December 
2012 
£’000
Company at 
31 December 
2011 
£’000
Group at 
31 December 
2011 
£’000
Amounts falling due within one year:
Trade payables 1,554 1,561 503 510 175 181
Other taxation and social security 310 310 110 110 108 108
Other payables 244 379 261 429 326 416
Amount owed to Group undertakings 54 – 666 – 445 –
Preference dividend (note 16) – – 110 110 110 110
Accruals and deferred income 1,537 1,704 2,188 2,188 547 633
3,699 3,954 3,838 3,347 1,711 1,448
Other payables include the following amounts in respect of outstanding defined contribution pension 
payments:
Group and 
Company at 
31 December 
2013 
£’000
Group and 
Company at 
31 December 
2012 
£’000
Group and 
Company at 
31 December 
2011 
£’000
Outstanding defined contribution pension payments – 100 78
Trade and other payables principally comprise amounts outstanding for trade purchases and ongoing costs. 
They are non-interest bearing and are normally settled on 30-day terms. Creditor days as at each year-end were:
At 
31 December 
2013
At 
31 December 
2012
Creditor days (Group and Company) 84 days 55 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 
2013 
£’000
Group at 
31 December 
2013 
£’000
Company at 
31 December 
2012 
£’000
Group at 
31 December 
2012 
£’000
United States Dollars 642 674 1,994 2,327
Euros 109 161 73 626
Australian Dollars – – – 27
751 835 2,067 2,980
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. GameAccount Network plc Annual report and accounts 2013 50
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 loan with the director  
Dermot S Smurfit was fully repaid during 2012.
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
• Borrowings
Financial assets
The Group held the following financial assets:
Company at 
31 December 
2013 
£’000
Group at
 31 December 
2013 
£’000
Company at 
31 December 
2012 
£’000
Group at 
31 December 
2012 
£’000
Loans and receivables:
Cash and cash equivalents 16,865 16,895 1,668 1,668
Trade and other receivables 1,974 2,147 837 1,064
18,839 19,042 2,505 2,732
Financial liabilities
The Group held the following financial liabilities:
Company at 
31 December 
2013 
£’000
Group at 
31 December 
2013 
£’000
Company at 
31 December 
2012 
£’000
Group at 
31 December 
2012 
£’000
Amortised cost
Trade payables 1,554 1,561 503 510
Other financial liabilities 1,146 1,327 487 655
2,700 2,888 990 1,165
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 with a small amount 
of United State Dollar payments.
Notes to the financial statements continued
For the year ended 31 December 2013 GameAccount Network plc Annual report and accounts 2013 51
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS
For more information, please visit: 
www.gameaccountnetwork.com/investors
15. Financial instruments (continued)
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 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 profit 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 2012 (90)
At 31 December 2013 (205)
10% is the sensitivity rate that represents management’s assessment of the reasonable possible change in 
foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated 
monetary items and adjusts their translation at the year-end for a 10% change in foreign currency rates. A 
positive version of the number above indicates an increase in profit or other equity where the UK Pound 
Sterling strengthens 10% against the relevant currency. For a 10% weakening of the UK Pound Sterling against 
the relevant currency, there would be an equal and opposite impact on the profit and other equity.
The differences are mainly as a result of foreign exchange gains/losses on translation of US Dollar trade and 
other payables and Euro denominated trade and other receivables. 10% is deemed appropriate for the foreign 
exchange sensitivity analysis due to the current financial market.
Interest rate risk management
The Group has minimal exposure to interest rate risk. It is exposed to interest rate risk on some of its financial 
assets being its cash at bank balances. The interest rate receivable on these balances was at an average rate of 
1% during the year to 31 December 2013 (31 December 2012: 1%). The directors currently believe that interest 
rate risk is at an acceptable level.
Due to its minimum exposure to interest rate risk, the Group has not prepared any sensitivity analysis.
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial 
loss to the Group. Credit risk arises principally from the Group’s cash balances and trade and other receivables. 
The concentration of the Group’s credit risk is considered by counterparty, geography and currency.
The Group gives careful consideration to which organisations it uses for its banking services in order to 
minimise credit risk. The Group has a significant concentration of cash held on deposit with one large bank in 
the UK, an institution with an Aa3 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. GameAccount Network plc Annual report and accounts 2013 52
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 2013 the Group had £16.9 million (31 December 2012: £1.67 million) of cash reserves.
Maturity of financial assets and liabilities
All of the Group’s non-derivative financial liabilities and its financial assets in the years to 31 December 2013 and 
2012 are either payable or receivable within one year. 
16. Share capital (Group and Company) 
Preference 
shares 
Number
Ordinary 
shares 
Number
Allotted, issued and fully paid
At 31 December 2010 747,113 582,994
Issued during the year (i) – 400,000
At 31 December 2011 747,113 982,994
Issued during the year (ii) – 4,500
At 31 December 2012 747,113 987,494
Issued during the year (iii) – 3,500
Re-designation of preference shares into ordinary shares (747,113) 747,113
Sub-division of ordinary shares from £0.25 each into £0.01 each – 41,676,818
Issued during the year (iv) – 11,111,111
Issued during the year (v) – 1,140,022
At 31 December 2013 – 55,666,058
At 
31 December 
2013 
£’000
At 
31 December 
2012 
£’000 
Ordinary shares 557 247
Preference shares – 187
557 434
Issue of shares
(i)   400,000 ordinary shares of 25p each were issued as a rights issue for £2.50 each and paid in full 
during the year ended 31 December 2011.
(ii)  1,500 ordinary shares of 25p each were issued for £1.00 each and paid in full during the year ended 
31 December 2012. 3,000 ordinary shares of 25p each were also issued at par during the year ended 
31 December 2012.
(iii)  1,500 ordinary shares of 25p each were issued at par during the year ended 31 December 2013 and 
2,000 ordinary shares of 25p each were issued for £1 each during the year ended 31 December 2013.
(iv)  11,111,111 ordinary shares of 1p each were issued at a premium of £1.34 during the year ended 
31 December 2013.
(v)  1,140,022 ordinary shares of 1p each were issued at a premium of 21p during the year ended 
31 December 2013. 
On 30 October 2013, shareholders exercised their right to convert, on a one-for-one basis, their entire holding 
of preference shares into ordinary shares. Following this conversion, the entire ordinary shares of nominal value 
of 25p were subdivided into 43,413,425 shares by creation of 41,676,818 ordinary shares of 1p nominal value.  
On the same day shareholders approved a capital reduction whereupon the balance on share premium 
account was cancelled and the resulting reserve amounting to £10,696,000 credited to retained earnings.
Notes to the financial statements continued
For the year ended 31 December 2013 GameAccount Network plc Annual report and accounts 2013 53
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS
For more information, please visit: 
www.gameaccountnetwork.com/investors
17. Employee share-based payments
Options have been granted under the Company’s share option scheme to subscribe for ordinary shares of the 
Company as follows:
Number of shares under option*
Subscription 
price per share Exercise period 
12,500 56p September 2010 to September 2015
900,000 22p December 2010 to September 2015
25,000 22p April 2010 to April 2015
3,125 22p February 2011 to February 2016
220,000 22p March 2011 to March 2016
25,000 22p December 2011 to December 2016
12,500 22p January 2012 to February 2016
522,728 22p March 2012 to March 2017
25,000 22p August 2012 to August 2017
150,000 60p August 2014 to July 2018
574,975 60p August 2014 to July 2018
250,000 60p May 2014 to July 2018
* The number and prices of shares under option have been updated to reflect the share sub-division on 30 October 2013 as per note 16.
The weighted average fair value of options granted in each year using the Black-Scholes option pricing model 
was 2011: £0.10, 2012: £0.22, 2013: £0.15. The inputs into the Black-Scholes model are as follows:
At*
 31 December 
2011
At* 
31 December 
2012
At 
31 December 
2013
Weighted average share price 14.08p 14.08p 8.58p
Weighted average exercise price 22.32p 22.32p 8.90p
Expected volatility 52% 52% 74%
Expected life 2.5 years 2.5 years 3 years
Risk-free rate 1.0% 1.0% 0.89%
Expected dividends 0.0% 0.0% 0.0%
* The number and prices of shares under option have been updated to reflect the share sub-division on 30 October 2013 as per note 16.
Expected volatility was determined by reference to the volatility of comparable listed Company share prices.
The Group recognised total share-based payments relating to equity-settled share-based payment 
transactions as follows:
Company at  
31 December 
2013
 £’000
Group at  
31 December 
2013 
£’000
Company at  
31 December 
2012 
£’000
Group at  
31 December 
2012
 £’000
Share-based payment charge 50 50 76 76 GameAccount Network plc Annual report and accounts 2013 54
17. Employee share-based payments (continued)
Movements in the number of share options outstanding and their related weighted average exercise prices are 
as follows:
At 31 December 2013 At 31 December* 2012
Average 
exercise price 
per share
Number of 
options
Average 
exercise price 
per share
Number of 
options
At the beginning of the year 22p 2,712,500 21p 1,887,500
Granted 22p 2,725,000 22p 875,000
Lapsed (22p) (1,850,000) – –
Exercised (22p) (9,400) (1p) (50,000)
Exercised (22p) (857,272) – –
At the end of the year 22p 2,720,828 22p 2,712,500
* The number and prices of shares under option have been updated to reflect the share sub-division on 30 October 2013 as per note 16.
During the year ended 31 December 2013, 2,000 warrants over the ordinary shares were exercised at a price per 
share of £1. At the end of that year there were no warrants outstanding over the ordinary shares of the Company.
18. Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to equity shareholders of the Company 
by the weighted average number of ordinary shares in issue during the year. The number of shares in issue has 
been restated for the share split that occurred in 2013.
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares 
outstanding to assume conversion of all dilutive potential ordinary shares. The Company has share options and 
a calculation is done to determine the number of shares that could have been acquired at fair value 
(determined as the average market share price for the period) based on the monetary value of the subscription 
rights attached to the outstanding share options. The number of shares calculated as above is compared with 
the number of shares that would have been issued assuming the exercise of the share options.
Year ended 
31 December 
2013 
Pence
Year ended 
31 December 
2012 
Pence
Basic 4.14 0.53
Diluted 2.41 0.30
Earnings
Year ended 
31 December 
2013 
£’000
Year ended 
31 December 
2012 
£’000
Profit for the year 1,109 130
Denominator–basic
Year ended 
31 December 
2013 
Number
Year ended 
31 December 
2012 
Number
Weighted average number of equity shares 26,762,284 24,683,467
Weighted average number of equity shares for diluted EPS 45,968,929 43,361,292
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.
Notes to the financial statements continued
For the year ended 31 December 2013 GameAccount Network plc Annual report and accounts 2013 55
STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS
For more information, please visit: 
www.gameaccountnetwork.com/investors
20. Related party transactions
The remuneration of the key management personnel is shown in note 7. The loan of £220,000 with the director 
Dermot S Smurfit was fully repaid during 2012.
The Company was invoiced the amount £25,467 (2012: £Nil) by Roger Kendrick Consultancy Services, an entity 
owned by the director Roger Kendrick, for consultancy services during the year and the amount was settled as 
at the year-end. 
During the year, options over the Company’s shares were granted to each of the directors through the share 
option plan (see note 17). The total number of options granted to directors was 1,275,000 (2012: 56,000).
There is no provision against any related party transaction at the year end and no amounts have been written 
off during the year. 
The Company has taken advantage of the exemption conferred by FRS 8 not to disclose transactions with 
Group companies which are eliminated on consolidation. 
21. Operating leases
The total future value of minimum lease payments due is as follows:
Land and buildings
Company at 
31 December 
2013 
£’000
Group at 
31 December 
2013 
£’000
Company at 
31 December 
2012 
£’000
Group at 
31 December 
2012 
£’000
Operating leases
Expiring within one year 196 196 196 196
Expiring between one and two years 164 164 196 196
Expiring between two and five years – – 164 164
360 360 556 556
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. Impact of the adoption of International Financial Reporting Standards
For the purposes of this document, the Group has prepared its financial information in accordance with IFRS 
for the first time, effective from 1 January 2012.
The Group has applied IFRS 1 ‘First–time Adoption of International Financial Reporting Standards’ in preparing 
the first IFRS financial information. There were no material differences on transition to IFRS and therefore no 
reconciliations are shown. GameAccount Network plc Annual report and accounts 2013 56
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 Chairman
Dermot S Smurfit Chief Executive Officer 
Desmond Glass Chief Financial Officer
Michael Smurfit Jnr.
Roger Kendrick
Seamus McGill Appointed 9 April 2014
Secretary
Desmond Glass
Registered office
72 Welbeck Street
London W1G 0AY
Web address
www.gameaccountnetwork.com
Nominated adviser and broker
Davy
Davy House
49 Dawson Street
Dublin 2
Ireland
Registrars
Capita Plc
34 Beckenham Road
Beckenham
Kent BR3 4TU
Auditors
BDO LLP
55 Baker Street
London W1U 7EU
Bankers
Barclays Bank plc
50 Pall Mall
PO Box 15165
London SW1A 1QF
Solicitors
Addleshaw Goddard LLP
Milton Gate
60 Chiswell Street
London EC1Y 4AG
Company information  GameAccount Network plc Annual report and accounts 2013
GameAccount Network plc 
72 Welbeck Street 
London W1G 0AY 
United Kingdom
www.gameaccountnetwork.com