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<p id="xdx_801_eus-gaap--NatureOfOperations_zSyVTPXQiLNl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
1 — <span id="xdx_828_zgyjXE2seOa6">NATURE OF OPERATIONS</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">GAN
Limited (the “Parent,” and with its subsidiaries, collectively the “Company”) is an exempted company limited
by shares, incorporated and registered in Bermuda. GAN plc, the previous parent, began its operations in the United Kingdom (“U.K.”)
in 2002 and listed its ordinary shares on the AIM, the London Stock Exchange’s market for smaller companies, in 2013. </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
January 1, 2021, the Company acquired all of the outstanding shares of Vincent Group p.l.c. (“Vincent Group”), a Malta public
limited company doing business as “Coolbet”. Coolbet is a developer and operator of an online sports betting and casino platform
that is accessible through its website in markets across Northern Europe, Latin America and Canada.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company is a business-to-business (“B2B”) supplier of a proprietary gaming system, GameSTACK™ (“GameSTACK”),
which is used predominately in the U.S. land-based casino industry. For its B2B customers, GameSTACK is a turnkey technology solution
for regulated real money internet gambling (“real money iGaming” or “RMiG”), online sports gaming, and virtual
simulated gaming (“SIM”). The Company is also a business-to-consumer (“B2C”) developer and operator of an online
sports betting and casino platform, providing international users with access through www.coolbet.com to its sportsbook, casino games
and poker products. The Company operates in <span id="xdx_90C_eus-gaap--NumberOfOperatingSegments_pid_dc_uInteger_c20220101__20220630_zPitRoHybaU" title="Number of operating segments">two</span> operating segments – B2B and B2C.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
2
<p id="xdx_80A_eus-gaap--BusinessDescriptionAndBasisOfPresentationTextBlock_z2XNWQUNOG4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 — <span id="xdx_829_zu81YO9LbOMd">BASIS OF PRESENTATION</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Basis
of Presentation</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">condensed <span style="background-color: white">consolidated
financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.
GAAP”). </span>The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated
financial statements and reflect all adjustments, in the opinion of management, of a normal recurring nature that are necessary for a
fair presentation of the financial position, results of operations and cash flows for the periods presented. The financial data and other
financial information disclosed in these notes to the condensed consolidated financial statements related to these periods are also unaudited.
The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be
expected for the year ended December 31, 2022 or for any future annual or interim period. The condensed consolidated balance sheet as
of December 31, 2021 included herein was derived from the audited consolidated financial statements as of that date. The accompanying
unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial
statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_80E_eus-gaap--SignificantAccountingPoliciesTextBlock_z91r05n7kRmi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3 — <span id="xdx_82D_zOgtgUEMnvul">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company’s significant accounting policies are included in “Note 3 – Summary of Significant Accounting Policies”
of its 2021 Form 10-K. In addition to repeating some of these significant accounting policies, the Company has added certain new significant
accounting policies during the six months ended June 30, 2022, as described below.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_841_eus-gaap--UseOfEstimates_z8V5bH8jZDil" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86A_zAQjYjf2GwHi">Use
of Estimates</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date
of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Due
to the inherent uncertainties involved in making estimates, actual results could differ from the original estimates, and may require
significant adjustments to these reported balances in future periods.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_843_eus-gaap--ConsolidationPolicyTextBlock_zNY1tvAhz5Nb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86B_zKxrT6pthCO3">Principles
of Consolidation</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">condensed <span style="background-color: white">consolidated
financial statements</span> include the results of the Parent and its wholly-owned subsidiaries. All intercompany accounts and transactions
have been eliminated in consolidation.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_840_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zpp1vpVmz02k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_862_zH7VxVbTYApf">Foreign
Currency Translation and Transactions</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company’s reporting currency is the U.S. Dollar while the Company’s foreign subsidiaries use their local currencies as their
functional currencies. The assets and liabilities of foreign subsidiaries are translated to U.S. Dollars based on the current exchange
rate prevailing at each reporting period. Revenue and expenses are translated into U.S. Dollars using the average exchange rates prevailing
for each period presented. Translation adjustments that arise from translating a foreign subsidiary’s financial statements from
their functional currency to U.S. Dollars are reported as a separate component of accumulated other comprehensive loss in shareholders’
equity.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gains
and losses arising from transactions denominated in a currency other than the functional currency are included in general and administrative
expense in the condensed consolidated statements of operations as incurred. Foreign currency transaction and remeasurement gains and
losses were a net loss of $<span id="xdx_901_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_pn3n3_c20220401__20220630_zjOpWpdW2osj" title="Net gain loss foreign currency transaction">311</span> and $<span id="xdx_90B_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_pn3n3_c20210401__20210630_ziZzaBOMOUIb" title="Net gain loss foreign currency transaction">126</span> for the three months ended June 30, 2022 and 2021, respectively, and $<span id="xdx_90F_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_pn3n3_c20220101__20220630_zP7tJA051l8d" title="Net gain loss foreign currency transaction">1,178</span> and $<span id="xdx_905_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_pn3n3_c20210101__20210630_zhbouNzbOsVg" title="Net gain loss foreign currency transaction">172</span> for the
six months ended June 30, 2022 and 2021, respectively.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_840_eus-gaap--ConcentrationRiskCreditRisk_zlSHveyAqmXi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_867_z4Si0BLu06S">Concentration
of Credit Risk</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
instruments that potentially subject the Company to concentration of credit risk consist primarily of its cash and trade receivables.
At June 30, 2022, the Company held cash deposits in foreign countries, primarily in Northern Europe and Latin America, of approximately
$<span id="xdx_903_eus-gaap--Deposits_iI_pn5n6_c20220630__srt--StatementGeographicalAxis__custom--NorthernEuropeAndLatinAmericaMember_zDjnq3Ac8Td9" title="Cash FDIC insured amount">39.7</span> million, which are subject to local banking laws and may bear higher or lower risk than cash deposited in the United States. Cash
held in the United States is maintained in a major financial institution in excess of federally insured limits. As part of our cash management
processes, the Company performs periodic evaluations of the credit standing of the financial institutions and we have not sustained any
credit losses from instruments held at these financial institutions. Additionally, the Company maintains an allowance for potential credit
losses, but historically has not experienced any significant losses related to individual customers or groups of customers in any particular
geographic area.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_848_ecustom--UnusualOrInfrequentItemOrBothCOVID19PolicyTextBlock_zafHkqrwg8H8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_868_zscQPOGPIf9a">Risks
and Uncertainties – COVID-19</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
coronavirus disease 2019 (“COVID-19”) pandemic, which was declared a national emergency in the United States in March 2020,
significantly impacted the economic conditions and financial markets around the world. Although more normalized activities have resumed,
the ultimate impact of the pandemic on the Company’s future operating results is unknown and will depend, in part, on the length
of time COVID-19 disruptions exist and the subsequent behavior of players after restrictions are fully lifted. A recurrence of COVID-19
cases or an emergence of additional variants could adversely impact the Company’s future financial results if suspension or cancellation
of sporting events or closure of land-based casinos were to follow. The Company has considered the impact of COVID-19 on its accounting
policies, judgments and estimates as part of the preparation of these condensed consolidated financial statements and has not identified
additional items to disclose as a result.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
management and the Board of Directors are monitoring the impacts of COVID-19 on the Company’s operations and have not identified
any major operational challenges through the date of issuance of these condensed consolidated financial statements.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_844_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_zH2Y3yEJxO3h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_865_z2bxMTOpVX37">Revenue
Recognition</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue
from B2B Operations</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company’s revenue from its B2B operations are primarily from its internet gaming Software-as-a-Service platform, GameSTACK, that
its customers use to provide real money internet gambling (“RMiG”), online sports gaming and simulated internet gaming (“SIM”)
to its end users. The Company enters into contracts with its customers that generally range from three to five years and include renewal
provisions. These contracts generally include provision of the internet gaming platform, content consisting of proprietary and third-party
games, development services and support and marketing services. In certain cases, the contract may include computer hardware to be procured
on behalf of the customer. The customers cannot take possession of the hosted GameSTACK software and the Company does not sell or license
the GameSTACK software.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company charges fees as consideration for it use of its internet gaming system, game content, support and marketing services based
on a fixed percentage of the casino operator’s net gaming revenue or net sportsbook win, at the time of settlement of an event
for RMiG contracts, considered usage-based fees, or at the time of purchase for in-game virtual credit for SIM contracts. The
determination of the fee charged to its customers is negotiated and varies significantly. Certain of these RMiG contracts provide
the Company with a minimum monthly revenue guarantee in relation to the Company’s share of the casino operator’s net
gaming revenue or net sportsbook win. At June 30, 2022 the remaining unsatisfied performance obligations related to fixed minimum
guaranteed revenue totaled $0.9 million.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company’s promise to provide the RMiG SaaS platform and content licensing services on the hosted software is a single performance
obligation. This performance obligation is recognized over time, as the Company provides services to its customer in its delivery of
services to the player end user. The Company’s customers simultaneously receive and consume the benefits provided by the Company
as it delivers services to its customers. Usage based fees are considered variable consideration as the service is to provide unlimited
continuous access to its hosted application and usage of the hosted system is primarily controlled by the player end user. The transaction
price includes fixed and variable consideration and is billed monthly with the amount due generally thirty days from the date of the
invoice. Variable consideration is allocated entirely to the period in which consideration is earned as the variable amounts relate specifically
to the customer’s usage of the platform that day and allocating the usage-based fees to each day is consistent with the allocation
objective, primarily that the change in amounts reflect the changing value to the customer. The Company’s internet gaming system,
game content, support and marketing services are provided equally throughout the term of the contract. These services are made up of
a daily requirement to provide access and use of the internet gaming system and support services to the customer over a period of time,
as well as to provide marketing services, and not a specified amount of services. The series of distinct services represents a single
performance obligation that is satisfied over time.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchases
of virtual credits within a transaction period on the SIM platform, generally a monthly convention, are earned over time, and are
typically billed monthly upon the close of the respective period as the credit has no monetary value, cannot be redeemed, exchanged,
transferred or withdrawn, represents solely a device for tracking game play during the month, does not obligate the Company to
provide future services and the arrangements with the customer and player end user have no substantive termination penalty. In
certain service agreements with its SIM customers, the Company receives fees for the purchases of in-game virtual credit made by
end-users and remits payment to the SIM customer for their share of the SIM revenues. At June 30, 2022 and December 31, 2021, the
Company has recorded a liability due to its customers for their share of the fees of $<span id="xdx_90E_ecustom--AmountsDueToCustomersCurrent_iI_pn3n3_c20220630_zpLXBOZE47ze" title="Amounts due to customers current">968</span>
and $<span id="xdx_90A_ecustom--AmountsDueToCustomersCurrent_iI_pn3n3_c20211231_zuzIDXVAKfLi" title="Amounts due to customers current">2,171</span>,
respectively, within other current liabilities in the condensed consolidated balance sheets.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company uses third-party content providers in supplying game content in its performance of providing game content on its platform to
its customers. A customer has access to the Company’s propriety and licensed game content and additionally, the customer can direct
the Company to procure third-party game content on its behalf. The Company has determined it acts as the principal for providing the
game content when the Company controls the game content, and therefore presents the revenue on a gross basis in the condensed consolidated
statements of operations. When the customer directs the Company to procure third-party game content, the Company determined it is deemed
an agent for providing such game content, and therefore, records the revenue, net of the costs of content license fees, in the condensed
consolidated statements of operations.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p>
<p style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The Company also provides
ongoing development services involving updates to the RMiG platforms for enhanced functionality or customization. Ongoing development
services are typically billed monthly, at a daily rate, for services performed. Revenue from RMiG platform development services that
are identified as distinct performance obligations and relate either to an asset the customer controls or from which the customer receives
value are recognized over the period the services are performed. This revenue is measured using an input method based on effort expended,
which uses direct labor hours incurred. As the performance obligation relates to the provision of development services over time, this
method reflects the transfer of control as the Company performs the services. Separately, revenue generated from customers for development
services that are not identified as distinct performance obligations are deferred over the license service term. In customer contracts
that require a portion of the consideration to be received in advance or at the commencement of the contract, such amounts are recorded
as a contract liability. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
services include the resale of a third-party computer hardware, such as servers and other related hardware devices, upon which the GameSTACK
software is installed for its customers. These products are not required to be purchased in order to access the GameSTACK platform but
are sold as a convenience to the customer. The Company procures the computer hardware on the customer’s behalf for a fee determined
based on cost of the computer hardware plus a markup. The Company charges a hardware deployment fee which is a one-time fee for installation,
testing and certification of the computer hardware at the gaming hosting facility. Revenue is recognized at the point in time when control
of the hardware transfers to the customer. Control is transferred after the hardware has been procured, delivered, installed at the customer’s
premises and configured to allow for remote access.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has determined that it is acting as the principal in providing computer hardware and related services as it assumes responsibility
for procuring, delivering, installing and configuring the hardware at the customer’s location and takes control of the hardware,
prior to transfer. Revenue is presented at the gross amount of consideration to which it is entitled from the customer in exchange for
the computer hardware and related services.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company generates revenue from time to time from the licensing of its U.S. patent, which governs the linkage of on-property reward cards
to their counterpart internet gaming accounts together with bilateral transmission of reward points between the internet gaming technology
system and the land-based casino management system present in all U.S. casino properties. The nature of the promise in transferring the
license is to provide a right to use the patent as it exists. The Company does not have to undertake activities to change the functionality
of the patent during the license period and the license has significant stand-alone functionality. Therefore, the Company recognizes
the revenue from the license of the patent at the point in time when control of the license is transferred to the customer. Control is
determined to transfer at the point in time the customer is able to use and benefit from the license.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Contracts
with Multiple Performance Obligations</i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
customer contracts that have more than one performance obligation, the transaction price is allocated to the performance obligations
in an amount that depicts the relative stand-alone selling prices of each performance obligation. Judgment is required in determining
the stand-alone selling price for each performance obligation. In determining the allocation of the transaction price, an entity is required
to maximize the use of observable inputs. When the stand-alone selling price of a good or service is not directly observable, an entity
is required to estimate the stand-alone selling price. Contracts with its customers may include platform and licensing of game content
services, as well as development services and computer hardware services. The variable consideration generated from the platform and
the licensing of game content is allocated entirely to the performance obligation for platform and licensing of game content services
and the remaining fixed fees for development services and computer hardware would be allocated to each of the remaining performance obligation
based on their relative stand-alone selling prices. The variable consideration relates entirely to the effort to satisfy the platform
and licensing game content services and the fixed consideration relates to the remaining performance obligations which is consistent
with the allocation objective.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue
from Gaming Operations</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company operates the B2C gaming site www.coolbet.com outside of the U.S., which contains proprietary software and includes the following
product offerings: sportsbook, poker, casino, live casino and virtual sports.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company manages an online sportsbook allowing users to place various types of wagers on the outcome of sporting events conducted around
the world. The Company operates as the bookmaker and offers fixed odds wagering on such events. When a user’s wager wins, the Company
pays the user a pre-determined amount known as fixed odds. Revenue from online sportsbook is reported net after deduction of player winnings
and bonuses. Revenue from wagers is recognized when the outcome of the event is known.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company offers live casino through its digital online casino offering in select markets, allowing users to place a wager and play games
virtually at retail casinos. The Company offers users a catalog of over <span id="xdx_905_ecustom--NumberOfThirdPartyGamingProductsAvailable_iI_uInteger_c20220630_zSmtWrKLBAvd" title="Number of third party gaming products available">3,100</span> third-party iGaming products such as digital slot machines
and table games such as blackjack and roulette. Revenue from casino games is reported net after deduction of winnings, jackpot contribution
and customer bonuses.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peer-to-peer
poker offerings allow users to play poker against one another on the Company’s online poker platform for prize money. Revenue is
recognized as a percentage of the reported rake. Additionally, the Company offers tournament poker which allows users to buy-in for a
fixed price for prize money. For tournament play, revenue is recognized for the difference between the entry fees collected and the amounts
paid out to users as prizes and winnings.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
each of the online gaming products, a single performance obligation exists at the time a wager is made to operate the games and award
prizes or payouts to users based on a particular outcome. Revenue is recognized at the conclusion of each contest, wager, or wagering
game hand. Additionally, certain incentives given to users, for example, that allow the user to make an additional wager at a reduced
price, may provide the user with a material right which gives rise to a separate performance obligation.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company allocates a portion of the user’s wager to incentives that create material rights that are redeemed or expired in the future.
The allocated revenue for gaming wagers is primarily recognized when the wagers occur because all such wagers settle immediately.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company applies a practical expedient by accounting for revenue from gaming on a portfolio basis because such wagers have similar characteristics,
and the Company reasonably expects the effects on the financial statements of applying the revenue recognition guidance to the portfolio
to not differ materially from that which would result if applying the guidance to an individual wagering contract.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i/></b></span><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i/></b></span><i> </i></p>
<p id="xdx_849_ecustom--SalesAndMarketingPolicyTextBlock_zIIHjjzE8Pad" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86F_zEYyTTaO9Uo5">Sales
and Marketing</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
and marketing expense primarily consists of general marketing and advertising costs, B2C user acquisition expenses and personnel costs
within our sales and marketing functions. Sales and marketing costs are expensed as incurred.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_84C_ecustom--ContentLicensingFeesPolicyTextBlock_zPvkaVZ1ayL8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_863_zOl0fdkYbUv3">Content
Licensing Fees</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Content
licensing fees are paid to third parties for gaming content which are expensed as incurred. Content licensing fees are calculated as
a percentage of net gaming revenues in respect of the third-party games, as stipulated in the third-party agreements.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_84C_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zMFy5wGPaXze" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_865_zNvw2WqE8V67">Share-based
Compensation</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based
compensation expense is recognized for share options and restricted shares issued to employees and non-employee members of the Company’s
Board of Directors. The Company’s issued share options and restricted shares, which are primarily considered equity awards and
include only service conditions, are valued based on the fair value of these awards on the date of grant. The fair value of the share
options is estimated using a Black-Scholes option pricing model and the fair value of the restricted shares (restricted share awards
and restricted share units) is based on the market price of the Company’s shares on the date of grant.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
restricted share units awards issued to non-employee members of the Company’s Board of Directors permit shares upon vesting to
be withheld, as a means of meeting the non-employee director’s tax withholding requirements, and paid in cash to the non-employee
director. The Company additionally incurs share-based compensation expense under compensation arrangements with certain of its employees
under which the Company will settle bonuses for a fixed dollar amount by issuing a variable number of shares based on the Company’s
share price on the settlement date. These awards are classified as liability-based awards which are measured based on the fair value
of the award at the end of each reporting period until settled. Related compensation expense is recognized based on changes to the fair
value over the applicable service period</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based
compensation is recorded over the requisite service period, generally defined as the vesting period. For awards with graded vesting and
only service conditions, compensation cost is recorded on a straight-line basis over the requisite service period of the entire award.
Forfeitures are recorded in the period in which they occur.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_84F_eus-gaap--EarningsPerSharePolicyTextBlock_zYVvxbawEZ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_868_zJnz33wNTk3f">Loss
Per Share, Basic and Diluted</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
loss per share is calculated by dividing the net loss by the weighted average number of ordinary shares outstanding during the year.
In periods of loss, basic and diluted per share information are the same.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_847_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zu9EQ4Y56T57" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86C_zLdq4WSuXZ3g">Cash</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
is comprised of cash held at the bank and third-party service providers. The Company is required to maintain compensating cash balances
to satisfy its liabilities to users. Such balances are included within cash in the condensed consolidated balance sheets and are not
subject to creditor claims. At June 30, 2022 and December 31, 2021, the related liabilities to users was $<span id="xdx_903_ecustom--ContractWithCustomerLiabilityToUserCurrent_iI_pn3n3_c20220630_zjnFd1cvNqB7" title="Related liabilities to users">7,754</span> and $<span id="xdx_90A_ecustom--ContractWithCustomerLiabilityToUserCurrent_iI_pn3n3_c20211231_zeGtq26JHl89" title="Related liabilities to users">8,984</span>, respectively.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>
<p id="xdx_846_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zL05FMqdpu5h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86F_zrU31H3sHKx8">Property
and Equipment, net</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment are stated at cost less accumulated depreciation. Depreciation is generally computed on a straight-line basis over the
estimated useful lives of the assets. Maintenance and repairs are charged to expense in the period they are incurred. When items of property
or equipment are sold or retired, the related cost and accumulated depreciation are removed from the accounts, and any gain or loss is
included in the statement of operations.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p id="xdx_847_eus-gaap--ResearchDevelopmentAndComputerSoftwarePolicyTextBlock_zUY96ZMYHH2i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_864_z5Yg5u2p97Yj">Capitalized
Software Development Costs, net</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company capitalizes certain development costs related to its internet gaming platforms during the application development stage. Costs
associated with preliminary project activities, training, maintenance and all other post implementation stage activities are expensed
as incurred. Software development costs are capitalized when application development begins, it is probable that the project will be
completed, and the software will be used as intended. The Company capitalizes certain costs related to specific upgrades and enhancements
when it is probable that expenditures will result in additional functionality of the platform to its customers. The capitalization policy
provides for the capitalization of certain payroll and payroll related costs for employees who spent time directly associated with development
and enhancements of the platform.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalized
software development costs are amortized on a straight-line basis over their estimated useful lives, which generally ranges from <span id="xdx_904_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dxL_c20220101__20220630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember__srt--RangeAxis__srt--MinimumMember_zxCEqVhpCTN7" title="Finite lived intangible asset, useful life::XDX::P3Y"><span style="-sec-ix-hidden: xdx2ixbrl0686">three</span></span>
to <span id="xdx_908_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dc_c20220101__20220630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember__srt--RangeAxis__srt--MaximumMember_z4du6e7qSbq6" title="Finite lived intangible asset, useful life">five years</span>, and are included within depreciation and amortization expense in the condensed consolidated statements of operations.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_841_eus-gaap--GoodwillAndIntangibleAssetsGoodwillPolicy_zv0FWIyBT4de" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86B_zKrqu81WQjGb">Goodwill</span>
</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill
represents the excess of the fair value of the consideration transferred over the estimated fair values of the identifiable assets acquired
and liabilities assumed on the acquisition date. The Company has recorded goodwill primarily from its acquisition of Coolbet in January
2021. Goodwill is not amortized, but rather is reviewed for impairment annually (as of October 1st) or more frequently if facts or circumstances
indicate that it is more-likely-than-not the fair value of a reporting unit may be below its carrying amount.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has determined that it has two reporting units: B2C and B2B. In its goodwill impairment testing, the Company has the option to
perform a qualitative assessment to determine whether it is more-likely-than-not that the fair value of the reporting unit, including
goodwill, is less than its carrying amount prior to performing the quantitative impairment test. The qualitative assessment evaluates
various events and circumstances, such as macro-economic conditions, industry and market conditions, cost factors, relevant events and
financial trends that may impact a reporting unit’s fair value. If it is determined that the estimated fair value of the reporting
unit is more-likely-than not less than its carrying amount, including goodwill, the quantitative goodwill impairment test is required.
Otherwise, no further analysis would be required.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the quantitative impairment test for goodwill is deemed necessary, this quantitative impairment analysis compares the fair value of the
Company’s reporting unit to its related carrying value. If the fair value of the reporting unit is less than its carrying amount,
goodwill is written down to the fair value and an impairment loss is recognized. If the fair value of the reporting unit exceeds its
carrying amount, no further analysis is required. Fair value of the reporting unit is determined using valuation techniques, primarily
discounted cash flow analysis.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
Topic 350 requires that goodwill be tested for impairment between annual tests if an event occurs or circumstances change that would
more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company performed a qualitative
assessment to determine whether events or circumstances such as those described in ASC 350-20-35-3C existed and concluded that, due
to the significant and sustained decline in share price and market capitalization of the Company since the Coolbet acquisition,
such triggers existed during the interim period; therefore, an interim quantitative impairment test was performed. As a result of
the quantitative impairment test performed, the Company recorded an impairment to goodwill of $<span id="xdx_90A_eus-gaap--AssetImpairmentCharges_pn5n6_c20220401__20220630_zMQOAxyGnGma">28.9 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
during the three and six months ended June 30, 2022.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p id="xdx_847_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_ze6FUHA0Mvec" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_866_zmX2AOFqX5cj">Long-lived
Assets</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-lived
assets, except goodwill, consist of property and equipment, and finite lived acquired intangible assets, such as developed software,
gaming licenses, trademarks, trade names and customer relationships. Intangible assets are amortized on a straight-line basis over their
estimated useful lives. The Company considers the period of expected cash flows and underlying data used to measure the fair value of
the intangible assets when selecting the estimated useful lives.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the acquired intangible assets is primarily determined using the income approach. In performing these valuations, the Company’s
key underlying assumptions used in the discounted cash flows were projected revenue, gross margin expectations and operating cost estimates.
There are inherent uncertainties and management judgment is required in these valuations.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired
in-process developed technology consists of a proprietary technical platform. The Company reviews the in-process developed
technology for impairment at least annually or more frequently if an event occurs creating the potential for impairment, until such
time as the in-process developed technology efforts are completed. When completed, the developed technology will be amortized over
its estimated useful life based on an amortization method that reflects the pattern in which the economic benefits of the intangible
assets are consumed or otherwise realized. The integrated technology is expected to be completed in the fourth quarter of
2022.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-lived
assets, except goodwill, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of
an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the
Company compares the undiscounted cash flows expected to be generated by that asset or asset group to their carrying amount. If the carrying
amount of the long-lived asset or asset group are not recoverable on an undiscounted cash flow basis, an impairment charge is recognized
to the extent that the carrying amount exceeds fair value. Fair value is determined through various techniques, such as discounted cash
flow models using probability weighted estimated future cash flows and the use of valuation specialists. During the three months ended
June 30, 2022, there was no triggering event that would cause the Company to believe the value of its long-lived assets should be impaired.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_841_ecustom--LiabilitiesToUsersPolicyTextBlock_z8rhb2G8zrs7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86B_zRhwuVm6LmHc">Liabilities
to Users</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company records liabilities for user account balances. User account balances consist of user deposits, promotional awards and user winnings
less user withdrawals and user losses<span style="background-color: white">.</span></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_841_eus-gaap--LossContingencyDisclosures_zLdbp6tjvDq6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i><span id="xdx_861_zDUoUCowYKdk">Legal Contingencies and Litigation Accruals</span></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
a quarterly basis, the Company assesses potential losses in relation to pending or threatened legal matters. If a loss is considered
probable and the amount can be reasonably estimated, the Company recognizes an expense for the estimated loss. Estimates of any such
loss are subjective in nature and require the evaluation of numerous facts and assumptions as to future events, including the application
of legal precedent which may be conflicting. To the extent these estimates are more or less than the actual liability resulting from
the resolution of these matters, the Company’s financial results will increase or decrease accordingly.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_847_eus-gaap--DebtPolicyTextBlock_zvWWTf0b6P6d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><i><span id="xdx_867_zDxPat6Qzgeb">Debt</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Debt
issuance costs incurred in connection with the issuance of new debt are recorded as a reduction to the long-term debt balance on the
condensed consolidated balance sheets, and amortized over the term of the loan commitment as interest expense on the condensed consolidated
statements of operations. The Company calculates amortization expense on capitalized debt issuance costs using the effective interest
method in accordance with Accounting Standards Codification (“ASC”) 470, <i>Debt</i>.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_844_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zjrCJrFO3klb" style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><i>Fair
Value of Financial Instruments</i></b></span></p>
<p style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company applies the provisions of ASC 820, Fair Value Measurements and Disclosures, which provides a single authoritative definition
of fair value, sets out a framework for measuring fair value and expands on required disclosures about fair value measurement. Fair value
represents the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous
market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company uses the
following hierarchy in measuring the fair value of the Company’s assets and liabilities, focusing on the most observable inputs
when available:</span></p>
<p style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt/120% Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0.1pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1 Quoted prices in active markets for identical assets or liabilities.</span></td></tr></table>
<p style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt/120% Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0.1pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2 Observable inputs other than Level 1 quoted prices, such as quoted prices for similar assets
and liabilities in active markets, quoted prices in markets that are not active for identical
or similar assets and liabilities, or other inputs that are observable or can be corroborated
by observable market data for substantially the full term of the assets or liabilities.</span></td></tr></table>
<p style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt/120% Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0.1pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3 Valuations are based on the inputs that are unobservable and significant to the overall
fair value measurement of the assets or liabilities. Inputs reflect management’s best
estimate of what market participants would use in pricing the asset or liability at the measurement
date. Consideration is given to the risk inherent in the valuation technique and the risk
inherent in the inputs to the model.</span></td></tr></table>
<p style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valuation
techniques used to measure the fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.</span></p>
<p style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_89A_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_ztHRR4W7O0n8" style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis as required
by ASC 820, by level, within the fair value hierarchy as of June 30, 2022:</span></p>
<p style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span id="xdx_8B4_zS3XXll1jVz3" style="display: none">SCHEDULE OF FAIR VALUE OF ASSETS AND LIABILITIES ON RECURRING BASIS</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49C_20220630_zvcEa7JmPFvc" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49B_20220630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_ztUiSrIsSGm4" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49A_20220630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zWXt6hs0wdsi" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49D_20220630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zHnVLgV4s0Ii" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="14" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">June 30, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold">Liability</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr id="xdx_404_eus-gaap--BusinessCombinationContingentConsiderationLiability_iI_zSXaEPNuUC2f" style="vertical-align: bottom; background-color: White">
<td style="width: 40%; text-align: left">Contingent content liability</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">4,369</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0706">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0707">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">4,369</td><td style="width: 1%; text-align: left"> </td></tr>
</table>
<p id="xdx_8AC_znxSqAtJs1y3" style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
contingent content liability represents additional amounts which the Company expects to pay to Ainsworth Game Technology, a
third-party gaming content provider (“the Content Provider”) if the Company’s total revenue generated from its
content licensing arrangement with the Content Provider exceeds certain stipulated annual and cumulative thresholds during the
contract term. The fair value of the contingent content liability is determined using Level 3 inputs, since estimating the
fair value of this contingent content liability requires the use of significant and subjective inputs that may and are likely to
change over the duration of the liability with related changes in internally generated anticipated games revenue as well as external
market factors. The contingent content liability was valued using a Monte Carlo simulation based on management’s anticipated
annual games revenue forecasts. The fair value of the contingent content liability was initially recognized during the three months
ended June 30, 2022 in connection with its modified arrangement with the Content Provider on April 5, 2022 and is recorded within
Content licensing liabilities within the condensed consolidated balance sheets. Refer to Note 4 – Acquisition for
further detail.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_84F_eus-gaap--IncomeTaxPolicyTextBlock_zJ4MFnhqLRl3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><i><span id="xdx_868_zkynNyEMOK9d">Income
Taxes</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is subject to income taxes in the United States, U.K., Bulgaria, Israel, Canada, and Malta. The Company records an income
tax (benefit) expense for the anticipated tax consequences of the reported results of operations using the asset and
liability method. Under this method, deferred income tax assets and liabilities are recognized for the expected future tax
consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, as well as for loss
and tax credit carryforwards. Deferred tax assets and liabilities are measured using the tax rates that are expected to apply to
taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. The effect on
deferred income tax of a change in tax rates are recorded in the period of the enactment. Deferred tax assets are reduced, through a
valuation allowance, if necessary, by the amount of such benefits that are not expected to be realized based on current available
evidence. In evaluating the Company’s ability to recover deferred tax assets in the jurisdiction from which they arise, all
available positive and negative evidence is considered, including results of recent operations, scheduled reversals of deferred tax
liabilities, projected future taxable income, and tax-planning strategies. The Company records a valuation allowance to reduce its
deferred tax assets to the net amount that it believes is more likely than not to be realized.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes tax benefits from uncertain tax positions only if management believes that it is more likely than not that the tax
position will be sustained on examination by the taxing authorities based on the technical merits of the position. Although the Company
believes that it has adequately provided for uncertain tax positions, no assurance can be given that the final tax outcome of these matters
would not be materially different. Adjustments are made when facts and circumstances change, such as the closing of a tax audit or the
refinement of an estimate. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences
would affect the provision for income taxes in the period in which such determination is made and could have a material impact on the
Company’s financial condition and operating results. The Company recognizes penalties and interest related to income tax matters
in income tax expense.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"/>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED </b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) </b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p id="xdx_846_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zANdFSv5dM3h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><i><span id="xdx_86D_zUg8KnFz91eg">Segments</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company operates in <span id="xdx_90A_eus-gaap--NumberOfOperatingSegments_dc_uInteger_c20220101__20220630_zG45aAygElO7" title="Number of operating segments">two</span> operating segments, B2B and B2C. Operating segments are defined as components of an enterprise where separate
financial information is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources
and assess the Company’s performance. The Company’s CODM is the Chief Executive Officer. The CODM allocates resources and
assesses performance based upon discrete financial information at the operating segment level.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p id="xdx_848_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_z4w227OiN8ib" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86B_zvVAYLE5zN5k">Recently Issued Accounting Pronouncements</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
October 2021, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2021-08, <i>Business Combinations
(Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers</i>. ASU 2021-08 requires an acquirer
to measure and recognize contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue
from Contracts with Customers, rather than using fair value on the acquisition date. This amendment is effective for fiscal years beginning
after December 15, 2022, including interim periods within those annual periods, and should be applied prospectively to business combinations
occurring on or after the effective date. Early adoption is permitted. The Company will apply the amended guidance on a prospective basis
to business combinations that occur on or after January 1, 2023.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_841_eus-gaap--UseOfEstimates_z8V5bH8jZDil" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86A_zAQjYjf2GwHi">Use
of Estimates</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date
of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Due
to the inherent uncertainties involved in making estimates, actual results could differ from the original estimates, and may require
significant adjustments to these reported balances in future periods.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_843_eus-gaap--ConsolidationPolicyTextBlock_zNY1tvAhz5Nb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86B_zKxrT6pthCO3">Principles
of Consolidation</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">condensed <span style="background-color: white">consolidated
financial statements</span> include the results of the Parent and its wholly-owned subsidiaries. All intercompany accounts and transactions
have been eliminated in consolidation.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_840_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zpp1vpVmz02k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_862_zH7VxVbTYApf">Foreign
Currency Translation and Transactions</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company’s reporting currency is the U.S. Dollar while the Company’s foreign subsidiaries use their local currencies as their
functional currencies. The assets and liabilities of foreign subsidiaries are translated to U.S. Dollars based on the current exchange
rate prevailing at each reporting period. Revenue and expenses are translated into U.S. Dollars using the average exchange rates prevailing
for each period presented. Translation adjustments that arise from translating a foreign subsidiary’s financial statements from
their functional currency to U.S. Dollars are reported as a separate component of accumulated other comprehensive loss in shareholders’
equity.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gains
and losses arising from transactions denominated in a currency other than the functional currency are included in general and administrative
expense in the condensed consolidated statements of operations as incurred. Foreign currency transaction and remeasurement gains and
losses were a net loss of $<span id="xdx_901_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_pn3n3_c20220401__20220630_zjOpWpdW2osj" title="Net gain loss foreign currency transaction">311</span> and $<span id="xdx_90B_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_pn3n3_c20210401__20210630_ziZzaBOMOUIb" title="Net gain loss foreign currency transaction">126</span> for the three months ended June 30, 2022 and 2021, respectively, and $<span id="xdx_90F_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_pn3n3_c20220101__20220630_zP7tJA051l8d" title="Net gain loss foreign currency transaction">1,178</span> and $<span id="xdx_905_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_pn3n3_c20210101__20210630_zhbouNzbOsVg" title="Net gain loss foreign currency transaction">172</span> for the
six months ended June 30, 2022 and 2021, respectively.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
311000
126000
1178000
172000
<p id="xdx_840_eus-gaap--ConcentrationRiskCreditRisk_zlSHveyAqmXi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_867_z4Si0BLu06S">Concentration
of Credit Risk</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
instruments that potentially subject the Company to concentration of credit risk consist primarily of its cash and trade receivables.
At June 30, 2022, the Company held cash deposits in foreign countries, primarily in Northern Europe and Latin America, of approximately
$<span id="xdx_903_eus-gaap--Deposits_iI_pn5n6_c20220630__srt--StatementGeographicalAxis__custom--NorthernEuropeAndLatinAmericaMember_zDjnq3Ac8Td9" title="Cash FDIC insured amount">39.7</span> million, which are subject to local banking laws and may bear higher or lower risk than cash deposited in the United States. Cash
held in the United States is maintained in a major financial institution in excess of federally insured limits. As part of our cash management
processes, the Company performs periodic evaluations of the credit standing of the financial institutions and we have not sustained any
credit losses from instruments held at these financial institutions. Additionally, the Company maintains an allowance for potential credit
losses, but historically has not experienced any significant losses related to individual customers or groups of customers in any particular
geographic area.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
39700000
<p id="xdx_848_ecustom--UnusualOrInfrequentItemOrBothCOVID19PolicyTextBlock_zafHkqrwg8H8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_868_zscQPOGPIf9a">Risks
and Uncertainties – COVID-19</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
coronavirus disease 2019 (“COVID-19”) pandemic, which was declared a national emergency in the United States in March 2020,
significantly impacted the economic conditions and financial markets around the world. Although more normalized activities have resumed,
the ultimate impact of the pandemic on the Company’s future operating results is unknown and will depend, in part, on the length
of time COVID-19 disruptions exist and the subsequent behavior of players after restrictions are fully lifted. A recurrence of COVID-19
cases or an emergence of additional variants could adversely impact the Company’s future financial results if suspension or cancellation
of sporting events or closure of land-based casinos were to follow. The Company has considered the impact of COVID-19 on its accounting
policies, judgments and estimates as part of the preparation of these condensed consolidated financial statements and has not identified
additional items to disclose as a result.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
management and the Board of Directors are monitoring the impacts of COVID-19 on the Company’s operations and have not identified
any major operational challenges through the date of issuance of these condensed consolidated financial statements.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_844_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_zH2Y3yEJxO3h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_865_z2bxMTOpVX37">Revenue
Recognition</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue
from B2B Operations</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company’s revenue from its B2B operations are primarily from its internet gaming Software-as-a-Service platform, GameSTACK, that
its customers use to provide real money internet gambling (“RMiG”), online sports gaming and simulated internet gaming (“SIM”)
to its end users. The Company enters into contracts with its customers that generally range from three to five years and include renewal
provisions. These contracts generally include provision of the internet gaming platform, content consisting of proprietary and third-party
games, development services and support and marketing services. In certain cases, the contract may include computer hardware to be procured
on behalf of the customer. The customers cannot take possession of the hosted GameSTACK software and the Company does not sell or license
the GameSTACK software.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company charges fees as consideration for it use of its internet gaming system, game content, support and marketing services based
on a fixed percentage of the casino operator’s net gaming revenue or net sportsbook win, at the time of settlement of an event
for RMiG contracts, considered usage-based fees, or at the time of purchase for in-game virtual credit for SIM contracts. The
determination of the fee charged to its customers is negotiated and varies significantly. Certain of these RMiG contracts provide
the Company with a minimum monthly revenue guarantee in relation to the Company’s share of the casino operator’s net
gaming revenue or net sportsbook win. At June 30, 2022 the remaining unsatisfied performance obligations related to fixed minimum
guaranteed revenue totaled $0.9 million.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company’s promise to provide the RMiG SaaS platform and content licensing services on the hosted software is a single performance
obligation. This performance obligation is recognized over time, as the Company provides services to its customer in its delivery of
services to the player end user. The Company’s customers simultaneously receive and consume the benefits provided by the Company
as it delivers services to its customers. Usage based fees are considered variable consideration as the service is to provide unlimited
continuous access to its hosted application and usage of the hosted system is primarily controlled by the player end user. The transaction
price includes fixed and variable consideration and is billed monthly with the amount due generally thirty days from the date of the
invoice. Variable consideration is allocated entirely to the period in which consideration is earned as the variable amounts relate specifically
to the customer’s usage of the platform that day and allocating the usage-based fees to each day is consistent with the allocation
objective, primarily that the change in amounts reflect the changing value to the customer. The Company’s internet gaming system,
game content, support and marketing services are provided equally throughout the term of the contract. These services are made up of
a daily requirement to provide access and use of the internet gaming system and support services to the customer over a period of time,
as well as to provide marketing services, and not a specified amount of services. The series of distinct services represents a single
performance obligation that is satisfied over time.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchases
of virtual credits within a transaction period on the SIM platform, generally a monthly convention, are earned over time, and are
typically billed monthly upon the close of the respective period as the credit has no monetary value, cannot be redeemed, exchanged,
transferred or withdrawn, represents solely a device for tracking game play during the month, does not obligate the Company to
provide future services and the arrangements with the customer and player end user have no substantive termination penalty. In
certain service agreements with its SIM customers, the Company receives fees for the purchases of in-game virtual credit made by
end-users and remits payment to the SIM customer for their share of the SIM revenues. At June 30, 2022 and December 31, 2021, the
Company has recorded a liability due to its customers for their share of the fees of $<span id="xdx_90E_ecustom--AmountsDueToCustomersCurrent_iI_pn3n3_c20220630_zpLXBOZE47ze" title="Amounts due to customers current">968</span>
and $<span id="xdx_90A_ecustom--AmountsDueToCustomersCurrent_iI_pn3n3_c20211231_zuzIDXVAKfLi" title="Amounts due to customers current">2,171</span>,
respectively, within other current liabilities in the condensed consolidated balance sheets.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company uses third-party content providers in supplying game content in its performance of providing game content on its platform to
its customers. A customer has access to the Company’s propriety and licensed game content and additionally, the customer can direct
the Company to procure third-party game content on its behalf. The Company has determined it acts as the principal for providing the
game content when the Company controls the game content, and therefore presents the revenue on a gross basis in the condensed consolidated
statements of operations. When the customer directs the Company to procure third-party game content, the Company determined it is deemed
an agent for providing such game content, and therefore, records the revenue, net of the costs of content license fees, in the condensed
consolidated statements of operations.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p>
<p style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The Company also provides
ongoing development services involving updates to the RMiG platforms for enhanced functionality or customization. Ongoing development
services are typically billed monthly, at a daily rate, for services performed. Revenue from RMiG platform development services that
are identified as distinct performance obligations and relate either to an asset the customer controls or from which the customer receives
value are recognized over the period the services are performed. This revenue is measured using an input method based on effort expended,
which uses direct labor hours incurred. As the performance obligation relates to the provision of development services over time, this
method reflects the transfer of control as the Company performs the services. Separately, revenue generated from customers for development
services that are not identified as distinct performance obligations are deferred over the license service term. In customer contracts
that require a portion of the consideration to be received in advance or at the commencement of the contract, such amounts are recorded
as a contract liability. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
services include the resale of a third-party computer hardware, such as servers and other related hardware devices, upon which the GameSTACK
software is installed for its customers. These products are not required to be purchased in order to access the GameSTACK platform but
are sold as a convenience to the customer. The Company procures the computer hardware on the customer’s behalf for a fee determined
based on cost of the computer hardware plus a markup. The Company charges a hardware deployment fee which is a one-time fee for installation,
testing and certification of the computer hardware at the gaming hosting facility. Revenue is recognized at the point in time when control
of the hardware transfers to the customer. Control is transferred after the hardware has been procured, delivered, installed at the customer’s
premises and configured to allow for remote access.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has determined that it is acting as the principal in providing computer hardware and related services as it assumes responsibility
for procuring, delivering, installing and configuring the hardware at the customer’s location and takes control of the hardware,
prior to transfer. Revenue is presented at the gross amount of consideration to which it is entitled from the customer in exchange for
the computer hardware and related services.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company generates revenue from time to time from the licensing of its U.S. patent, which governs the linkage of on-property reward cards
to their counterpart internet gaming accounts together with bilateral transmission of reward points between the internet gaming technology
system and the land-based casino management system present in all U.S. casino properties. The nature of the promise in transferring the
license is to provide a right to use the patent as it exists. The Company does not have to undertake activities to change the functionality
of the patent during the license period and the license has significant stand-alone functionality. Therefore, the Company recognizes
the revenue from the license of the patent at the point in time when control of the license is transferred to the customer. Control is
determined to transfer at the point in time the customer is able to use and benefit from the license.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Contracts
with Multiple Performance Obligations</i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
customer contracts that have more than one performance obligation, the transaction price is allocated to the performance obligations
in an amount that depicts the relative stand-alone selling prices of each performance obligation. Judgment is required in determining
the stand-alone selling price for each performance obligation. In determining the allocation of the transaction price, an entity is required
to maximize the use of observable inputs. When the stand-alone selling price of a good or service is not directly observable, an entity
is required to estimate the stand-alone selling price. Contracts with its customers may include platform and licensing of game content
services, as well as development services and computer hardware services. The variable consideration generated from the platform and
the licensing of game content is allocated entirely to the performance obligation for platform and licensing of game content services
and the remaining fixed fees for development services and computer hardware would be allocated to each of the remaining performance obligation
based on their relative stand-alone selling prices. The variable consideration relates entirely to the effort to satisfy the platform
and licensing game content services and the fixed consideration relates to the remaining performance obligations which is consistent
with the allocation objective.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue
from Gaming Operations</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company operates the B2C gaming site www.coolbet.com outside of the U.S., which contains proprietary software and includes the following
product offerings: sportsbook, poker, casino, live casino and virtual sports.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company manages an online sportsbook allowing users to place various types of wagers on the outcome of sporting events conducted around
the world. The Company operates as the bookmaker and offers fixed odds wagering on such events. When a user’s wager wins, the Company
pays the user a pre-determined amount known as fixed odds. Revenue from online sportsbook is reported net after deduction of player winnings
and bonuses. Revenue from wagers is recognized when the outcome of the event is known.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company offers live casino through its digital online casino offering in select markets, allowing users to place a wager and play games
virtually at retail casinos. The Company offers users a catalog of over <span id="xdx_905_ecustom--NumberOfThirdPartyGamingProductsAvailable_iI_uInteger_c20220630_zSmtWrKLBAvd" title="Number of third party gaming products available">3,100</span> third-party iGaming products such as digital slot machines
and table games such as blackjack and roulette. Revenue from casino games is reported net after deduction of winnings, jackpot contribution
and customer bonuses.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peer-to-peer
poker offerings allow users to play poker against one another on the Company’s online poker platform for prize money. Revenue is
recognized as a percentage of the reported rake. Additionally, the Company offers tournament poker which allows users to buy-in for a
fixed price for prize money. For tournament play, revenue is recognized for the difference between the entry fees collected and the amounts
paid out to users as prizes and winnings.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
each of the online gaming products, a single performance obligation exists at the time a wager is made to operate the games and award
prizes or payouts to users based on a particular outcome. Revenue is recognized at the conclusion of each contest, wager, or wagering
game hand. Additionally, certain incentives given to users, for example, that allow the user to make an additional wager at a reduced
price, may provide the user with a material right which gives rise to a separate performance obligation.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company allocates a portion of the user’s wager to incentives that create material rights that are redeemed or expired in the future.
The allocated revenue for gaming wagers is primarily recognized when the wagers occur because all such wagers settle immediately.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company applies a practical expedient by accounting for revenue from gaming on a portfolio basis because such wagers have similar characteristics,
and the Company reasonably expects the effects on the financial statements of applying the revenue recognition guidance to the portfolio
to not differ materially from that which would result if applying the guidance to an individual wagering contract.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i/></b></span><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i/></b></span><i> </i></p>
968000
2171000
3100
<p id="xdx_849_ecustom--SalesAndMarketingPolicyTextBlock_zIIHjjzE8Pad" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86F_zEYyTTaO9Uo5">Sales
and Marketing</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
and marketing expense primarily consists of general marketing and advertising costs, B2C user acquisition expenses and personnel costs
within our sales and marketing functions. Sales and marketing costs are expensed as incurred.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_84C_ecustom--ContentLicensingFeesPolicyTextBlock_zPvkaVZ1ayL8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_863_zOl0fdkYbUv3">Content
Licensing Fees</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Content
licensing fees are paid to third parties for gaming content which are expensed as incurred. Content licensing fees are calculated as
a percentage of net gaming revenues in respect of the third-party games, as stipulated in the third-party agreements.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_84C_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zMFy5wGPaXze" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_865_zNvw2WqE8V67">Share-based
Compensation</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based
compensation expense is recognized for share options and restricted shares issued to employees and non-employee members of the Company’s
Board of Directors. The Company’s issued share options and restricted shares, which are primarily considered equity awards and
include only service conditions, are valued based on the fair value of these awards on the date of grant. The fair value of the share
options is estimated using a Black-Scholes option pricing model and the fair value of the restricted shares (restricted share awards
and restricted share units) is based on the market price of the Company’s shares on the date of grant.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
restricted share units awards issued to non-employee members of the Company’s Board of Directors permit shares upon vesting to
be withheld, as a means of meeting the non-employee director’s tax withholding requirements, and paid in cash to the non-employee
director. The Company additionally incurs share-based compensation expense under compensation arrangements with certain of its employees
under which the Company will settle bonuses for a fixed dollar amount by issuing a variable number of shares based on the Company’s
share price on the settlement date. These awards are classified as liability-based awards which are measured based on the fair value
of the award at the end of each reporting period until settled. Related compensation expense is recognized based on changes to the fair
value over the applicable service period</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based
compensation is recorded over the requisite service period, generally defined as the vesting period. For awards with graded vesting and
only service conditions, compensation cost is recorded on a straight-line basis over the requisite service period of the entire award.
Forfeitures are recorded in the period in which they occur.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_84F_eus-gaap--EarningsPerSharePolicyTextBlock_zYVvxbawEZ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_868_zJnz33wNTk3f">Loss
Per Share, Basic and Diluted</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
loss per share is calculated by dividing the net loss by the weighted average number of ordinary shares outstanding during the year.
In periods of loss, basic and diluted per share information are the same.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_847_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zu9EQ4Y56T57" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86C_zLdq4WSuXZ3g">Cash</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
is comprised of cash held at the bank and third-party service providers. The Company is required to maintain compensating cash balances
to satisfy its liabilities to users. Such balances are included within cash in the condensed consolidated balance sheets and are not
subject to creditor claims. At June 30, 2022 and December 31, 2021, the related liabilities to users was $<span id="xdx_903_ecustom--ContractWithCustomerLiabilityToUserCurrent_iI_pn3n3_c20220630_zjnFd1cvNqB7" title="Related liabilities to users">7,754</span> and $<span id="xdx_90A_ecustom--ContractWithCustomerLiabilityToUserCurrent_iI_pn3n3_c20211231_zeGtq26JHl89" title="Related liabilities to users">8,984</span>, respectively.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>
7754000
8984000
<p id="xdx_846_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zL05FMqdpu5h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86F_zrU31H3sHKx8">Property
and Equipment, net</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment are stated at cost less accumulated depreciation. Depreciation is generally computed on a straight-line basis over the
estimated useful lives of the assets. Maintenance and repairs are charged to expense in the period they are incurred. When items of property
or equipment are sold or retired, the related cost and accumulated depreciation are removed from the accounts, and any gain or loss is
included in the statement of operations.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p id="xdx_847_eus-gaap--ResearchDevelopmentAndComputerSoftwarePolicyTextBlock_zUY96ZMYHH2i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_864_z5Yg5u2p97Yj">Capitalized
Software Development Costs, net</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company capitalizes certain development costs related to its internet gaming platforms during the application development stage. Costs
associated with preliminary project activities, training, maintenance and all other post implementation stage activities are expensed
as incurred. Software development costs are capitalized when application development begins, it is probable that the project will be
completed, and the software will be used as intended. The Company capitalizes certain costs related to specific upgrades and enhancements
when it is probable that expenditures will result in additional functionality of the platform to its customers. The capitalization policy
provides for the capitalization of certain payroll and payroll related costs for employees who spent time directly associated with development
and enhancements of the platform.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalized
software development costs are amortized on a straight-line basis over their estimated useful lives, which generally ranges from <span id="xdx_904_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dxL_c20220101__20220630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember__srt--RangeAxis__srt--MinimumMember_zxCEqVhpCTN7" title="Finite lived intangible asset, useful life::XDX::P3Y"><span style="-sec-ix-hidden: xdx2ixbrl0686">three</span></span>
to <span id="xdx_908_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dc_c20220101__20220630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember__srt--RangeAxis__srt--MaximumMember_z4du6e7qSbq6" title="Finite lived intangible asset, useful life">five years</span>, and are included within depreciation and amortization expense in the condensed consolidated statements of operations.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
P5Y
<p id="xdx_841_eus-gaap--GoodwillAndIntangibleAssetsGoodwillPolicy_zv0FWIyBT4de" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86B_zKrqu81WQjGb">Goodwill</span>
</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill
represents the excess of the fair value of the consideration transferred over the estimated fair values of the identifiable assets acquired
and liabilities assumed on the acquisition date. The Company has recorded goodwill primarily from its acquisition of Coolbet in January
2021. Goodwill is not amortized, but rather is reviewed for impairment annually (as of October 1st) or more frequently if facts or circumstances
indicate that it is more-likely-than-not the fair value of a reporting unit may be below its carrying amount.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has determined that it has two reporting units: B2C and B2B. In its goodwill impairment testing, the Company has the option to
perform a qualitative assessment to determine whether it is more-likely-than-not that the fair value of the reporting unit, including
goodwill, is less than its carrying amount prior to performing the quantitative impairment test. The qualitative assessment evaluates
various events and circumstances, such as macro-economic conditions, industry and market conditions, cost factors, relevant events and
financial trends that may impact a reporting unit’s fair value. If it is determined that the estimated fair value of the reporting
unit is more-likely-than not less than its carrying amount, including goodwill, the quantitative goodwill impairment test is required.
Otherwise, no further analysis would be required.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the quantitative impairment test for goodwill is deemed necessary, this quantitative impairment analysis compares the fair value of the
Company’s reporting unit to its related carrying value. If the fair value of the reporting unit is less than its carrying amount,
goodwill is written down to the fair value and an impairment loss is recognized. If the fair value of the reporting unit exceeds its
carrying amount, no further analysis is required. Fair value of the reporting unit is determined using valuation techniques, primarily
discounted cash flow analysis.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
Topic 350 requires that goodwill be tested for impairment between annual tests if an event occurs or circumstances change that would
more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company performed a qualitative
assessment to determine whether events or circumstances such as those described in ASC 350-20-35-3C existed and concluded that, due
to the significant and sustained decline in share price and market capitalization of the Company since the Coolbet acquisition,
such triggers existed during the interim period; therefore, an interim quantitative impairment test was performed. As a result of
the quantitative impairment test performed, the Company recorded an impairment to goodwill of $<span id="xdx_90A_eus-gaap--AssetImpairmentCharges_pn5n6_c20220401__20220630_zMQOAxyGnGma">28.9 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
during the three and six months ended June 30, 2022.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
28900000
<p id="xdx_847_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_ze6FUHA0Mvec" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_866_zmX2AOFqX5cj">Long-lived
Assets</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-lived
assets, except goodwill, consist of property and equipment, and finite lived acquired intangible assets, such as developed software,
gaming licenses, trademarks, trade names and customer relationships. Intangible assets are amortized on a straight-line basis over their
estimated useful lives. The Company considers the period of expected cash flows and underlying data used to measure the fair value of
the intangible assets when selecting the estimated useful lives.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the acquired intangible assets is primarily determined using the income approach. In performing these valuations, the Company’s
key underlying assumptions used in the discounted cash flows were projected revenue, gross margin expectations and operating cost estimates.
There are inherent uncertainties and management judgment is required in these valuations.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired
in-process developed technology consists of a proprietary technical platform. The Company reviews the in-process developed
technology for impairment at least annually or more frequently if an event occurs creating the potential for impairment, until such
time as the in-process developed technology efforts are completed. When completed, the developed technology will be amortized over
its estimated useful life based on an amortization method that reflects the pattern in which the economic benefits of the intangible
assets are consumed or otherwise realized. The integrated technology is expected to be completed in the fourth quarter of
2022.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-lived
assets, except goodwill, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of
an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the
Company compares the undiscounted cash flows expected to be generated by that asset or asset group to their carrying amount. If the carrying
amount of the long-lived asset or asset group are not recoverable on an undiscounted cash flow basis, an impairment charge is recognized
to the extent that the carrying amount exceeds fair value. Fair value is determined through various techniques, such as discounted cash
flow models using probability weighted estimated future cash flows and the use of valuation specialists. During the three months ended
June 30, 2022, there was no triggering event that would cause the Company to believe the value of its long-lived assets should be impaired.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_841_ecustom--LiabilitiesToUsersPolicyTextBlock_z8rhb2G8zrs7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86B_zRhwuVm6LmHc">Liabilities
to Users</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company records liabilities for user account balances. User account balances consist of user deposits, promotional awards and user winnings
less user withdrawals and user losses<span style="background-color: white">.</span></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_841_eus-gaap--LossContingencyDisclosures_zLdbp6tjvDq6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i><span id="xdx_861_zDUoUCowYKdk">Legal Contingencies and Litigation Accruals</span></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
a quarterly basis, the Company assesses potential losses in relation to pending or threatened legal matters. If a loss is considered
probable and the amount can be reasonably estimated, the Company recognizes an expense for the estimated loss. Estimates of any such
loss are subjective in nature and require the evaluation of numerous facts and assumptions as to future events, including the application
of legal precedent which may be conflicting. To the extent these estimates are more or less than the actual liability resulting from
the resolution of these matters, the Company’s financial results will increase or decrease accordingly.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_847_eus-gaap--DebtPolicyTextBlock_zvWWTf0b6P6d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><i><span id="xdx_867_zDxPat6Qzgeb">Debt</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Debt
issuance costs incurred in connection with the issuance of new debt are recorded as a reduction to the long-term debt balance on the
condensed consolidated balance sheets, and amortized over the term of the loan commitment as interest expense on the condensed consolidated
statements of operations. The Company calculates amortization expense on capitalized debt issuance costs using the effective interest
method in accordance with Accounting Standards Codification (“ASC”) 470, <i>Debt</i>.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_844_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zjrCJrFO3klb" style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><i>Fair
Value of Financial Instruments</i></b></span></p>
<p style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company applies the provisions of ASC 820, Fair Value Measurements and Disclosures, which provides a single authoritative definition
of fair value, sets out a framework for measuring fair value and expands on required disclosures about fair value measurement. Fair value
represents the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous
market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company uses the
following hierarchy in measuring the fair value of the Company’s assets and liabilities, focusing on the most observable inputs
when available:</span></p>
<p style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt/120% Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0.1pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1 Quoted prices in active markets for identical assets or liabilities.</span></td></tr></table>
<p style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt/120% Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0.1pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2 Observable inputs other than Level 1 quoted prices, such as quoted prices for similar assets
and liabilities in active markets, quoted prices in markets that are not active for identical
or similar assets and liabilities, or other inputs that are observable or can be corroborated
by observable market data for substantially the full term of the assets or liabilities.</span></td></tr></table>
<p style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt/120% Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0.1pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3 Valuations are based on the inputs that are unobservable and significant to the overall
fair value measurement of the assets or liabilities. Inputs reflect management’s best
estimate of what market participants would use in pricing the asset or liability at the measurement
date. Consideration is given to the risk inherent in the valuation technique and the risk
inherent in the inputs to the model.</span></td></tr></table>
<p style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valuation
techniques used to measure the fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.</span></p>
<p style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_89A_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_ztHRR4W7O0n8" style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis as required
by ASC 820, by level, within the fair value hierarchy as of June 30, 2022:</span></p>
<p style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span id="xdx_8B4_zS3XXll1jVz3" style="display: none">SCHEDULE OF FAIR VALUE OF ASSETS AND LIABILITIES ON RECURRING BASIS</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49C_20220630_zvcEa7JmPFvc" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49B_20220630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_ztUiSrIsSGm4" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49A_20220630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zWXt6hs0wdsi" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49D_20220630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zHnVLgV4s0Ii" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="14" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">June 30, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold">Liability</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr id="xdx_404_eus-gaap--BusinessCombinationContingentConsiderationLiability_iI_zSXaEPNuUC2f" style="vertical-align: bottom; background-color: White">
<td style="width: 40%; text-align: left">Contingent content liability</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">4,369</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0706">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0707">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">4,369</td><td style="width: 1%; text-align: left"> </td></tr>
</table>
<p id="xdx_8AC_znxSqAtJs1y3" style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
contingent content liability represents additional amounts which the Company expects to pay to Ainsworth Game Technology, a
third-party gaming content provider (“the Content Provider”) if the Company’s total revenue generated from its
content licensing arrangement with the Content Provider exceeds certain stipulated annual and cumulative thresholds during the
contract term. The fair value of the contingent content liability is determined using Level 3 inputs, since estimating the
fair value of this contingent content liability requires the use of significant and subjective inputs that may and are likely to
change over the duration of the liability with related changes in internally generated anticipated games revenue as well as external
market factors. The contingent content liability was valued using a Monte Carlo simulation based on management’s anticipated
annual games revenue forecasts. The fair value of the contingent content liability was initially recognized during the three months
ended June 30, 2022 in connection with its modified arrangement with the Content Provider on April 5, 2022 and is recorded within
Content licensing liabilities within the condensed consolidated balance sheets. Refer to Note 4 – Acquisition for
further detail.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_89A_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_ztHRR4W7O0n8" style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis as required
by ASC 820, by level, within the fair value hierarchy as of June 30, 2022:</span></p>
<p style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span id="xdx_8B4_zS3XXll1jVz3" style="display: none">SCHEDULE OF FAIR VALUE OF ASSETS AND LIABILITIES ON RECURRING BASIS</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49C_20220630_zvcEa7JmPFvc" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49B_20220630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_ztUiSrIsSGm4" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49A_20220630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zWXt6hs0wdsi" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49D_20220630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zHnVLgV4s0Ii" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="14" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">June 30, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold">Liability</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr id="xdx_404_eus-gaap--BusinessCombinationContingentConsiderationLiability_iI_zSXaEPNuUC2f" style="vertical-align: bottom; background-color: White">
<td style="width: 40%; text-align: left">Contingent content liability</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">4,369</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0706">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0707">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">4,369</td><td style="width: 1%; text-align: left"> </td></tr>
</table>
4369000
4369000
<p id="xdx_84F_eus-gaap--IncomeTaxPolicyTextBlock_zJ4MFnhqLRl3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><i><span id="xdx_868_zkynNyEMOK9d">Income
Taxes</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is subject to income taxes in the United States, U.K., Bulgaria, Israel, Canada, and Malta. The Company records an income
tax (benefit) expense for the anticipated tax consequences of the reported results of operations using the asset and
liability method. Under this method, deferred income tax assets and liabilities are recognized for the expected future tax
consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, as well as for loss
and tax credit carryforwards. Deferred tax assets and liabilities are measured using the tax rates that are expected to apply to
taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. The effect on
deferred income tax of a change in tax rates are recorded in the period of the enactment. Deferred tax assets are reduced, through a
valuation allowance, if necessary, by the amount of such benefits that are not expected to be realized based on current available
evidence. In evaluating the Company’s ability to recover deferred tax assets in the jurisdiction from which they arise, all
available positive and negative evidence is considered, including results of recent operations, scheduled reversals of deferred tax
liabilities, projected future taxable income, and tax-planning strategies. The Company records a valuation allowance to reduce its
deferred tax assets to the net amount that it believes is more likely than not to be realized.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes tax benefits from uncertain tax positions only if management believes that it is more likely than not that the tax
position will be sustained on examination by the taxing authorities based on the technical merits of the position. Although the Company
believes that it has adequately provided for uncertain tax positions, no assurance can be given that the final tax outcome of these matters
would not be materially different. Adjustments are made when facts and circumstances change, such as the closing of a tax audit or the
refinement of an estimate. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences
would affect the provision for income taxes in the period in which such determination is made and could have a material impact on the
Company’s financial condition and operating results. The Company recognizes penalties and interest related to income tax matters
in income tax expense.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"/>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED </b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) </b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_846_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zANdFSv5dM3h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><i><span id="xdx_86D_zUg8KnFz91eg">Segments</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company operates in <span id="xdx_90A_eus-gaap--NumberOfOperatingSegments_dc_uInteger_c20220101__20220630_zG45aAygElO7" title="Number of operating segments">two</span> operating segments, B2B and B2C. Operating segments are defined as components of an enterprise where separate
financial information is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources
and assess the Company’s performance. The Company’s CODM is the Chief Executive Officer. The CODM allocates resources and
assesses performance based upon discrete financial information at the operating segment level.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
2
<p id="xdx_848_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_z4w227OiN8ib" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86B_zvVAYLE5zN5k">Recently Issued Accounting Pronouncements</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
October 2021, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2021-08, <i>Business Combinations
(Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers</i>. ASU 2021-08 requires an acquirer
to measure and recognize contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue
from Contracts with Customers, rather than using fair value on the acquisition date. This amendment is effective for fiscal years beginning
after December 15, 2022, including interim periods within those annual periods, and should be applied prospectively to business combinations
occurring on or after the effective date. Early adoption is permitted. The Company will apply the amended guidance on a prospective basis
to business combinations that occur on or after January 1, 2023.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_80E_eus-gaap--BusinessCombinationDisclosureTextBlock_zLmB08rVDT0h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
4 — <span id="xdx_82D_zWcRQUq04ALl">ACQUISITION</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Content
licensing agreement with Ainsworth Game Technology</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0.1pt; text-align: justify; text-indent: 0.25in">In the second quarter
of 2021, the Company entered into a Content Licensing Agreement (the “Agreement”) with Ainsworth Game Technology, a third-party
gaming content provider (the “Content Provider”) specializing in developing and licensing interactive games. The Agreement
grants the Company exclusive rights to use and distribute the online gaming content in North America, and the Content Provider is committed
to developing a minimum number of games for the Company’s exclusive use over a five-year term, subject to extensions. </p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0.1pt; text-align: justify; text-indent: 0.25in"> </p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0.1pt; text-align: justify; text-indent: 0.25in">On April 5,
2022, the Company amended and restated the Agreement. In accordance with the restated arrangement, the Company amended certain
commercial terms, which included obtaining the contractual right to lease the remote gaming servers, taking possession of the
related software, and obtaining a service contract from the Content Provider for the duration of the arrangement. The total fixed
fees remaining under the amended arrangement totaled $<span id="xdx_90B_eus-gaap--PaymentsToAcquireBusinessesGross_pn5n6_c20220404__20220405__us-gaap--TypeOfArrangementAxis__custom--ContentLicensingAgreementMember_z5c3g3mt8rN9" title="Payment to acquire business">25.0</span>
million, of which $<span id="xdx_90F_ecustom--FixedFees_pn5n6_c20220101__20220630__us-gaap--TypeOfArrangementAxis__custom--ContentLicensingAgreementMember_zn35kcihEwJ7" title="Fixed fees">5.5</span>
million was paid during the six months ended June 30, 2022 with the remaining $<span id="xdx_905_ecustom--FixedFees_pn5n6_c20220101__20220630__us-gaap--TypeOfArrangementAxis__custom--ContentLicensingAgreementMember__us-gaap--AwardTypeAxis__custom--DueInTwoThousandTwentyTwoMember_zvm7ajL7S8V4">4.5</span>
million due in 2022, and $<span id="xdx_90E_ecustom--FixedFees_pn5n6_c20220101__20220630__us-gaap--TypeOfArrangementAxis__custom--ContentLicensingAgreementMember__us-gaap--AwardTypeAxis__custom--DueInEachOfYearsTwoThousandTwentyThreeToTwoThousandTwentyFiveMember_zeoO8S3AuzB" title="Fixed fees">5.0</span>
million in each of the years 2023 through 2025. Fixed fee payments are presented in the condensed consolidated statements of cash
flows as payments for content licensing arrangements within cash flows from investing activities. Additional payments could be
required if the Company’s total revenue generated from the arrangement exceed certain stipulated annual and cumulative
thresholds during the contract term.</p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"> </p>
<p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The amended and
restated Agreement is accounted for as a business combination as the assets acquired and the liabilities assumed under the
arrangement constitute a business in accordance with ASC 805, Business Combinations. Consideration transferred is comprised of the
present value of the Company’s total expected fixed payments under the Agreement, the net assets recognized under the
original agreement, as well as a contingent consideration.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the consideration transferred and the recognized amounts of identifiable assets acquired and liabilities assumed
at the acquisition date:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
value of the consideration transferred:</span></p>
<p id="xdx_89E_eus-gaap--ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock_zLYLwKK7Rini" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B9_zPu4rnbz2vXk" style="display: none">SUMMARY OF CONSIDERATION TRANSFERRED</span></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; float: right; border-collapse: collapse; width: 95%">
<tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td id="xdx_49D_20220101__20220630_zFqE0yoAFFLj" style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr id="xdx_40B_ecustom--PresentValueOfFutureFixedFeePayments_z7Fo3jbp0jAe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 83%; text-align: left"><p style="margin: 0">Present value of future fixed fee payments</p></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">18,808</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_40E_ecustom--NetAssetsRecognizedUnderOriginalAgreement_z8bMkAQK5of5" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Net assets recognized under original agreement</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,067</td><td style="text-align: left"> </td></tr>
<tr id="xdx_40A_eus-gaap--BusinessCombinationConsiderationTransferred1_zgDcBiAhQsRf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Contingent consideration</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">4,369</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr id="xdx_404_ecustom--IntangibleAssetsAcquiredInBusinessAcquisition_zPrTr9Yoetak" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26,244</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table><p id="xdx_8A9_zhBPPBmYC43b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p>
<p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The contingent
consideration represents additional amounts which the Company expects to pay to the Content Provider if the Company’s total
revenue generated from the arrangement exceed certain stipulated annual and cumulative thresholds during the
contract term. The maximum amount of the payment is unlimited as it is determined based on the Company’s performance over the
related games revenue over the arrangement term. The fair value of the contingent consideration is determined using Level 3 inputs,
since estimating the fair value of this contingent consideration requires the use of significant and subjective inputs that may and
are likely to change over the duration of the liability with related changes in internally generated anticipated games revenue as
well as external market factors. The contingent consideration was valued using a Monte Carlo simulation based on management’s
anticipated annual games revenue forecasts.</p>
<p style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"> </p>
<p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Identifiable assets
and liabilities assumed at fair value were entirely comprised of <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">intangible
assets acquired as part of the content licensing arrangement. The fair values of intangible assets were estimated using inputs
classified as Level 3 under the income approach using either the royalty income method (content licenses) or the multi-period excess
earnings method (customer relationships). The Company has not yet finalized the purchase price allocation, which is pending further
analysis of the net assets acquired, weighted average cost of capital assumptions, and certain Level 3 inputs used in the Monte
Carlo simulation used to value the contingent consideration. Identifiable intangible assets , including their respective expected
useful lives, were as follows:</span></p>
<p id="xdx_89B_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsAcquiredAsPartOfBusinessCombinationTextBlock_z3Gm1trVTbA9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BE_ziVs82oiSv64" style="display: none">SUMMARY OF INTANGIBLE ASSETS ACQUIRED</span></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; float: right; border-collapse: collapse; width: 95%">
<tr style="vertical-align: bottom">
<td> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated useful life </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(in years)</b></span></p></td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 68%; text-align: left">Content licenses intangible asset</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: center"><span id="xdx_902_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20220101__20220630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ContentLicensesMember_zXJRIysKH6o8">4.6</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles_iI_c20220630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ContentLicensesMember_zNWJHl6cwS74" style="width: 12%; text-align: right" title="Intangible assets">22,938</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Customer relationships intangible asset</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"><span id="xdx_90B_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20220101__20220630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_z67Yczljzg84">4.0</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td id="xdx_983_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles_iI_c20220630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zrp6uRNU3HWh" style="text-align: right">3,306</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Acquired right of use lease asset</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"><span id="xdx_904_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20220101__20220630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--RightOfUseLeaseAssetMember_zPdYD9JCnOZk">4.6</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td id="xdx_980_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedRightOfUseAssets_iI_c20220630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--RightOfUseLeaseAssetMember_zzA8piweDCE6" style="text-align: right" title="Acquired right of use lease asset">116</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt"><p style="margin: 0">Acquired right of use lease liability</p></td><td style="padding-bottom: 1.5pt"> </td>
<td style="text-align: left"> </td><td style="text-align: center"><span id="xdx_900_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20220101__20220630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--RightOfUseLeaseLiabilityMember_zn3lWdsvInXl" title="Intangible assets acquired, Estimated useful life (in years)">4.6</span></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td id="xdx_98D_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedRightOfUseLiability_iI_c20220630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--RightOfUseLeaseLiabilityMember_zYKj1gnvpIph" style="border-bottom: Black 0.5pt solid; text-align: right" title="Acquired right of use lease liability">(116</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt; padding-bottom: 2.5pt">Total identifiable net assets</td><td style="padding-bottom: 2.5pt"> </td>
<td style="text-align: left"> </td><td style="text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles_iI_c20220630_zc6vK1KgSvij" style="border-bottom: Black 2.5pt double; text-align: right" title="Intangible assets">26,244</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table><p id="xdx_8A5_zzjLtJnycql6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to these assets acquired, a service contract was acquired with total expected future expenses of $1.4 million.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b/>(in thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
25000000.0
5500000
4500000
5000000.0
<p id="xdx_89E_eus-gaap--ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock_zLYLwKK7Rini" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B9_zPu4rnbz2vXk" style="display: none">SUMMARY OF CONSIDERATION TRANSFERRED</span></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; float: right; border-collapse: collapse; width: 95%">
<tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td id="xdx_49D_20220101__20220630_zFqE0yoAFFLj" style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr id="xdx_40B_ecustom--PresentValueOfFutureFixedFeePayments_z7Fo3jbp0jAe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 83%; text-align: left"><p style="margin: 0">Present value of future fixed fee payments</p></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">18,808</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_40E_ecustom--NetAssetsRecognizedUnderOriginalAgreement_z8bMkAQK5of5" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Net assets recognized under original agreement</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,067</td><td style="text-align: left"> </td></tr>
<tr id="xdx_40A_eus-gaap--BusinessCombinationConsiderationTransferred1_zgDcBiAhQsRf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Contingent consideration</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">4,369</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr id="xdx_404_ecustom--IntangibleAssetsAcquiredInBusinessAcquisition_zPrTr9Yoetak" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26,244</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
18808000
3067000
4369000
26244000
<p id="xdx_89B_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsAcquiredAsPartOfBusinessCombinationTextBlock_z3Gm1trVTbA9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BE_ziVs82oiSv64" style="display: none">SUMMARY OF INTANGIBLE ASSETS ACQUIRED</span></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; float: right; border-collapse: collapse; width: 95%">
<tr style="vertical-align: bottom">
<td> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated useful life </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(in years)</b></span></p></td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 68%; text-align: left">Content licenses intangible asset</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: center"><span id="xdx_902_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20220101__20220630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ContentLicensesMember_zXJRIysKH6o8">4.6</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles_iI_c20220630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ContentLicensesMember_zNWJHl6cwS74" style="width: 12%; text-align: right" title="Intangible assets">22,938</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Customer relationships intangible asset</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"><span id="xdx_90B_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20220101__20220630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_z67Yczljzg84">4.0</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td id="xdx_983_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles_iI_c20220630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zrp6uRNU3HWh" style="text-align: right">3,306</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Acquired right of use lease asset</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"><span id="xdx_904_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20220101__20220630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--RightOfUseLeaseAssetMember_zPdYD9JCnOZk">4.6</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td id="xdx_980_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedRightOfUseAssets_iI_c20220630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--RightOfUseLeaseAssetMember_zzA8piweDCE6" style="text-align: right" title="Acquired right of use lease asset">116</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt"><p style="margin: 0">Acquired right of use lease liability</p></td><td style="padding-bottom: 1.5pt"> </td>
<td style="text-align: left"> </td><td style="text-align: center"><span id="xdx_900_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20220101__20220630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--RightOfUseLeaseLiabilityMember_zn3lWdsvInXl" title="Intangible assets acquired, Estimated useful life (in years)">4.6</span></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td id="xdx_98D_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedRightOfUseLiability_iI_c20220630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--RightOfUseLeaseLiabilityMember_zYKj1gnvpIph" style="border-bottom: Black 0.5pt solid; text-align: right" title="Acquired right of use lease liability">(116</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt; padding-bottom: 2.5pt">Total identifiable net assets</td><td style="padding-bottom: 2.5pt"> </td>
<td style="text-align: left"> </td><td style="text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles_iI_c20220630_zc6vK1KgSvij" style="border-bottom: Black 2.5pt double; text-align: right" title="Intangible assets">26,244</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
P4Y7M6D
22938000
P4Y
3306000
P4Y7M6D
116000
P4Y7M6D
-116000
26244000
<p id="xdx_803_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zkTCtjRVtb35" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
5 — <span id="xdx_820_z6fidnpFZHE">PROPERTY AND EQUIPMENT, NET</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_894_eus-gaap--PropertyPlantAndEquipmentTextBlock_zPrwDe4dvKf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment, net is recorded in other assets in the condensed consolidated balance sheets at June 30, 2022 and December 31, 2021 and
consisted of the following:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BC_ztSPAROiHCr7" style="display: none">SCHEDULE OF PROPERTY AND EQUIPMENT</span></span></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Useful Life</b></span></p></td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49B_20220630_zEvgMua3MeK9" style="border-bottom: Black 0.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></p></td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49D_20211231_zyLxu7iF9X1j" style="border-bottom: Black 0.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></p></td><td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zu79p4jgWiXf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 42%; text-align: left">Fixtures, fittings and equipment</td><td style="width: 2%"> </td>
<td style="width: 16%; text-align: center"><span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20220630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_z12lEk0NAFa1" title="Property plant and equipment useful life">3</span>-<span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20220630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_z9HjXPh5WIsd" title="Property plant and equipment useful life">5</span> years</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">3,283</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,935</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_407_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PlatformHardwareMember_zCladb4tAHnj" style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1.5pt">Platform hardware</td><td style="padding-bottom: 1.5pt"> </td>
<td style="text-align: center; padding-bottom: 1.5pt"><span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20220630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PlatformHardwareMember_zdcQzh3bEwe2" title="Property plant and equipment useful life">5</span> years</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">1,952</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">2,054</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_maPPAENzbQ4_zZ8pJEIvW681" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; text-align: left">Total property and equipment, cost</td><td> </td>
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,235</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,989</td><td style="text-align: left"> </td></tr>
<tr id="xdx_404_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_msPPAENzbQ4_zmmMutCqa222" style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1.5pt">Less: accumulated depreciation</td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">(2,802</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">(2,444</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_mtPPAENzbQ4_zwuIplQN8dT7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td>
<td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,433</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,545</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p id="xdx_8A3_zhuXOGCbUM96" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
expense related to property and equipment was $<span id="xdx_902_eus-gaap--DepreciationExpenseOnReclassifiedAssets_pn3n3_c20220401__20220630_zyrZRRSb689i" title="Depreciation expenses">303</span> and $<span id="xdx_901_eus-gaap--DepreciationExpenseOnReclassifiedAssets_pn3n3_c20210401__20210630_zpXEmgpX4QK8" title="Depreciation expenses">239</span> for the three months ended June 30, 2022 and 2021, respectively, and $<span id="xdx_90D_eus-gaap--DepreciationExpenseOnReclassifiedAssets_c20220101__20220630_pn3n3" title="Depreciation expenses">614</span>
and $<span id="xdx_90F_eus-gaap--DepreciationExpenseOnReclassifiedAssets_c20210101__20210630_pn3n3" title="Depreciation expenses">457</span> for the six months ended June 30, 2022 and 2021, respectively.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_894_eus-gaap--PropertyPlantAndEquipmentTextBlock_zPrwDe4dvKf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment, net is recorded in other assets in the condensed consolidated balance sheets at June 30, 2022 and December 31, 2021 and
consisted of the following:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BC_ztSPAROiHCr7" style="display: none">SCHEDULE OF PROPERTY AND EQUIPMENT</span></span></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Useful Life</b></span></p></td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49B_20220630_zEvgMua3MeK9" style="border-bottom: Black 0.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></p></td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49D_20211231_zyLxu7iF9X1j" style="border-bottom: Black 0.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></p></td><td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zu79p4jgWiXf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 42%; text-align: left">Fixtures, fittings and equipment</td><td style="width: 2%"> </td>
<td style="width: 16%; text-align: center"><span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20220630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_z12lEk0NAFa1" title="Property plant and equipment useful life">3</span>-<span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20220630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_z9HjXPh5WIsd" title="Property plant and equipment useful life">5</span> years</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">3,283</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,935</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_407_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PlatformHardwareMember_zCladb4tAHnj" style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1.5pt">Platform hardware</td><td style="padding-bottom: 1.5pt"> </td>
<td style="text-align: center; padding-bottom: 1.5pt"><span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20220630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PlatformHardwareMember_zdcQzh3bEwe2" title="Property plant and equipment useful life">5</span> years</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">1,952</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">2,054</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_maPPAENzbQ4_zZ8pJEIvW681" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; text-align: left">Total property and equipment, cost</td><td> </td>
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,235</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,989</td><td style="text-align: left"> </td></tr>
<tr id="xdx_404_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_msPPAENzbQ4_zmmMutCqa222" style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1.5pt">Less: accumulated depreciation</td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">(2,802</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">(2,444</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_mtPPAENzbQ4_zwuIplQN8dT7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td>
<td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,433</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,545</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
P3Y
P5Y
3283000
2935000
P5Y
1952000
2054000
5235000
4989000
2802000
2444000
2433000
2545000
303000
239000
614000
457000
<p id="xdx_806_eus-gaap--ResearchDevelopmentAndComputerSoftwareDisclosureTextBlock_zrla12VHwOR8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
6 — <span id="xdx_82A_z1IILXl01mCh">CAPITALIZED SOFTWARE DEVELOPMENT COSTS, NET</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_89D_ecustom--ScheduleOfCapitalizedComputerizedSoftwareTableTextBlock_zlDizMznOjBg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalized
software development costs, net at June 30, 2022 and December 31, 2021 consisted of the following:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B3_zRNO2SgRVqKc" style="display: none">SCHEDULE OF CAPITALIZED COMPUTER SOFTWARE COSTS, NET</span></span></span></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_499_20220630_z0jDCi8rLrAh" style="border-bottom: Black 2.5pt double; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_49F_20211231_zTxtAjpe4S0i" style="border-bottom: Black 2.5pt double; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></p></td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></p></td><td style="padding-bottom: 1.5pt"> </td></tr>
<tr id="xdx_40F_ecustom--CapitalizedComputerSoftwareGrossExcludingDevelopmentInProgress_iI_pn3n3_maCCSGzVfv_zc0lkwgKGDHj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 60%; text-align: left">Capitalized software development costs</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">29,543</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">26,127</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_40B_ecustom--CapitalizedComputerSoftwareInProgressDevelopment_iI_pn3n3_maCCSGzVfv_z4EptuT6chnk" style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1.5pt">Development in progress</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">5,281</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">5,910</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr id="xdx_40E_eus-gaap--CapitalizedComputerSoftwareGross_iTI_pn3n3_mtCCSGzVfv_maCCSNz3ke_zE1ag1ffgub7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; text-align: left">Total capitalized software development, cost</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34,824</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,037</td><td style="text-align: left"> </td></tr>
<tr id="xdx_40F_eus-gaap--CapitalizedComputerSoftwareAccumulatedAmortization_iNI_pn3n3_di_msCCSNz3ke_zRhcyhJo6U6l" style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1.5pt">Less: accumulated amortization</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">(18,777</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">(17,607</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr id="xdx_403_eus-gaap--CapitalizedComputerSoftwareNet_iTI_pn3n3_mtCCSNz3ke_zPBzFHUIIaH7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">16,047</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">14,430</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p id="xdx_8A5_zzL3PpZpNmKi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2022, development in progress primarily represents costs associated with new proprietary content, enhancements to the B2B software
platform, and the development of GAN Sports. The GAN Sports B2B sportsbook technology is expected to be placed in service in the fourth
quarter of 2022.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
expense related to capitalized software development costs was $<span id="xdx_900_eus-gaap--CapitalizedComputerSoftwareAmortization1_pn3n3_c20220401__20220630_z3LOvhJF3qq8" title="Amortization expense">1,953</span> and $<span id="xdx_902_eus-gaap--CapitalizedComputerSoftwareAmortization1_pn3n3_c20210401__20210630_z3SW2XP7SMFb" title="Amortization expense">901</span> for the three months ended June 30, 2022 and 2021, respectively,
and $<span id="xdx_90E_eus-gaap--CapitalizedComputerSoftwareAmortization1_pn3n3_c20220101__20220630_zeuXRZPPZ3gc" title="Amortization expense">3,115</span> and $<span id="xdx_905_eus-gaap--CapitalizedComputerSoftwareAmortization1_pn3n3_c20210101__20210630_ztNTaf5LOaGk" title="Amortization expense">1,661</span> for the six months ended June 30, 2022 and 2021, respectively.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>GAN LIMITED</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">(in thousands, except share
and per share amounts)</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p id="xdx_89D_ecustom--ScheduleOfCapitalizedComputerizedSoftwareTableTextBlock_zlDizMznOjBg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalized
software development costs, net at June 30, 2022 and December 31, 2021 consisted of the following:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B3_zRNO2SgRVqKc" style="display: none">SCHEDULE OF CAPITALIZED COMPUTER SOFTWARE COSTS, NET</span></span></span></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_499_20220630_z0jDCi8rLrAh" style="border-bottom: Black 2.5pt double; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_49F_20211231_zTxtAjpe4S0i" style="border-bottom: Black 2.5pt double; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></p></td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></p></td><td style="padding-bottom: 1.5pt"> </td></tr>
<tr id="xdx_40F_ecustom--CapitalizedComputerSoftwareGrossExcludingDevelopmentInProgress_iI_pn3n3_maCCSGzVfv_zc0lkwgKGDHj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 60%; text-align: left">Capitalized software development costs</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">29,543</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">26,127</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_40B_ecustom--CapitalizedComputerSoftwareInProgressDevelopment_iI_pn3n3_maCCSGzVfv_z4EptuT6chnk" style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1.5pt">Development in progress</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">5,281</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">5,910</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr id="xdx_40E_eus-gaap--CapitalizedComputerSoftwareGross_iTI_pn3n3_mtCCSGzVfv_maCCSNz3ke_zE1ag1ffgub7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; text-align: left">Total capitalized software development, cost</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34,824</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,037</td><td style="text-align: left"> </td></tr>
<tr id="xdx_40F_eus-gaap--CapitalizedComputerSoftwareAccumulatedAmortization_iNI_pn3n3_di_msCCSNz3ke_zRhcyhJo6U6l" style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1.5pt">Less: accumulated amortization</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">(18,777</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">(17,607</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr id="xdx_403_eus-gaap--CapitalizedComputerSoftwareNet_iTI_pn3n3_mtCCSNz3ke_zPBzFHUIIaH7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">16,047</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">14,430</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
29543000
26127000
5281000
5910000
34824000
32037000
18777000
17607000
16047000
14430000
1953000
901000
3115000
1661000
<p id="xdx_80D_eus-gaap--GoodwillAndIntangibleAssetsDisclosureTextBlock_z5o1v8mV9Vn1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
7 — <span id="xdx_82E_zw5O8Ney34X2">GOODWILL AND INTANGIBLE ASSETS</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Goodwill</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_897_eus-gaap--ScheduleOfGoodwillTextBlock_zpQk3CsAbyV5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
changes in the carrying amount of goodwill, by segment, for the six months ended June 30, 2022 were as follows:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B8_z7KZZ3UTaS5a" style="display: none">SCHEDULE OF GOODWILL</span></span>
</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49B_20220101__20220630__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToBusinessB2BMember_zdJokLBJGAIf" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_498_20220101__20220630__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember_zD0pLpcFyXFa" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_497_20220101__20220630_zyxTRD2jxE09" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr id="xdx_40C_eus-gaap--Goodwill_iS_pn3n3_zcjUkbPPKkFc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 55%">Balance at January 1, 2022</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">72,230</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">73,912</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">146,142</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_40A_eus-gaap--GoodwillImpairmentLoss_iN_pn3n3_di_zxZ3cJfolNGg" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt">Impairment</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(28,861</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0822">—</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(28,861</td><td style="text-align: left">)</td></tr>
<tr id="xdx_400_eus-gaap--GoodwillTranslationAndPurchaseAccountingAdjustments_iN_pn3n3_di_zWK2nPwN1JXj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Effect of foreign currency translation</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">(5,709</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">(5,835</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">(11,544</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr id="xdx_404_eus-gaap--Goodwill_iE_pn3n3_zOGS2mMfpjx" style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt">Balance at June 30, 2022</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">37,660</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">68,077</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">105,737</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p id="xdx_8A6_zpP5eOM0Yve" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company performs its annual goodwill impairment test as of October 1 and monitors for interim triggering events on an ongoing basis as
events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. Goodwill is reviewed
for impairment utilizing either a qualitative assessment or a quantitative goodwill impairment test. Due to the significant and sustained
decline in share price and market capitalization since the Coolbet acquisition, an
interim quantitative goodwill impairment test was performed.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company estimated the fair value of all reporting units utilizing both a market approach and an income approach (discounted cash
flow) and the significant assumptions used to measure fair value include discount rate, terminal value factors, revenue and EBITDA multiples,
and control premiums. The Company confirmed the reasonableness of the estimated reporting unit fair values by reconciling those fair
values to its enterprise value and market capitalization. As a result of its interim impairment test, the Company recognized an
impairment to goodwill of $<span id="xdx_90A_eus-gaap--GoodwillImpairmentLoss_pn5n6_c20220101__20220630_z0ngp1Mwg1m6">28.9 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Intangible
Assets</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_895_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_zrPFv7gQsEK6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definite-lived
intangible assets, net consisted of the following:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B6_zVqy9ym6Noo" style="display: none">SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS</span></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td id="xdx_48B_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_zkQ9KoGlwdI3" style="border-bottom: Black 0.5pt solid; text-align: right">1</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td id="xdx_488_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNE_pn3n3_di_zAdA50lzZcU8" style="border-bottom: Black 0.5pt solid; text-align: right">2</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td id="xdx_487_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_z1Q0FHqLdXr8" style="border-bottom: Black 0.5pt solid; text-align: right">3</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="background-color: White; text-align: center"><b>Weighted</b></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td colspan="9" style="border-bottom: Black 0.5pt solid; background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>June
30, 2022</b></p></td><td style="background-color: White; text-align: center"><b> </b></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Average</b></p></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>Gross</b></p></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="background-color: White; text-align: center"><b> </b></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="background-color: White; text-align: center"><b>Net </b></td><td style="background-color: White; text-align: center"><b> </b></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Amortization</b></p></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Carrying</b></p></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Accumulated</b></p><b/></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="background-color: White; text-align: center"><b>Carrying </b></td><td style="background-color: White; text-align: center"><b> </b></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="border-bottom: Black 0.5pt solid; background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Period</b></p></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="border-bottom: Black 0.5pt solid; background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Amount</b></p></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="border-bottom: Black 0.5pt solid; background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Amortization</b></p><b/></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="border-bottom: Black 0.5pt solid; background-color: White; text-align: center"><b>Amount </b></td><td style="background-color: White; text-align: center"><b> </b></td></tr>
<tr id="xdx_411_20220630__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--DevelopedTechnologyRightsMember_ztY2rB4ksKNk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 44%; text-align: left">Developed technology</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20220101__20220630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--DevelopedTechnologyRightsMember_zinfa5Gpvht9" title="Weighted Average Amortization Period">3.0</span> years</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">25,228</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(12,614</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">12,614</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_412_20220630__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--ContentLicensesMember_zleGizpwjGja" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Third-party content licenses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20220101__20220630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ContentLicensesMember_zyt1Enp4V3Vj" title="Weighted Average Amortization Period">4.6</span> years</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">22,938</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,251</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">21,687</td><td style="text-align: left"> </td></tr>
<tr id="xdx_41E_20220630__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--InProcessTechnologyMember_z3el4pYWBne4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">In-process technology</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,499</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0846">—</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,499</td><td style="text-align: left"> </td></tr>
<tr id="xdx_41B_20220630__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zSCGbODTudQh" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Customer relationships</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20220101__20220630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zENWqWO3cIr5" title="Weighted Average Amortization Period">3.6</span> years</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,335</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,721</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,614</td><td style="text-align: left"> </td></tr>
<tr id="xdx_41F_20220630__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TrademarksAndTradeNamesMember_zIgOaCjUiAwd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Trade names and trademarks</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20220101__20220630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TrademarksAndTradeNamesMember_zTjU4YzABjma" title="Weighted Average Amortization Period">10.0</span> years</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,243</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,059</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,184</td><td style="text-align: left"> </td></tr>
<tr id="xdx_418_20220630__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicenseMember_zwCegWFnjU95" style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1.5pt">Gaming licenses</td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20220101__20220630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicenseMember_zPi4WWdNLeY9" title="Weighted Average Amortization Period">7.3</span> years</span></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">1,978</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">(1,206</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">772</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_c20220630_zYQmP2nFVmvd" style="border-bottom: Black 2.5pt double; text-align: right" title="Gross Carrying Amount">71,221</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNE_pn3n3_di_c20220630_zi6jRvyMsIn" style="border-bottom: Black 2.5pt double; text-align: right" title="Accumulated Amortization">(18,851</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_c20220630_zylf1o7Ppyva" style="border-bottom: Black 2.5pt double; text-align: right" title="Net Carrying Amount">52,370</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in thousands, except share and per share amounts) </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Amortization</b></p></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td id="xdx_484_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_zf1BeG2Pmmhc" style="background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Carrying</b></p></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td id="xdx_48A_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNE_pn3n3_di_za9mDFd7dAAd" style="background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Accumulated</b></p><b/></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td id="xdx_487_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_zr5890uPub7g" style="background-color: White; text-align: center"><b>Carrying </b></td><td style="background-color: White; text-align: center"><b> </b></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="background-color: White; text-align: center"><b>Weighted</b></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td colspan="9" style="border-bottom: Black 0.5pt solid; background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>December
31, 2021</b></p></td><td style="background-color: White; text-align: center"><b> </b></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="background-color: White; text-align: center; width: 44%"><b> </b></td><td style="text-align: center; background-color: White; width: 2%"><b> </b></td>
<td style="background-color: White; text-align: center; width: 1%"><b> </b></td><td style="background-color: White; text-align: center; width: 10%"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Average</b></p></td><td style="background-color: White; text-align: center; width: 1%"><b> </b></td><td style="text-align: center; background-color: White; width: 2%"><b> </b></td>
<td style="background-color: White; text-align: center; width: 1%"><b> </b></td><td style="background-color: White; text-align: center; width: 10%"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>Gross</b></p></td><td style="background-color: White; text-align: center; width: 1%"><b> </b></td><td style="text-align: center; background-color: White; width: 2%"><b> </b></td>
<td style="background-color: White; text-align: center; width: 1%"><b> </b></td><td style="background-color: White; text-align: center; width: 10%"><b> </b></td><td style="background-color: White; text-align: center; width: 1%"><b> </b></td><td style="text-align: center; background-color: White; width: 2%"><b> </b></td>
<td style="background-color: White; text-align: center; width: 1%"><b> </b></td><td style="background-color: White; text-align: center; width: 10%"><b>Net </b></td><td style="background-color: White; text-align: center; width: 1%"><b> </b></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Amortization</b></p></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Carrying</b></p></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Accumulated</b></p><b/></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="background-color: White; text-align: center"><b>Carrying </b></td><td style="background-color: White; text-align: center"><b> </b></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="border-bottom: Black 0.5pt solid; background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Period</b></p></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="border-bottom: Black 0.5pt solid; background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Amount</b></p></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="border-bottom: Black 0.5pt solid; background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Amortization</b></p><b/></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="border-bottom: Black 0.5pt solid; background-color: White; text-align: center"><b>Amount </b></td><td style="background-color: White; text-align: center"><b> </b></td></tr>
<tr id="xdx_41C_20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--DevelopedTechnologyRightsMember_z9G2GpZDqqed" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Developed technology</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20210101__20211231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--DevelopedTechnologyRightsMember_zdyBVTDUnxSa" title="Weighted Average Amortization Period">3.0</span> years</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">27,390</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(9,130</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">18,260</td><td style="text-align: left"> </td></tr>
<tr id="xdx_413_20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--InProcessTechnologyMember_z52vbn84Urz8" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">In-process technology</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,142</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0878"><span style="-sec-ix-hidden: xdx2ixbrl0881">—</span></span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,142</td><td style="text-align: left"> </td></tr>
<tr id="xdx_416_20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_z7oRk1Sicx36" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Customer relationships</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20210101__20211231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zP6qgeXcxAa8" title="Weighted Average Amortization Period">3.0</span> years</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,460</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,820</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,640</td><td style="text-align: left"> </td></tr>
<tr id="xdx_41C_20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TrademarksAndTradeNamesMember_zBYHz3Tno5I1" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Trade names and trademarks</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20210101__20211231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TrademarksAndTradeNamesMember_zFt7dc5tCeAa" title="Weighted Average Amortization Period">10.0</span> years</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,699</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(882</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,817</td><td style="text-align: left"> </td></tr>
<tr id="xdx_415_20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicenseMember_ztU2YfdxsiIf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Gaming licenses</td><td style="padding-bottom: 1.5pt"> </td>
<td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20210101__20211231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicenseMember_zuSTBDrubmig" title="Weighted Average Amortization Period">6.4</span> years</span></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">2,219</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">(1,185</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">1,034</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="text-align: left"> </td><td style="text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_985_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_c20211231_zMKuJvLBOU97" style="border-bottom: Black 2.5pt double; text-align: right" title="Finite-Lived Intangible Assets, Gross">48,910</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNE_pn3n3_di_c20211231_z4ukR9y5v5Bc" style="border-bottom: Black 2.5pt double; text-align: right" title="Finite-Lived Intangible Assets, Accumulated Amortization">(13,017</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_c20211231_z913LT87j6gc" style="border-bottom: Black 2.5pt double; text-align: right" title="Finite-Lived Intangible Assets, Net">35,893</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p id="xdx_8A0_zXJx12J0LLde" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Amortization
expense related to intangible assets was $<span id="xdx_905_eus-gaap--AmortizationOfIntangibleAssets_pn3n3_c20220401__20220630_zs0vzuCehY7c" title="Amortization expense intangible assets">4,230 and $<span id="xdx_908_eus-gaap--AmortizationOfIntangibleAssets_pn3n3_c20210401__20210630_zOFD6lqaIYi7" title="Amortization expense intangible assets">2,968</span> for the three months ended June 30, 2022 and 2021, respectively, and $<span id="xdx_909_eus-gaap--AmortizationOfIntangibleAssets_pn3n3_c20220101__20220630_z3VVoKbMaHm1" title="Amortization expense intangible assets">7,150</span>
and $<span id="xdx_909_eus-gaap--AmortizationOfIntangibleAssets_pn3n3_c20210101__20210630_z5J94w2XDXQk" title="Amortization expense intangible assets">5,963</span> for the six months ended June 30, 2022 and 2021, respectively.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_89B_eus-gaap--ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_zVKrbWApyqz8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated
amortization expense for the next five years is as follows:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BA_zaAiTeI3L0eh" style="display: none">SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS, FUTURE AMORTIZATION EXPENSE</span> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_498_20220630_zYM2eU0jMgRj" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr id="xdx_40E_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear_iI_pn3n3_zAcX4pH9Mhwd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 83%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remainder of 2022</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">8,341</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_401_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_iI_pn3n3_zQUoyGGPPUT2" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">2023</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,666</td><td style="text-align: left"> </td></tr>
<tr id="xdx_408_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_iI_pn3n3_z2S2OQ2DNlz8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">2024</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,437</td><td style="text-align: left"> </td></tr>
<tr id="xdx_400_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_iI_pn3n3_z5d3VMWVEXoj" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">2025</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,425</td><td style="text-align: left"> </td></tr>
<tr id="xdx_40F_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_iI_pn3n3_zNeUBf7fd2h1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">2026</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,924</td><td style="text-align: left"> </td></tr>
<tr id="xdx_40F_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive_iI_pn3n3_zJS3oDPdrrwb" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thereafter</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,577</td><td style="text-align: left"> </td></tr>
</table>
<p id="xdx_8A2_zFDDkx15WL8d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_897_eus-gaap--ScheduleOfGoodwillTextBlock_zpQk3CsAbyV5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
changes in the carrying amount of goodwill, by segment, for the six months ended June 30, 2022 were as follows:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B8_z7KZZ3UTaS5a" style="display: none">SCHEDULE OF GOODWILL</span></span>
</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49B_20220101__20220630__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToBusinessB2BMember_zdJokLBJGAIf" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_498_20220101__20220630__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember_zD0pLpcFyXFa" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_497_20220101__20220630_zyxTRD2jxE09" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr id="xdx_40C_eus-gaap--Goodwill_iS_pn3n3_zcjUkbPPKkFc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 55%">Balance at January 1, 2022</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">72,230</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">73,912</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">146,142</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_40A_eus-gaap--GoodwillImpairmentLoss_iN_pn3n3_di_zxZ3cJfolNGg" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt">Impairment</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(28,861</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0822">—</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(28,861</td><td style="text-align: left">)</td></tr>
<tr id="xdx_400_eus-gaap--GoodwillTranslationAndPurchaseAccountingAdjustments_iN_pn3n3_di_zWK2nPwN1JXj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Effect of foreign currency translation</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">(5,709</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">(5,835</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">(11,544</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr id="xdx_404_eus-gaap--Goodwill_iE_pn3n3_zOGS2mMfpjx" style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt">Balance at June 30, 2022</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">37,660</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">68,077</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">105,737</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
72230000
73912000
146142000
28861000
28861000
5709000
5835000
11544000
37660000
68077000
105737000
28900000
<p id="xdx_895_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_zrPFv7gQsEK6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definite-lived
intangible assets, net consisted of the following:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B6_zVqy9ym6Noo" style="display: none">SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS</span></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td id="xdx_48B_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_zkQ9KoGlwdI3" style="border-bottom: Black 0.5pt solid; text-align: right">1</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td id="xdx_488_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNE_pn3n3_di_zAdA50lzZcU8" style="border-bottom: Black 0.5pt solid; text-align: right">2</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td id="xdx_487_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_z1Q0FHqLdXr8" style="border-bottom: Black 0.5pt solid; text-align: right">3</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="background-color: White; text-align: center"><b>Weighted</b></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td colspan="9" style="border-bottom: Black 0.5pt solid; background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>June
30, 2022</b></p></td><td style="background-color: White; text-align: center"><b> </b></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Average</b></p></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>Gross</b></p></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="background-color: White; text-align: center"><b> </b></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="background-color: White; text-align: center"><b>Net </b></td><td style="background-color: White; text-align: center"><b> </b></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Amortization</b></p></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Carrying</b></p></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Accumulated</b></p><b/></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="background-color: White; text-align: center"><b>Carrying </b></td><td style="background-color: White; text-align: center"><b> </b></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="border-bottom: Black 0.5pt solid; background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Period</b></p></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="border-bottom: Black 0.5pt solid; background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Amount</b></p></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="border-bottom: Black 0.5pt solid; background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Amortization</b></p><b/></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="border-bottom: Black 0.5pt solid; background-color: White; text-align: center"><b>Amount </b></td><td style="background-color: White; text-align: center"><b> </b></td></tr>
<tr id="xdx_411_20220630__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--DevelopedTechnologyRightsMember_ztY2rB4ksKNk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 44%; text-align: left">Developed technology</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20220101__20220630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--DevelopedTechnologyRightsMember_zinfa5Gpvht9" title="Weighted Average Amortization Period">3.0</span> years</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">25,228</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(12,614</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">12,614</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_412_20220630__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--ContentLicensesMember_zleGizpwjGja" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Third-party content licenses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20220101__20220630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ContentLicensesMember_zyt1Enp4V3Vj" title="Weighted Average Amortization Period">4.6</span> years</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">22,938</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,251</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">21,687</td><td style="text-align: left"> </td></tr>
<tr id="xdx_41E_20220630__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--InProcessTechnologyMember_z3el4pYWBne4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">In-process technology</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,499</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0846">—</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,499</td><td style="text-align: left"> </td></tr>
<tr id="xdx_41B_20220630__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zSCGbODTudQh" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Customer relationships</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20220101__20220630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zENWqWO3cIr5" title="Weighted Average Amortization Period">3.6</span> years</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,335</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,721</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,614</td><td style="text-align: left"> </td></tr>
<tr id="xdx_41F_20220630__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TrademarksAndTradeNamesMember_zIgOaCjUiAwd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Trade names and trademarks</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20220101__20220630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TrademarksAndTradeNamesMember_zTjU4YzABjma" title="Weighted Average Amortization Period">10.0</span> years</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,243</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,059</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,184</td><td style="text-align: left"> </td></tr>
<tr id="xdx_418_20220630__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicenseMember_zwCegWFnjU95" style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1.5pt">Gaming licenses</td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20220101__20220630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicenseMember_zPi4WWdNLeY9" title="Weighted Average Amortization Period">7.3</span> years</span></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">1,978</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">(1,206</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">772</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_c20220630_zYQmP2nFVmvd" style="border-bottom: Black 2.5pt double; text-align: right" title="Gross Carrying Amount">71,221</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNE_pn3n3_di_c20220630_zi6jRvyMsIn" style="border-bottom: Black 2.5pt double; text-align: right" title="Accumulated Amortization">(18,851</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_c20220630_zylf1o7Ppyva" style="border-bottom: Black 2.5pt double; text-align: right" title="Net Carrying Amount">52,370</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in thousands, except share and per share amounts) </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Amortization</b></p></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td id="xdx_484_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_zf1BeG2Pmmhc" style="background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Carrying</b></p></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td id="xdx_48A_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNE_pn3n3_di_za9mDFd7dAAd" style="background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Accumulated</b></p><b/></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td id="xdx_487_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_zr5890uPub7g" style="background-color: White; text-align: center"><b>Carrying </b></td><td style="background-color: White; text-align: center"><b> </b></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="background-color: White; text-align: center"><b>Weighted</b></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td colspan="9" style="border-bottom: Black 0.5pt solid; background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>December
31, 2021</b></p></td><td style="background-color: White; text-align: center"><b> </b></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="background-color: White; text-align: center; width: 44%"><b> </b></td><td style="text-align: center; background-color: White; width: 2%"><b> </b></td>
<td style="background-color: White; text-align: center; width: 1%"><b> </b></td><td style="background-color: White; text-align: center; width: 10%"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Average</b></p></td><td style="background-color: White; text-align: center; width: 1%"><b> </b></td><td style="text-align: center; background-color: White; width: 2%"><b> </b></td>
<td style="background-color: White; text-align: center; width: 1%"><b> </b></td><td style="background-color: White; text-align: center; width: 10%"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>Gross</b></p></td><td style="background-color: White; text-align: center; width: 1%"><b> </b></td><td style="text-align: center; background-color: White; width: 2%"><b> </b></td>
<td style="background-color: White; text-align: center; width: 1%"><b> </b></td><td style="background-color: White; text-align: center; width: 10%"><b> </b></td><td style="background-color: White; text-align: center; width: 1%"><b> </b></td><td style="text-align: center; background-color: White; width: 2%"><b> </b></td>
<td style="background-color: White; text-align: center; width: 1%"><b> </b></td><td style="background-color: White; text-align: center; width: 10%"><b>Net </b></td><td style="background-color: White; text-align: center; width: 1%"><b> </b></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Amortization</b></p></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Carrying</b></p></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Accumulated</b></p><b/></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="background-color: White; text-align: center"><b>Carrying </b></td><td style="background-color: White; text-align: center"><b> </b></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="border-bottom: Black 0.5pt solid; background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Period</b></p></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="border-bottom: Black 0.5pt solid; background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Amount</b></p></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="border-bottom: Black 0.5pt solid; background-color: White; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Amortization</b></p><b/></td><td style="background-color: White; text-align: center"><b> </b></td><td style="text-align: center; background-color: White"><b> </b></td>
<td style="background-color: White; text-align: center"><b> </b></td><td style="border-bottom: Black 0.5pt solid; background-color: White; text-align: center"><b>Amount </b></td><td style="background-color: White; text-align: center"><b> </b></td></tr>
<tr id="xdx_41C_20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--DevelopedTechnologyRightsMember_z9G2GpZDqqed" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Developed technology</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20210101__20211231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--DevelopedTechnologyRightsMember_zdyBVTDUnxSa" title="Weighted Average Amortization Period">3.0</span> years</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">27,390</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(9,130</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">18,260</td><td style="text-align: left"> </td></tr>
<tr id="xdx_413_20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--InProcessTechnologyMember_z52vbn84Urz8" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">In-process technology</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,142</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0878"><span style="-sec-ix-hidden: xdx2ixbrl0881">—</span></span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,142</td><td style="text-align: left"> </td></tr>
<tr id="xdx_416_20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_z7oRk1Sicx36" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Customer relationships</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20210101__20211231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zP6qgeXcxAa8" title="Weighted Average Amortization Period">3.0</span> years</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,460</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,820</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,640</td><td style="text-align: left"> </td></tr>
<tr id="xdx_41C_20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TrademarksAndTradeNamesMember_zBYHz3Tno5I1" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Trade names and trademarks</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20210101__20211231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TrademarksAndTradeNamesMember_zFt7dc5tCeAa" title="Weighted Average Amortization Period">10.0</span> years</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,699</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(882</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,817</td><td style="text-align: left"> </td></tr>
<tr id="xdx_415_20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicenseMember_ztU2YfdxsiIf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Gaming licenses</td><td style="padding-bottom: 1.5pt"> </td>
<td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20210101__20211231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicenseMember_zuSTBDrubmig" title="Weighted Average Amortization Period">6.4</span> years</span></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">2,219</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">(1,185</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">1,034</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="text-align: left"> </td><td style="text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_985_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_c20211231_zMKuJvLBOU97" style="border-bottom: Black 2.5pt double; text-align: right" title="Finite-Lived Intangible Assets, Gross">48,910</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNE_pn3n3_di_c20211231_z4ukR9y5v5Bc" style="border-bottom: Black 2.5pt double; text-align: right" title="Finite-Lived Intangible Assets, Accumulated Amortization">(13,017</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_c20211231_z913LT87j6gc" style="border-bottom: Black 2.5pt double; text-align: right" title="Finite-Lived Intangible Assets, Net">35,893</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
P3Y
25228000
12614000
12614000
P4Y7M6D
22938000
1251000
21687000
7499000
7499000
P3Y7M6D
8335000
2721000
5614000
P10Y
5243000
1059000
4184000
P7Y3M18D
1978000
1206000
772000
71221000
18851000
52370000
P3Y
27390000
27390000
9130000
9130000
18260000
18260000
8142000
8142000
8142000
8142000
P3Y
5460000
5460000
1820000
1820000
3640000
3640000
P10Y
5699000
5699000
882000
882000
4817000
4817000
P6Y4M24D
2219000
2219000
1185000
1185000
1034000
1034000
48910000
13017000
35893000
4230000
2968000
7150000
5963000
<p id="xdx_89B_eus-gaap--ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_zVKrbWApyqz8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated
amortization expense for the next five years is as follows:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BA_zaAiTeI3L0eh" style="display: none">SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS, FUTURE AMORTIZATION EXPENSE</span> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_498_20220630_zYM2eU0jMgRj" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr id="xdx_40E_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear_iI_pn3n3_zAcX4pH9Mhwd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 83%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remainder of 2022</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">8,341</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_401_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_iI_pn3n3_zQUoyGGPPUT2" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">2023</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,666</td><td style="text-align: left"> </td></tr>
<tr id="xdx_408_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_iI_pn3n3_z2S2OQ2DNlz8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">2024</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,437</td><td style="text-align: left"> </td></tr>
<tr id="xdx_400_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_iI_pn3n3_z5d3VMWVEXoj" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">2025</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,425</td><td style="text-align: left"> </td></tr>
<tr id="xdx_40F_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_iI_pn3n3_zNeUBf7fd2h1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">2026</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,924</td><td style="text-align: left"> </td></tr>
<tr id="xdx_40F_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive_iI_pn3n3_zJS3oDPdrrwb" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thereafter</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,577</td><td style="text-align: left"> </td></tr>
</table>
8341000
16666000
6437000
6425000
4924000
9577000
<p id="xdx_805_eus-gaap--AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock_z8lhInMBVZl1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
8 — <span id="xdx_828_zIlFZnVftLg1">ACCRUED EXPENSES</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_895_eus-gaap--ScheduleOfAccruedLiabilitiesTableTextBlock_zUNTkenCvHq1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
expenses consisted of the following:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8BC_zsEC1mQBwGPk" style="display: none">SCHEDULE OF ACCRUED EXPENSES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_498_20220630_zhVn8OJfuL4f" style="border-bottom: Black 0.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></p></td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49F_20211231_zg0uZAjTnrG5" style="border-bottom: Black 0.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></p></td><td style="padding-bottom: 1.5pt"> </td></tr>
<tr id="xdx_40C_ecustom--AccruedLicensingFeesCurrent_iI_pn3n3_maALCziPD_zaPdLlPlTe72" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 60%; text-align: left">Content license fees</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,603</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,402</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_401_eus-gaap--SalesAndExciseTaxPayableCurrent_iI_pn3n3_maALCziPD_zwrGbltsywOi" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Sales taxes</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">838</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,400</td><td style="text-align: left"> </td></tr>
<tr id="xdx_401_eus-gaap--AccruedIncomeTaxesCurrent_iI_pn3n3_maALCziPD_z26HfvbMxZa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Income taxes</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">240</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">245</td><td style="text-align: left"> </td></tr>
<tr id="xdx_407_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pn3n3_maALCziPD_zrxav8NBKsAh" style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">662</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">622</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr id="xdx_40C_eus-gaap--AccruedLiabilitiesCurrent_iTI_pn3n3_mtALCziPD_zEXhPXKBnkKh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,343</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,669</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p id="xdx_8A4_zLK7bnVzMi56" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_895_eus-gaap--ScheduleOfAccruedLiabilitiesTableTextBlock_zUNTkenCvHq1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
expenses consisted of the following:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8BC_zsEC1mQBwGPk" style="display: none">SCHEDULE OF ACCRUED EXPENSES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_498_20220630_zhVn8OJfuL4f" style="border-bottom: Black 0.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></p></td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49F_20211231_zg0uZAjTnrG5" style="border-bottom: Black 0.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></p></td><td style="padding-bottom: 1.5pt"> </td></tr>
<tr id="xdx_40C_ecustom--AccruedLicensingFeesCurrent_iI_pn3n3_maALCziPD_zaPdLlPlTe72" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 60%; text-align: left">Content license fees</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,603</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,402</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_401_eus-gaap--SalesAndExciseTaxPayableCurrent_iI_pn3n3_maALCziPD_zwrGbltsywOi" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Sales taxes</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">838</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,400</td><td style="text-align: left"> </td></tr>
<tr id="xdx_401_eus-gaap--AccruedIncomeTaxesCurrent_iI_pn3n3_maALCziPD_z26HfvbMxZa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Income taxes</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">240</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">245</td><td style="text-align: left"> </td></tr>
<tr id="xdx_407_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pn3n3_maALCziPD_zrxav8NBKsAh" style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">662</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">622</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr id="xdx_40C_eus-gaap--AccruedLiabilitiesCurrent_iTI_pn3n3_mtALCziPD_zEXhPXKBnkKh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,343</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,669</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
1603000
2402000
838000
1400000
240000
245000
662000
622000
3343000
4669000
<p id="xdx_807_eus-gaap--OtherLiabilitiesDisclosureTextBlock_zfgxnRly4Sjc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
9 — <span id="xdx_82A_z2mx7KffxiS1">OTHER CURRENT LIABILITIES</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>
<p id="xdx_897_eus-gaap--OtherCurrentLiabilitiesTableTextBlock_z3RbQipPEBwc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
current liabilities consisted of the following:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BF_zf7Smrk20q8a" style="display: none">SCHEDULE OF OTHER CURRENT LIABILITIES</span> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_498_20220630_zTYMyxPK7EOd" style="border-bottom: Black 0.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></p></td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49F_20211231_zZwGGVT1budc" style="border-bottom: Black 0.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></p></td><td style="padding-bottom: 1.5pt"> </td></tr>
<tr id="xdx_400_ecustom--AmountsDueToCustomersCurrent_iI_pn3n3_maOLCzKya_zXN9B3PfY8Ql" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 60%; text-align: left">Revenue share due to SIM customers</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">968</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,171</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_403_ecustom--OperatingLeaseLiabilitiesCurrent_iI_pn3n3_maOLCzKya_zs1J69Mj8MQ6" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Operating lease liabilities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">415</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">472</td><td style="text-align: left"> </td></tr>
<tr id="xdx_404_eus-gaap--ContractWithCustomerLiabilityCurrent_iI_pn3n3_maOLCzKya_zDgpyPGroXLd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Contract liabilities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">570</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">261</td><td style="text-align: left"> </td></tr>
<tr id="xdx_406_eus-gaap--OtherSundryLiabilitiesCurrent_iI_pn3n3_maOLCzKya_zkeYSj2dOPJa" style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">917</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">247</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr id="xdx_407_eus-gaap--OtherLiabilitiesCurrent_iTI_pn3n3_mtOLCzKya_zNUJkZJNtRKa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,870</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,151</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p id="xdx_8A1_zTzQe80Q4aC3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>GAN LIMITED</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">(in thousands, except share and per share amounts)</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
share due to SIM customers represents the fees collected for in-game virtual purchases made by end-user players which are due to the
customers for their share of the SIM revenues generated from the Company’s platform.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_897_eus-gaap--OtherCurrentLiabilitiesTableTextBlock_z3RbQipPEBwc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
current liabilities consisted of the following:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BF_zf7Smrk20q8a" style="display: none">SCHEDULE OF OTHER CURRENT LIABILITIES</span> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_498_20220630_zTYMyxPK7EOd" style="border-bottom: Black 0.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></p></td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49F_20211231_zZwGGVT1budc" style="border-bottom: Black 0.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></p></td><td style="padding-bottom: 1.5pt"> </td></tr>
<tr id="xdx_400_ecustom--AmountsDueToCustomersCurrent_iI_pn3n3_maOLCzKya_zXN9B3PfY8Ql" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 60%; text-align: left">Revenue share due to SIM customers</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">968</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,171</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_403_ecustom--OperatingLeaseLiabilitiesCurrent_iI_pn3n3_maOLCzKya_zs1J69Mj8MQ6" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Operating lease liabilities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">415</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">472</td><td style="text-align: left"> </td></tr>
<tr id="xdx_404_eus-gaap--ContractWithCustomerLiabilityCurrent_iI_pn3n3_maOLCzKya_zDgpyPGroXLd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Contract liabilities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">570</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">261</td><td style="text-align: left"> </td></tr>
<tr id="xdx_406_eus-gaap--OtherSundryLiabilitiesCurrent_iI_pn3n3_maOLCzKya_zkeYSj2dOPJa" style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">917</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">247</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr id="xdx_407_eus-gaap--OtherLiabilitiesCurrent_iTI_pn3n3_mtOLCzKya_zNUJkZJNtRKa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,870</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,151</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
968000
2171000
415000
472000
570000
261000
917000
247000
2870000
3151000
<p id="xdx_80A_eus-gaap--DebtDisclosureTextBlock_zGBs1dk457e7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10 — <span id="xdx_821_zKLnLXUYJL0g">DEBT</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 26, 2022, a subsidiary of the Company entered into a fixed term credit facility (the “Credit Facility”) which provides
for $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20220426_zQINyjxHPihg" title="Debt principal amount">30.0</span> million in aggregate principal amount of secured term loans with a floating interest rate of 3-month SOFR (subject to a <span id="xdx_908_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20220426__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--InterestRateFloorMember_zx4e6JHI83K" title="Inerest rate">1</span>%
floor) + <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20220426_zgZ79jTGAfvi" title="Interest rate">9.5</span>%. The Credit Facility matures on <span id="xdx_900_eus-gaap--DebtInstrumentMaturityDate_dd_c20220425__20220426_zJFdgUvGi4b" title="Maturity date">October 26, 2026</span> and is fully guaranteed by the Company. There are no scheduled principal
payments due under the Credit Facility until maturity. Interest payments are payable in arrears on the last business day of each calendar
quarter and at the maturity date.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company incurred $<span id="xdx_908_eus-gaap--DeferredFinanceCostsGross_iI_pn5n6_c20220630_zPngd4Zqg0w8" title="Debt issuance costs">2.4</span> million in debt issuance costs during the three and six months ended June 30, 2022 in connection with the Credit
Facility, which have been recorded as a direct reduction against the debt and amortized over the life of the associated debt as a component
of interest expense using the effective interest method. The net funds received from the Credit Facility, after deducting debt issuance
costs, was $<span id="xdx_904_eus-gaap--LineOfCredit_iI_pn5n6_c20220630_zKeNIRPZhFwk" title="Credit facility amount">27.6</span> million.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Debt
Covenants</i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Credit Facility contains affirmative and negative covenants, including certain financial covenants associated with the Company’s
financial results. The negative covenants include restrictions regarding the incurrence of liens and indebtedness, certain merger and
acquisition transactions, asset sales and other dispositions, other investments, dividends, share purchases and payments affecting subsidiaries,
changes in nature of business, fiscal year or organizational documents, transactions with affiliates, and other matters.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company was in compliance with all financial covenants as of June 30, 2022.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Credit Facility contains customary events of default, including, among others: non-payments of principal and interest; breach of representations
and warranties; covenant defaults; the existence of bankruptcy or insolvency proceedings; certain events under ERISA; gaming license
revocations in material jurisdictions; material judgments; and a change of control. If an event of default occurs and is not cured within
any applicable grace period or is not waived, the administrative agent and the lender are entitled to take various actions, including,
without limitation, the acceleration of all amounts due and the termination of commitments under the Credit Facility.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_89B_eus-gaap--ScheduleOfDebtInstrumentsTextBlock_zHyhVptyYNF2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
carrying values of the Company’s long-term debt consist of the following:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B5_zLtXAqdE6Tz6" style="display: none">SCHEDULE
OF LONG TERM DEBT</span> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><p style="text-align: center; margin-top: 0; margin-bottom: 0">Effective Interest</p>
<p style="text-align: center; margin-top: 0; margin-bottom: 0">Rate</p></td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_496_20220630_znBaZkh7dn8g" style="border-bottom: Black 0.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30, 2022</b></span></p></td><td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-style: italic; text-align: left">Credit Facility:</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr id="xdx_400_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_zezNjDga4Ps9" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt; width: 60%">Principal</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: center"> </td><td style="width: 16%; text-align: center"><span id="xdx_907_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220630_zf5TGkFCPI87" title="Effective interest rate">13.87</span>%</td><td style="width: 1%; text-align: left"/><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">30,000</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_409_eus-gaap--DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet_iI_pn3n3_zvBuAnAUBVBa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Less unamortized debt issuance costs</td><td style="padding-bottom: 1.5pt"> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">(2,330</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr id="xdx_40E_eus-gaap--LongTermDebt_iI_pn3n3_zoOTu2djgA5i" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 30pt; text-align: left; padding-bottom: 2.5pt">Long-term debt, net</td><td style="padding-bottom: 2.5pt"> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">27,670</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p id="xdx_8AC_zqWMhO3C8ur" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the three and six months ended June 30, 2022 the Company incurred $<span id="xdx_90D_eus-gaap--InterestExpenseDebt_pn3n3_c20220401__20220630_zzvIFp9mrygb" title="Interest expense"><span id="xdx_902_eus-gaap--InterestExpenseDebt_pn3n3_c20220101__20220630_zRKSEvxICgXe" title="Interest expense">664</span></span> in interest expense, of which $<span id="xdx_902_eus-gaap--AmortizationOfFinancingCosts_pn3n3_c20220401__20220630_zbaeBIok0kDi" title="Amortization of debt issuance costs"><span id="xdx_90C_eus-gaap--AmortizationOfFinancingCosts_pn3n3_c20220101__20220630_zLgTtuaeiJAd" title="Amortization of debt issuance costs">95</span></span> relates to the amortization
of debt issuance costs.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>GAN LIMITED</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">(in thousands, except share and per share amounts)</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
30000000.0
0.01
0.095
2026-10-26
2400000
27600000
<p id="xdx_89B_eus-gaap--ScheduleOfDebtInstrumentsTextBlock_zHyhVptyYNF2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
carrying values of the Company’s long-term debt consist of the following:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B5_zLtXAqdE6Tz6" style="display: none">SCHEDULE
OF LONG TERM DEBT</span> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><p style="text-align: center; margin-top: 0; margin-bottom: 0">Effective Interest</p>
<p style="text-align: center; margin-top: 0; margin-bottom: 0">Rate</p></td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_496_20220630_znBaZkh7dn8g" style="border-bottom: Black 0.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30, 2022</b></span></p></td><td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-style: italic; text-align: left">Credit Facility:</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr id="xdx_400_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_zezNjDga4Ps9" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt; width: 60%">Principal</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: center"> </td><td style="width: 16%; text-align: center"><span id="xdx_907_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220630_zf5TGkFCPI87" title="Effective interest rate">13.87</span>%</td><td style="width: 1%; text-align: left"/><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">30,000</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_409_eus-gaap--DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet_iI_pn3n3_zvBuAnAUBVBa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Less unamortized debt issuance costs</td><td style="padding-bottom: 1.5pt"> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">(2,330</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr id="xdx_40E_eus-gaap--LongTermDebt_iI_pn3n3_zoOTu2djgA5i" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 30pt; text-align: left; padding-bottom: 2.5pt">Long-term debt, net</td><td style="padding-bottom: 2.5pt"> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">27,670</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
0.1387
30000000
-2330000
27670000
664000
664000
95000
95000
<p id="xdx_80D_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zDFAvLM8O6o1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
11 — <span id="xdx_82D_zInPfdsjSJrb">SHARE-BASED COMPENSATION</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
April 2020, the Board of Directors established the GAN Limited 2020 Equity Incentive Plan (“2020 Plan”) which has been approved
by the Company’s shareholders. The 2020 Plan initially provides for grants of up to <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_pid_c20200430__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEquityIncentivePlanMember_zL3eJRCWrs1j" title="Granted ordinary shares">4,400,000</span> ordinary shares, which then increases
through 2029, by the lesser of <span id="xdx_906_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfPriorYearsOutstandingSharesIncreaseInNumberOfSharesAvailableForGrant_iI_pid_dp_uPure_c20200430__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEquityIncentivePlanMember_zoIGtHAmWLIi" title="Granted ordinary shares, increased percentage">4</span>% of the previous year’s total outstanding ordinary shares on December 31<sup>st</sup> or as determined
by the Board of Directors, for ordinary shares, incentive share options, nonqualified share options, share appreciation rights, restricted
share grants, share units, and other equity awards for issuance to employees, consultants or non-employee directors. At June 30, 2022,
the 2020 Plan provided for grants of up to <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_pid_c20220630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEquityIncentivePlanMember_zRZtozy0Bonk" title="Granted ordinary shares">7,559,574</span> ordinary shares and there were <span id="xdx_909_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_c20220630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEquityIncentivePlanMember_zxk6RGFvfis6" title="Granted ordinary shares, future issuance">404,069</span> ordinary shares available for future issuance
under the 2020 Plan.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Share
Options</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_89B_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zkns3sXDkjUf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
summary of the share option activity as of and for the six months ended June 30, 2022 is as follows:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BB_zvqmgLXrJbnb" style="display: none">SCHEDULE OF SHARE-BASED COMPENSATION, OPTION ACTIVITY</span> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Number of Shares</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exercise</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Price</b></span></p></td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted Average Contractual</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Term</b></span></p></td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Aggregate Intrinsic Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 44%">Outstanding at December 31, 2021</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20220101__20220630_zBUzIxG301ka" style="width: 10%; text-align: right" title="Number of Shares, Outstanding, beginning balance">4,138,215</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20220101__20220630_zAmymoPOCKl3" style="width: 10%; text-align: right" title="Weighted Average Exercise Price, Outstanding, beginning balance">13.05</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"><span id="xdx_905_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20210101__20211231_z3xmprjGpFYk" title="Weighted average contractual term, outstanding beginning">8.05</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20220101__20220630_zDnCte9WiF1" style="width: 10%; text-align: right" title="Aggregate intrinsic value, outstanding">11,229</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt">Granted</td><td> </td>
<td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20220101__20220630_ztmSolOGycEg" style="text-align: right" title="Number of Shares, Granted">910,563</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20220101__20220630_zeZvcquXz7Yb" style="text-align: right" title="Weighted Average Exercise Price, Granted">0.03</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt">Exercised</td><td> </td>
<td style="text-align: left"> </td><td id="xdx_986_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20220101__20220630_zawq91LpCs8a" style="text-align: right" title="Number of Shares, Exercised">(125,416</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20220101__20220630_zVlmGkWFh3Xf" style="text-align: right" title="Weighted Average Exercise Price, Exercised">3.29</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Forfeited/expired or cancelled</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20220101__20220630_zcmHBFME6pWe" style="border-bottom: Black 0.5pt solid; text-align: right" title="Number of Shares, Forfeited/expired or cancelled">(763,061</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20220101__20220630_zY7eJRnw4UU6" style="text-align: right" title="Weighted Average Exercise Price, Forfeited/expired or cancelled">17.71</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt">Outstanding at June 30, 2022</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20220101__20220630_z9z0X1DEj84" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares,Outstanding, ending balance">4,160,301</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20220101__20220630_zh7Qo4iUCNQ5" style="text-align: right" title="Weighted Average Exercise Price, Outstanding, ending balance">9.87</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20220101__20220630_zY8MVvBbkDdi" title="Weighted average contractual term, outstanding ending">7.79</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pn3n3_c20220101__20220630_zr5UQuHFovbe" style="border-bottom: Black 2.5pt double; text-align: right" title="Aggregate intrinsic value, outstanding">3,203</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt">Options exercisable at June 30, 2022</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_pid_c20220101__20220630_zh6qafb85tWc" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares, Options, exercisable at end of period">2,370,373</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_pid_c20220101__20220630_zfmaQLWvIwn2" style="text-align: right" title="Weighted Average Exercise Price, Options, exercisable at end of period">7.47</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20220101__20220630_zfTrU08AzMC1" title="Weighted average contractual term, option exercisable">7.47</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iE_pn3n3_c20220101__20220630_za5T3oiU3fY8" style="border-bottom: Black 2.5pt double; text-align: right" title="Aggregate intrinsic value, Options, exercisable at end of period">1,565</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p id="xdx_8A6_zimoF0Ac4l48" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recorded share-based compensation expense related to share options of $<span id="xdx_90E_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220401__20220630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zLTHJm99Ut6j" title="Share-based compensation expense">1,265</span>
and $<span id="xdx_90A_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20210401__20210630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zuvAaAGqBr67" title="Share-based compensation expense">1,807</span>
for the three months ended June 30, 2022 and 2021, respectively, and $<span id="xdx_90B_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20220630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zz7r2XO2I0Xl" title="Share-based compensation expense">1,648</span>
and $<span id="xdx_90D_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20210101__20210630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zg7Dzeaa6Oak" title="Share-based compensation expense">2,946</span>
for the six months ended June 30, 2022 and 2021, respectively. Such share-based compensation expense was recorded net of capitalized
software development costs of $<span id="xdx_90B_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220401__20220630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareDevelopmentMember_zDVM2KIyl1C9">139</span> and $<span id="xdx_903_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20210401__20210630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareDevelopmentMember_ziIpOuyZIef9" title="Share-based compensation expense">57</span>
for the three months ended June 30, 2022 and 2021, and $<span id="xdx_903_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20220630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareDevelopmentMember_zO02dHOygsbb" title="Share-based compensation expense">139</span>
and $<span id="xdx_909_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20210101__20210630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareDevelopmentMember_zjsDBFuuhgnd" title="Share-based compensation expense">105</span>
for the six months ended June 30, 2022 and 2021, respectively. At June 30, 2022, there was total unrecognized compensation cost of
$<span id="xdx_905_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_c20220630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z7ExJkINVLDa" title="Unrecognized compensation cost">13,459</span>
related to nonvested share options. The unrecognized compensation cost is expected to be recognized over a weighted-average period
of <span id="xdx_90C_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20220101__20220630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zKCC2y43BHwa" title="Recognized weighted-average period">2.8</span>
years.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share
option awards generally vest <span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_dp_uPure_c20220101__20220630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zPxYH1LZ0y0e" title="Vesting percentage">25</span>% <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardTermsOfAward_c20220101__20220630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zs9DN1WcKBo1" title="Vesting term, description">after one year and then monthly over the next 36 months thereafter and have a maximum term of ten years.</span>
During the six months ended June 30, 2022, the Board of Directors approved the issuance of options to purchase <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward_c20220101__20220630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__us-gaap--PlanNameAxis__custom--TwentyTwentyPlanMember_znMlajsHXIll" title="Shares purchased">910,563</span> ordinary shares
to employees under the 2020 Plan, including <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20220101__20220630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__us-gaap--PlanNameAxis__custom--TwentyTwentyPlanMember__srt--TitleOfIndividualAxis__custom--EuropeanBasedEmployeesMember_zN0WWEISocc8" title="Shares granted">907,563</span> share options granted with an exercise price of $<span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20220101__20220630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__us-gaap--PlanNameAxis__custom--TwentyTwentyPlanMember__srt--TitleOfIndividualAxis__custom--EuropeanBasedEmployeesMember_zk7d2cbRONX8" title="Exercise price">0.01</span> per share to certain European-based
employees in lieu of restricted share units. The value of these options are based on the market value of the Company’s ordinary
shares at the date of the grant. The weighted average grant date fair value of options granted was $<span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20220401__20220630_zNGMEkn7Yfec" title="Weighted average grant date fair value of options">3.89</span> and $<span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20210401__20210630_zaPbNRAjs6Ki" title="Weighted average grant date fair value of options">9.17</span> for the three months
ended June 30, 2022 and 2021, respectively, and $<span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20220101__20220630_z98Yt7Z8EIu7" title="Weighted average grant date fair value of options">4.55</span> and $<span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20210101__20210630_zfnhbD0iNMA8" title="Weighted average grant date fair value of options">12.10</span> for the six months ended June 30, 2022 and 2021, respectively.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Restricted
Share Units</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted
share units are issued to non-employee directors and employees. For equity-classified restricted share units, the fair value of restricted
share units is based on fair market value of the Company’s ordinary shares on the date of grant and is amortized on a straight-line
basis over the vesting period.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>GAN LIMITED</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">(in thousands, except share and per share amounts)</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2022, the Board of Directors approved the issuance of <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20220101__20220131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_zksQosT6CRn" title="Restricted stock issued">108,720</span> restricted share units to employees. The restricted share units
vest over <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dc_c20220101__20220131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_zvYy35M9PND2" title="Restricted vested units, term">four years</span> from the date of grant with <span id="xdx_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_pid_dp_uPure_c20220101__20220131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_zwFL0G1QNBAc" title="Restricted vested units, granted percentage">25</span>% vesting per year on the anniversary of the grant date. The terms of the awards stipulate
that the vesting of any outstanding restricted share units will be pro-rated for employees if their employment terminates after the first
anniversary of the grant date.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2022, the Board of Directors approved the issuance of <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20220301__20220331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_zAH2QdY80W6c" title="Restricted stock issued">1,117,437</span> restricted share units to its employees. The restricted share units
vest over <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dc_c20220301__20220331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_zgzUOVO3wRek" title="Restricted vested units, term">four years</span> from the date of grant with <span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_pid_dp_uPure_c20220301__20220331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_zqCNpWO1lxAd" title="Restricted vested units, granted percentage">25</span>% vesting per year on the anniversary of the grant date. The terms of the awards stipulate
that the vesting of any outstanding restricted share units will be pro-rated for employees if their employment terminates after the first
anniversary of the grant date. Additionally, <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20220301__20220331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--NonEmployeeDirectorsMember_zpupkOw9sHL1" title="Restricted shares">73,446</span> restricted share units were granted to its non-employee directors which vest on December
31, 2022.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
June 2022, the Board of Directors approved the issuance of <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20220601__20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_z4tQnp2aIhBl" title="Restricted stock issued">28,754</span> restricted share units to its employees. The restricted share units
vest over <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dc_c20220601__20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_z4UKuoqZYcVa" title="Restricted vested units, term">four years</span> from the date of grant with <span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_pid_dp_uPure_c20220601__20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_zPHVs98edvZ6" title="Restricted vested units, granted percentage">25</span>% vesting per year on the anniversary of the grant date. The terms of the awards stipulate
that the vesting of any outstanding restricted share units will be pro-rated for employees if their employment terminates after the first
anniversary of the grant date.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company withholds a portion of the restricted share units granted to its non-employee directors upon vesting in order to remit a cash
payment to the directors equal to their tax expense. At June 30, 2022, the Company recognized a liability for outstanding and nonvested
restricted share units held by non-employee directors of $<span id="xdx_900_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_iI_pn3n3_c20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--NonEmployeeDirectorsMember_zNO8chll0bmg" title="Recognized outstanding liability">116</span>. The liabilities are recorded in accrued compensation and benefits in the
condensed consolidated balance sheets.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recorded share-based compensation expense related to restricted share units of $<span id="xdx_90D_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220401__20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zRaIEZbpBulc" title="Share-based compensation expense">1,269</span> and $<span id="xdx_903_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20210401__20210630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zyKJOEkW92b2" title="Share-based compensation expense">105</span> for the three months ended June
30, 2022 and 2021, respectively, and $<span id="xdx_90E_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z6TJQ0MUqkok" title="Share-based compensation expense">2,193</span> and $<span id="xdx_909_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20210101__20210630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zQDisvLbcSW4" title="Share-based compensation expense">130</span> for the six months ended June 30, 2022 and 2021, respectively. At June 30, 2022,
there was total unrecognized compensation cost of $<span id="xdx_90F_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_iI_pn3n3_c20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_znt3HJYMUiv7" title="Unrecognized compensation cost">7,810</span> related to nonvested restricted share units The unrecognized compensation cost
is expected to be recognized over a weighted-average period of <span id="xdx_903_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20220101__20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zt5Etx41oOji" title="Unrecognized compensation weighted average period">3.3</span> years.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_89A_eus-gaap--ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_z4kl5AMj51Ei" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
summary of the restricted share unit activity as of and for the six months ended June 30, 2022 is as follows:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B6_zV0s5SKvRBu2" style="display: none">SCHEDULE OF SHARE BASED COMPENSATION, UNIT ACTIVITY</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Number of</p>
<p style="margin-top: 0; margin-bottom: 0">Shares</p></td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Weighted</p>
<p style="margin-top: 0; margin-bottom: 0">Average</p>
<p style="margin-top: 0; margin-bottom: 0">Grant Date</p>
<p style="margin-top: 0; margin-bottom: 0">Fair Value</p></td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 68%">Outstanding at December 31, 2021</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20220101__20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zzITrQ6lAx8g" style="width: 12%; text-align: right" title="Number of Shares Outstanding, Beginning Balance">369,140</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20220101__20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zpiCXybQzbSk" style="width: 12%; text-align: right" title="Weighted Average Grant Date Fair Value, Beginning Balance">10.78</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt">Granted</td><td> </td>
<td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_c20220101__20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zLXLacA2BJIj" style="text-align: right" title="Number of Shares, Granted">1,328,357</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20220101__20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zkB1SC8sIhxa" style="text-align: right" title="Weighted Average Grant Date Fair Value, Granted">5.34</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt">Vested</td><td> </td>
<td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_c20220101__20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zIQYGb1190Ea" style="text-align: right" title="Number of Shares, Vested">(2,365</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_c20220101__20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zUp16j8FxBT6" style="text-align: right" title="Weighted Average Grant Date Fair Value, Vested">9.53</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Forfeited or cancelled</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeituresAndExpirations_iN_pid_di_c20220101__20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_za5gVCmx46H7" style="border-bottom: Black 0.5pt solid; text-align: right" title="Number of Shares, Forfeited/expired or cancelled">(54,068</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_c20220101__20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zjgXhOO4K0Zd" style="text-align: right" title="Weighted Average Grant Date Fair Value, Forfeited/expired or cancelled">8.75</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt">Outstanding at June 30, 2022</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20220101__20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zfPpzeLikSq7" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares Outstanding, Ending Balance">1,641,064</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20220101__20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zpgyoQulELja" style="text-align: right" title="Weighted Average Grant Date Fair Value, Ending Balance">6.48</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p id="xdx_8A8_zar4kedAbsQb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>GAN LIMITED</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">(in thousands, except share and per share amounts)</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Restricted
Share Awards</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted
share awards are issued to non-employee directors and certain key employees. The value of a restricted stock award is based on the market
value of the Company’s ordinary shares at the date of the grant.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2021, the Company issued <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20211201__20211231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember__dei--LegalEntityAxis__custom--SilverbackGamingMember_zEGHrrOYsek5" title="Restricted ordinary shares">51,654</span> restricted ordinary shares to the selling shareholders of Silverback Gaming. The restricted
share awards vest one-third on the acquisition date and one-third on each the first and second anniversary dates. The restricted share
awards were issued with a grant date fair value of $<span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20211201__20211231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember__dei--LegalEntityAxis__custom--SilverbackGamingMember_zeLRmhMKkfee" title="Fair value of restricted stock">9.68</span> per share.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recorded share-based compensation expense related to the restricted share awards of $<span id="xdx_906_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220401__20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zCPa8GXbbw88" title="Share-based compensation expense">42</span> and $<span id="xdx_907_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20210401__20210630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zaBbhMZcJ4u1" title="Share-based compensation expense">350</span> for the three months ended June
30, 2022 and 2021, respectively, and $<span id="xdx_902_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zDdWiVZrCUR4" title="Share-based compensation expense">84</span> and $<span id="xdx_902_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20210101__20210630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zaSSvedhzmR" title="Share-based compensation expense">770</span> for the six months ended June 30, 2022 and 2021, respectively. At June 30, 2022, there
was total unrecognized compensation cost of $<span id="xdx_907_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_iI_pn3n3_c20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zCFNeKuUeiQe" title="Unrecognized compensation cost">236</span> related to the nonvested shares granted. The cost is expected to be recognized over
a weighted average period of <span id="xdx_904_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20220101__20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zuSYaax3lw3f" title="Weighted average period, term">1.7</span> years. There were no restricted share awards that vested during the six months ended June 30, 2022.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Employee
Bonuses Issued in Shares</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2021, the Company entered into agreements with certain executive employees which allowed for a portion, or all, of their annual bonus
for the year ended December 31, 2021 to be paid in the form of the Company’s shares. During the six months ended June 30, 2022
the Company settled $<span id="xdx_906_eus-gaap--SettlementOfAssetRetirementObligationsThroughNoncashPaymentsAmount_pn3n3_c20220101__20220630__srt--TitleOfIndividualAxis__custom--EmployeeBonusesMember_zs4cprUAKyC2" title="Settlement of shares">913</span> of the total bonus by issuing <span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_pid_c20220101__20220630__srt--TitleOfIndividualAxis__custom--EmployeeBonusesMember_z3yGJC5Fojrj" title="Vested options">189,959</span> vested options with an exercise price of $<span id="xdx_903_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageExercisePrice_c20220101__20220630__srt--TitleOfIndividualAxis__custom--EmployeeBonusesMember_zWpnNCcezez1" title="Weighted average fair value, vested">0.01</span> per share.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company additionally expects to pay a portion, or all, of certain employee annual bonuses for the year ended December 31, 2022 in the
form of the Company’s shares. The Company expects to settle these bonuses in the first quarter of 2023. The liability and related
employer taxes of $<span id="xdx_903_eus-gaap--CompensatedAbsencesLiability_iI_pn3n3_c20220630__srt--TitleOfIndividualAxis__custom--EmployeeBonusesMember_zzqof6rSr5D7" title="Accrued compensation and employee benefits">658</span> are recorded in accrued compensation and benefits in the condensed consolidated balance sheet at June 30, 2022.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2020
Employee Stock Purchase Plan</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board of Directors established the 2020 Employee Stock Purchase Plan, or the ESPP, which was approved by the Company’s shareholders
in July 2021. The ESPP is intended to qualify under Section 423 of the U.S. Internal Revenue Service Code of 1986, as amended. <span id="xdx_90E_eus-gaap--EmployeeStockOwnershipPlanESOPPlanDescription_c20210101__20211231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEmployeeStockPurchasePlanMember_zR6xpr5yczJ6" title="Employee stock purchase plan, description">The ESPP
provides initially for <span id="xdx_90C_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20210101__20211231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEmployeeStockPurchasePlanMember_zdsjitwOBrwg" title="Shares to be sold">300,000</span> ordinary shares to be sold and increases on February 1, 2022 and on each subsequent February 1 through
and including February 1, 2030, equal to the lesser of (i) 0.25 percent of the number of ordinary shares issued and outstanding on the
immediately preceding December 31, or (ii) 100,000 ordinary shares, or (iii) such number of ordinary shares as determined by the Board
of Directors.</span></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ESPP is designed to allow eligible employees to purchase ordinary shares, at quarterly intervals, with their accumulated payroll
deductions. The participants are offered the option to purchase ordinary shares at a discount during a series of successive offering
periods. The option purchase price may be the lower of <span id="xdx_90F_ecustom--OptionPurchasePrice_pid_dp_uPure_c20210101__20211231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEmployeeStockPurchasePlanMember_z3GNzKAIfZt6" title="Purchase price, rate">85</span>%
of the closing trading price per share of the Company’s ordinary shares on the first trading date of an offering period in
which a participant is enrolled or 85% of the closing trading price per share on the purchase date, which will occur on the last
trading day of each offering period. An offering period is defined as a three-month duration commencing on or about March, June,
September and December of each year. Also, one purchase period is included within each offering period. The Company’s first
offering period commenced on June 1, 2022 and will conclude on August 31, 2022 with its first purchase expected to occur on August
31, 2022. During the three and six months ended June 30, 2022 the Company recognized share-based compensation expenses of $<span id="xdx_907_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_pn3n3_c20220401__20220630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEmployeeStockPurchasePlanMember_zh0ZkRkS7NQ8" title="Share-based compensation expenses"><span id="xdx_908_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_c20220101__20220630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEmployeeStockPurchasePlanMember_pn3n3" title="Share-based compensation expenses">22</span></span>
related to the ESPP.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in thousands, except share and per share amounts) </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"/>
4400000
0.04
7559574
404069
<p id="xdx_89B_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zkns3sXDkjUf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
summary of the share option activity as of and for the six months ended June 30, 2022 is as follows:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BB_zvqmgLXrJbnb" style="display: none">SCHEDULE OF SHARE-BASED COMPENSATION, OPTION ACTIVITY</span> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Number of Shares</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exercise</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Price</b></span></p></td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted Average Contractual</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Term</b></span></p></td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Aggregate Intrinsic Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 44%">Outstanding at December 31, 2021</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20220101__20220630_zBUzIxG301ka" style="width: 10%; text-align: right" title="Number of Shares, Outstanding, beginning balance">4,138,215</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20220101__20220630_zAmymoPOCKl3" style="width: 10%; text-align: right" title="Weighted Average Exercise Price, Outstanding, beginning balance">13.05</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"><span id="xdx_905_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20210101__20211231_z3xmprjGpFYk" title="Weighted average contractual term, outstanding beginning">8.05</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20220101__20220630_zDnCte9WiF1" style="width: 10%; text-align: right" title="Aggregate intrinsic value, outstanding">11,229</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt">Granted</td><td> </td>
<td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20220101__20220630_ztmSolOGycEg" style="text-align: right" title="Number of Shares, Granted">910,563</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20220101__20220630_zeZvcquXz7Yb" style="text-align: right" title="Weighted Average Exercise Price, Granted">0.03</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt">Exercised</td><td> </td>
<td style="text-align: left"> </td><td id="xdx_986_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20220101__20220630_zawq91LpCs8a" style="text-align: right" title="Number of Shares, Exercised">(125,416</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20220101__20220630_zVlmGkWFh3Xf" style="text-align: right" title="Weighted Average Exercise Price, Exercised">3.29</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Forfeited/expired or cancelled</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20220101__20220630_zcmHBFME6pWe" style="border-bottom: Black 0.5pt solid; text-align: right" title="Number of Shares, Forfeited/expired or cancelled">(763,061</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20220101__20220630_zY7eJRnw4UU6" style="text-align: right" title="Weighted Average Exercise Price, Forfeited/expired or cancelled">17.71</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt">Outstanding at June 30, 2022</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20220101__20220630_z9z0X1DEj84" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares,Outstanding, ending balance">4,160,301</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20220101__20220630_zh7Qo4iUCNQ5" style="text-align: right" title="Weighted Average Exercise Price, Outstanding, ending balance">9.87</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20220101__20220630_zY8MVvBbkDdi" title="Weighted average contractual term, outstanding ending">7.79</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pn3n3_c20220101__20220630_zr5UQuHFovbe" style="border-bottom: Black 2.5pt double; text-align: right" title="Aggregate intrinsic value, outstanding">3,203</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt">Options exercisable at June 30, 2022</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_pid_c20220101__20220630_zh6qafb85tWc" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares, Options, exercisable at end of period">2,370,373</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_pid_c20220101__20220630_zfmaQLWvIwn2" style="text-align: right" title="Weighted Average Exercise Price, Options, exercisable at end of period">7.47</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20220101__20220630_zfTrU08AzMC1" title="Weighted average contractual term, option exercisable">7.47</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iE_pn3n3_c20220101__20220630_za5T3oiU3fY8" style="border-bottom: Black 2.5pt double; text-align: right" title="Aggregate intrinsic value, Options, exercisable at end of period">1,565</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
4138215
13.05
P8Y18D
11229000
910563
0.03
125416
3.29
763061
17.71
4160301
9.87
P7Y9M14D
3203000
2370373
7.47
P7Y5M19D
1565000
1265000
1807000
1648000
2946000
139000
57000
139000
105000
13459
P2Y9M18D
0.25
after one year and then monthly over the next 36 months thereafter and have a maximum term of ten years.
910563
907563
0.01
3.89
9.17
4.55
12.10
108720
P4Y
0.25
1117437
P4Y
0.25
73446
28754
P4Y
0.25
116000
1269000
105000
2193000
130000
7810000
P3Y3M18D
<p id="xdx_89A_eus-gaap--ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_z4kl5AMj51Ei" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
summary of the restricted share unit activity as of and for the six months ended June 30, 2022 is as follows:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B6_zV0s5SKvRBu2" style="display: none">SCHEDULE OF SHARE BASED COMPENSATION, UNIT ACTIVITY</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Number of</p>
<p style="margin-top: 0; margin-bottom: 0">Shares</p></td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Weighted</p>
<p style="margin-top: 0; margin-bottom: 0">Average</p>
<p style="margin-top: 0; margin-bottom: 0">Grant Date</p>
<p style="margin-top: 0; margin-bottom: 0">Fair Value</p></td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 68%">Outstanding at December 31, 2021</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20220101__20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zzITrQ6lAx8g" style="width: 12%; text-align: right" title="Number of Shares Outstanding, Beginning Balance">369,140</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20220101__20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zpiCXybQzbSk" style="width: 12%; text-align: right" title="Weighted Average Grant Date Fair Value, Beginning Balance">10.78</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt">Granted</td><td> </td>
<td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_c20220101__20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zLXLacA2BJIj" style="text-align: right" title="Number of Shares, Granted">1,328,357</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20220101__20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zkB1SC8sIhxa" style="text-align: right" title="Weighted Average Grant Date Fair Value, Granted">5.34</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt">Vested</td><td> </td>
<td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_c20220101__20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zIQYGb1190Ea" style="text-align: right" title="Number of Shares, Vested">(2,365</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_c20220101__20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zUp16j8FxBT6" style="text-align: right" title="Weighted Average Grant Date Fair Value, Vested">9.53</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Forfeited or cancelled</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeituresAndExpirations_iN_pid_di_c20220101__20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_za5gVCmx46H7" style="border-bottom: Black 0.5pt solid; text-align: right" title="Number of Shares, Forfeited/expired or cancelled">(54,068</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_c20220101__20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zjgXhOO4K0Zd" style="text-align: right" title="Weighted Average Grant Date Fair Value, Forfeited/expired or cancelled">8.75</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt">Outstanding at June 30, 2022</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20220101__20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zfPpzeLikSq7" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares Outstanding, Ending Balance">1,641,064</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20220101__20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zpgyoQulELja" style="text-align: right" title="Weighted Average Grant Date Fair Value, Ending Balance">6.48</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
369140
10.78
1328357
5.34
2365
9.53
54068
8.75
1641064
6.48
51654
9.68
42000
350000
84000
770000
236000
P1Y8M12D
913000
189959
0.01
658000
The ESPP
provides initially for 300,000 ordinary shares to be sold and increases on February 1, 2022 and on each subsequent February 1 through
and including February 1, 2030, equal to the lesser of (i) 0.25 percent of the number of ordinary shares issued and outstanding on the
immediately preceding December 31, or (ii) 100,000 ordinary shares, or (iii) such number of ordinary shares as determined by the Board
of Directors.
300000
0.85
22000
22000
<p id="xdx_808_eus-gaap--EarningsPerShareTextBlock_zRr4FgMq2cEe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
12 — <span id="xdx_82B_zrkYZfFfHLmd">LOSS PER SHARE</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
per ordinary share, basic and diluted, are computed by dividing net loss by the weighted average number of ordinary shares outstanding
during the period. Potentially dilutive securities consisting of certain share options, nonvested restricted shares and restricted share
units were excluded from the computation of diluted weighted average ordinary shares outstanding as inclusion would be anti-dilutive,
are summarized as follows:</span></p>
<p id="xdx_894_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zJ0kvjHJ1ZVc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B3_zERRZKnZ1FS4" style="display: none">SCHEDULE OF ANTI-DILUTIVE STOCK EXCLUDED FROM COMPUTATION OF DILUTED EARNINGS PER SHARE</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td style="text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49A_20220401__20220630_zzxVOtObCxOh" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49A_20210401__20210630_zsh0saV5Rpzh" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49B_20220101__20220630_zZMIYvYsgNBl" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_490_20210101__20210630_z3kyc1nqIw92" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Three Months Ended<br/> June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Six Months Ended<br/> June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr id="xdx_40B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pn3n3_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zXlMfEFrglYf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 43%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share options</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">4,160,301</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">4,415,491</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">4,160,301</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">4,415,491</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_40D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pn3n3_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockMember_zzwkNqbUwGWg" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted shares</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34,436</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1191">—</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34,436</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1193">—</span></td><td style="text-align: left"> </td></tr>
<tr id="xdx_40C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pn3n3_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockUnitsRSUMember_zpv7CdwzcEy2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted share units</span></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">1,641,064</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">5,180</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">1,641,064</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">5,180</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pn3n3_zb1mDmfro0u2" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,835,801</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4,420,671</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,835,801</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4,420,671</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p id="xdx_8A0_zXetwMnKDVa5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_894_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zJ0kvjHJ1ZVc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B3_zERRZKnZ1FS4" style="display: none">SCHEDULE OF ANTI-DILUTIVE STOCK EXCLUDED FROM COMPUTATION OF DILUTED EARNINGS PER SHARE</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td style="text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49A_20220401__20220630_zzxVOtObCxOh" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49A_20210401__20210630_zsh0saV5Rpzh" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49B_20220101__20220630_zZMIYvYsgNBl" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_490_20210101__20210630_z3kyc1nqIw92" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Three Months Ended<br/> June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Six Months Ended<br/> June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr id="xdx_40B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pn3n3_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zXlMfEFrglYf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 43%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share options</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">4,160,301</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">4,415,491</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">4,160,301</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">4,415,491</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_40D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pn3n3_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockMember_zzwkNqbUwGWg" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted shares</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34,436</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1191">—</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34,436</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1193">—</span></td><td style="text-align: left"> </td></tr>
<tr id="xdx_40C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pn3n3_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockUnitsRSUMember_zpv7CdwzcEy2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted share units</span></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">1,641,064</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">5,180</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">1,641,064</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">5,180</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pn3n3_zb1mDmfro0u2" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,835,801</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4,420,671</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,835,801</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4,420,671</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
4160301000
4415491000
4160301000
4415491000
34436000
34436000
1641064000
5180000
1641064000
5180000
5835801000
4420671000
5835801000
4420671000
<p id="xdx_80B_eus-gaap--RevenueFromContractWithCustomerTextBlock_zm09mc9nN6q3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
13 — <span id="xdx_821_zc9mIxFoOxW1">REVENUE</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_896_eus-gaap--DisaggregationOfRevenueTableTextBlock_z0VAQymx4U9i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">following table reflects revenue recognized for the
three and six months ended June 30, 2022 and 2021 in line with the timing of transfer of services:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BC_z4yEYjchXHBi" style="display: none">SCHEDULE OF REVENUE RECOGNIZED IN LINE WITH THE TIMING OF TRANSFER OF SERVICES</span> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49A_20220401__20220630_zOokkUuOrDN8" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49A_20210401__20210630_z1ZAZG0qgNhe" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49B_20220101__20220630_zKRU2HBd7ix2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_490_20210101__20210630_zvJcwfPi8vDe" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Three Months Ended<br/> June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Six Months Ended<br/> June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr id="xdx_403_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hus-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember_zNj7sMQaoZIh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 44%; text-align: left">Revenue from services delivered at a point in time</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">21,609</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">24,097</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">46,033</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">41,409</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hus-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredOverTimeMember_za8hSl7QPXgk" style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1.5pt">Revenue from services delivered over time</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">13,358</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">10,253</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">26,428</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">20,059</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zMbg1HLlWYh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">34,967</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">34,350</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">72,461</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">61,468</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p id="xdx_8AC_zcgmvepHpzG2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Contract
and Contract-Related Liabilities</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has four types of liabilities related to contracts with customers: (i) cash consideration received in advance from customers
related to development services not yet performed or hardware deliveries not yet completed, (ii) incentive program obligations, which
represents the deferred allocation of revenue relating to incentives in the online gaming operations, (iii) user balances, which are
funds deposited by customers before gaming play occurs and (iv) unpaid winnings and wagers contributed to jackpots. Contract related
liabilities are expected to be recognized as revenue within one year of being purchased, earned or deposited. Such liabilities are recorded
in liabilities to users and other current liabilities in the condensed consolidated balance sheets.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="b_001"/>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_890_eus-gaap--ContractWithCustomerAssetAndLiabilityTableTextBlock_zMlCUdmpbvYk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table reflects contract liabilities arising from cash consideration received in advance from customers for the periods presented:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B1_zdz8uCFQe1c5" style="display: none">SCHEDULE OF CONTRACT WITH CUSTOMERS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49A_20220401__20220630_zAZZt2ADcAh3" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_497_20210401__20210630_zMt7DUXV3Vnf" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49B_20220101__20220630_zHxPbxZgNAKk" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_494_20210101__20210630_z6Gi3sb40Kz1" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Three Months Ended<br/> June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Six Months Ended<br/> June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr id="xdx_40D_eus-gaap--ContractWithCustomerLiability_iS_pn3n3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 44%; text-align: left">Contract liabilities from advance customer payments, beginning of the period</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,095</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,840</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,874</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,083</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_40A_eus-gaap--ContractWithCustomerLiability_iE_pn3n3_zVsfqifa5lz3" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract liabilities from advance customer payments, end of the period <sup id="xdx_F42_zsxj4Sdsgclk">(1)</sup></span></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,421</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,811</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,421</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,811</td><td style="text-align: left"> </td></tr>
<tr id="xdx_40A_eus-gaap--ContractWithCustomerLiabilityRevenueRecognized_pn3n3_zHUeNbYF5WYi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Revenue recognized from amounts included in contract liabilities from advance customer payments at the beginning of the period</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">459</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">103</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">635</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">89</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup> </sup></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F08_zeWfUUiRzdZf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td><td style="text-align: justify"><span id="xdx_F18_zjzTQaum4rc1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract liabilities
from advance customer payments, end of period consisted of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTlRSQUNUIFdJVEggQ1VTVE9NRVJTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_906_eus-gaap--ContractWithCustomerLiability_iI_pn3n3_c20220630__us-gaap--BalanceSheetLocationAxis__us-gaap--OtherCurrentLiabilitiesMember_zoYzNM6QeNe2" title="Contract with customer, liability">570</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTlRSQUNUIFdJVEggQ1VTVE9NRVJTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_908_eus-gaap--ContractWithCustomerLiability_iI_pn3n3_c20210630__us-gaap--BalanceSheetLocationAxis__us-gaap--OtherCurrentLiabilitiesMember_zlfrTg0nhZae" title="Contract with customer, liability">725</span> recorded in other current liabilities in the condensed consolidated
balance sheets at June 30, 2022 and 2021, respectively and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTlRSQUNUIFdJVEggQ1VTVE9NRVJTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90D_eus-gaap--ContractWithCustomerLiability_iI_pn3n3_c20220630__us-gaap--BalanceSheetLocationAxis__us-gaap--OtherLiabilitiesMember_zMy7We2HRDVi" title="Contract with customer, liability">851</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTlRSQUNUIFdJVEggQ1VTVE9NRVJTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90E_eus-gaap--ContractWithCustomerLiability_iI_pn3n3_c20210630__us-gaap--BalanceSheetLocationAxis__us-gaap--OtherLiabilitiesMember_zcwGOJkM6hic" title="Contract with customer, liability">1,086</span> recorded in other liabilities in the condensed consolidated
balance sheet at June 30, 2022 and 2021, respectively.</span></td>
</tr></table>
<p id="xdx_8A1_zbUlnnjUR3J2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b/></span></p>
<p style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b/></p>
<p id="xdx_896_eus-gaap--DisaggregationOfRevenueTableTextBlock_z0VAQymx4U9i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">following table reflects revenue recognized for the
three and six months ended June 30, 2022 and 2021 in line with the timing of transfer of services:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BC_z4yEYjchXHBi" style="display: none">SCHEDULE OF REVENUE RECOGNIZED IN LINE WITH THE TIMING OF TRANSFER OF SERVICES</span> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49A_20220401__20220630_zOokkUuOrDN8" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49A_20210401__20210630_z1ZAZG0qgNhe" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49B_20220101__20220630_zKRU2HBd7ix2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_490_20210101__20210630_zvJcwfPi8vDe" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Three Months Ended<br/> June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Six Months Ended<br/> June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr id="xdx_403_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hus-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember_zNj7sMQaoZIh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 44%; text-align: left">Revenue from services delivered at a point in time</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">21,609</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">24,097</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">46,033</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">41,409</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hus-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredOverTimeMember_za8hSl7QPXgk" style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1.5pt">Revenue from services delivered over time</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">13,358</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">10,253</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">26,428</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">20,059</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zMbg1HLlWYh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">34,967</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">34,350</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">72,461</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">61,468</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
21609000
24097000
46033000
41409000
13358000
10253000
26428000
20059000
34967000
34350000
72461000
61468000
<p id="xdx_890_eus-gaap--ContractWithCustomerAssetAndLiabilityTableTextBlock_zMlCUdmpbvYk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table reflects contract liabilities arising from cash consideration received in advance from customers for the periods presented:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B1_zdz8uCFQe1c5" style="display: none">SCHEDULE OF CONTRACT WITH CUSTOMERS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49A_20220401__20220630_zAZZt2ADcAh3" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_497_20210401__20210630_zMt7DUXV3Vnf" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49B_20220101__20220630_zHxPbxZgNAKk" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_494_20210101__20210630_z6Gi3sb40Kz1" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Three Months Ended<br/> June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Six Months Ended<br/> June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr id="xdx_40D_eus-gaap--ContractWithCustomerLiability_iS_pn3n3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 44%; text-align: left">Contract liabilities from advance customer payments, beginning of the period</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,095</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,840</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,874</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,083</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_40A_eus-gaap--ContractWithCustomerLiability_iE_pn3n3_zVsfqifa5lz3" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract liabilities from advance customer payments, end of the period <sup id="xdx_F42_zsxj4Sdsgclk">(1)</sup></span></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,421</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,811</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,421</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,811</td><td style="text-align: left"> </td></tr>
<tr id="xdx_40A_eus-gaap--ContractWithCustomerLiabilityRevenueRecognized_pn3n3_zHUeNbYF5WYi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Revenue recognized from amounts included in contract liabilities from advance customer payments at the beginning of the period</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">459</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">103</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">635</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">89</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup> </sup></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F08_zeWfUUiRzdZf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td><td style="text-align: justify"><span id="xdx_F18_zjzTQaum4rc1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract liabilities
from advance customer payments, end of period consisted of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTlRSQUNUIFdJVEggQ1VTVE9NRVJTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_906_eus-gaap--ContractWithCustomerLiability_iI_pn3n3_c20220630__us-gaap--BalanceSheetLocationAxis__us-gaap--OtherCurrentLiabilitiesMember_zoYzNM6QeNe2" title="Contract with customer, liability">570</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTlRSQUNUIFdJVEggQ1VTVE9NRVJTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_908_eus-gaap--ContractWithCustomerLiability_iI_pn3n3_c20210630__us-gaap--BalanceSheetLocationAxis__us-gaap--OtherCurrentLiabilitiesMember_zlfrTg0nhZae" title="Contract with customer, liability">725</span> recorded in other current liabilities in the condensed consolidated
balance sheets at June 30, 2022 and 2021, respectively and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTlRSQUNUIFdJVEggQ1VTVE9NRVJTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90D_eus-gaap--ContractWithCustomerLiability_iI_pn3n3_c20220630__us-gaap--BalanceSheetLocationAxis__us-gaap--OtherLiabilitiesMember_zMy7We2HRDVi" title="Contract with customer, liability">851</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTlRSQUNUIFdJVEggQ1VTVE9NRVJTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90E_eus-gaap--ContractWithCustomerLiability_iI_pn3n3_c20210630__us-gaap--BalanceSheetLocationAxis__us-gaap--OtherLiabilitiesMember_zcwGOJkM6hic" title="Contract with customer, liability">1,086</span> recorded in other liabilities in the condensed consolidated
balance sheet at June 30, 2022 and 2021, respectively.</span></td>
</tr></table>
2095000
1840000
1874000
1083000
1421000
1811000
1421000
1811000
459000
103000
635000
89000
570000
725000
851000
1086000
<p id="xdx_800_eus-gaap--SegmentReportingDisclosureTextBlock_zngr7Fo8o0t4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
14 — <span id="xdx_82D_z4rshNqecdI6">SEGMENT REPORTING</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company’s reportable segments are B2B and B2C. The B2B segment develops, markets and sells instances of iSight Back Office and
GameSTACK that incorporates comprehensive player registration, account funding and back-office accounting and management tools that enable
the casino operators to efficiently, confidently and effectively extend their presence online in places that have permitted online real
money gaming. The B2C segment, which includes the operations of Coolbet since January 1, 2021, develops and operates a B2C online sports
betting and casino platform that is accessible through its website in markets across Northern Europe, Latin America and Canada.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
reported to the Company’s Chief Executive Officer, the CODM, for the purpose of resource allocation and assessment of the Company’s
segmental performance is primarily focused on the origination of the revenue streams. The CODM evaluates performance and allocates resources
based on the segment’s revenue and gross profit. Segment gross profit represents the gross profit earned by each segment without
allocation of each segment’s share of depreciation and amortization expense, sales and marketing expense, product and technology
expense, general and administrative expense, interest costs and income taxes.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>
<p id="xdx_893_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_gL3SOSRIBSTB-BLZV_zTROM4y4jfUc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summarized
financial information by reportable segments for the three months ended June 30, 2022 and 2021 is as follows:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B4_znrIisYNN59j" style="display: none">SCHEDULE OF FINANCIAL INFORMATION FOR REPORTABLE SEGMENTS</span> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_498_20220401__20220630__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToBusinessB2BMember_zPaqyeVkXYA7" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_492_20220401__20220630__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember_znjcWuiyLLb6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_492_20220401__20220630_z2n6ZZleUeD3" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49A_20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToBusinessB2BMember_zRrUtl3bS2M7" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_497_20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember_zJbkpkgaPrSb" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49D_20210401__20210630_z4lCpfsRqaW" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="22" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Three Months Ended June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_maOILEDzH3F_ztWsYWA1tPld" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%">Revenue</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">14,150</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">20,817</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">34,967</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">10,368</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">23,982</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">34,350</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_40F_eus-gaap--CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization_pn3n3_msOILEDzH3F_zGxJ3hKTC8N" style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of revenue<sup id="xdx_F4A_zL8Uj5rMaxy">(1)</sup></span></td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">2,939</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">7,524</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">10,463</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">2,307</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">8,049</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">10,356</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr id="xdx_40C_ecustom--OperatingIncomeLossExcludingDepreciationAndAmortization_pn3n3_mtOILEDzH3F_zCFnXcS5DY3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Segment gross profit</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">11,211</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">13,293</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">24,504</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">8,061</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">15,933</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">23,994</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup> </sup></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0A_zhRtwGTaXg09">(1)</sup></span></td><td style="text-align: justify"><span id="xdx_F1B_zYe9ZWAZJjxi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Excludes depreciation
and amortization expense</span></td>
</tr></table>
<p id="xdx_8AB_z1IQYlFvI0Ia" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the three months ended June 30, 2022 and 2021, one customer in the B2B segment individually accounted for <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220401__20220630__us-gaap--ConcentrationRiskByTypeAxis__custom--OneCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--RevenueMember__srt--ProductOrServiceAxis__custom--BBSegmentMember_zbHKacRH5rgl" title="Revenue remaining performance obligation percentage">22.0</span>% and <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210401__20210630__us-gaap--ConcentrationRiskByTypeAxis__custom--OneCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--RevenueMember__srt--ProductOrServiceAxis__custom--B2BSegmentMember_zY6xFaxRx1F8" title="Revenue remaining performance obligation percentage">11.4</span>% of total revenue,
respectively.</span></p>
<div id="xdx_C0C_gL3SOSRIBSTB-BLZV_zW3dVsSnl8nk"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summarized
financial information by reportable segments for the six months ended June 30, 2022 and 2021 is as follows:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" id="xdx_30A_134_zido6oRSALwi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SCHEDULE OF FINANCIAL INFORMATION FOR REPORTABLE SEGMENTS (Details)">
<tr style="display: none; vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_491_20220101__20220630__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToBusinessB2BMember_zKnHvXcNAWAf" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_498_20220101__20220630__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember_zpQy7sJ9Pjdb" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_490_20220101__20220630_zgbq2Z4YSMy8" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49D_20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToBusinessB2BMember_z0KsDJKUtCzc" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49F_20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember_zCkA3YEHxNN7" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_494_20210101__20210630_zjONykchfwm8" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="22" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Six Months Ended June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr id="xdx_407_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zmzsfRH0X0xh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%">Revenue</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">27,220</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">45,241</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">72,461</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">23,174</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">38,294</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">61,468</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_400_eus-gaap--CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization_pn3n3_msOILEDzbmp_zDKTx4I4ruMb" style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of revenue<sup>(1)</sup></span></td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">6,842</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">15,321</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">22,163</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">5,049</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">14,026</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">19,075</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr id="xdx_406_ecustom--OperatingIncomeLossExcludingDepreciationAndAmortization_pn3n3_mtOILEDzbmp_zSyY0d0taotl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Segment gross profit</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">20,378</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">29,920</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">50,298</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">18,125</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">24,268</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">42,393</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span><span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_C0D_gL3SOSRIBSTB-BLZV_zKOEqoVYcgf4"> </span></span></span></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the six months ended June 30, 2022 and 2021, one customer in the B2B segment individually accounted for <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220630__us-gaap--ConcentrationRiskByTypeAxis__custom--OneCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--RevenueMember__srt--ProductOrServiceAxis__custom--BBSegmentMember_zueQdcLVcdba">19.2</span>% and <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20210630__us-gaap--ConcentrationRiskByTypeAxis__custom--OneCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--RevenueMember__srt--ProductOrServiceAxis__custom--B2BSegmentMember_zeawfnzftLZa">12.9</span>% of total revenue,
respectively.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_893_eus-gaap--ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock_zlxk6qodgB68" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents a reconciliation of segment gross profit to the consolidated loss before income taxes for the six months ended
June 30, 2022 and 2021:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BC_zkvTTcoQBI77" style="display: none">RECONCILIATION OF CONSOLIDATED SEGMENT PROFIT TO CONSOLIDATED INCOME (LOSS) BEFORE INCOME TAXES</span> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_499_20220401__20220630_za4ZirZ4MF72" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_491_20210401__20210630_zWLj1YVrXO2j" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_499_20220101__20220630_zkedB9lQog28" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_495_20210101__20210630_zAW0mjE9G869" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Three Months Ended<br/> June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Six Months Ended<br/> June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr id="xdx_40A_ecustom--SegmentGrossProfit_pn3n3_maILATPzOAU_zA2dPOniHKQ2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 44%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Segment gross profit <sup id="xdx_F41_zIRQXrFh0Vjj">(1)</sup></span></td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">24,504</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">23,994</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">50,298</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">42,393</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_403_eus-gaap--SellingAndMarketingExpense_pn3n3_msILATPzOAU_zGQMFZV9LhRh" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Sales and marketing</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,267</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,480</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13,365</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,581</td><td style="text-align: left"> </td></tr>
<tr id="xdx_405_ecustom--ProductAndTechnologyExpense_pn3n3_msILATPzOAU_zP3rb6evQVA3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Product and technology</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,188</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,829</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,142</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,072</td><td style="text-align: left"> </td></tr>
<tr id="xdx_40E_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_msILATPzOAU_zkwsM6tjGWYb" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General and administrative<sup id="xdx_F4F_zxuCAdLZb8Xl">(1)</sup></span></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13,688</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">12,320</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">23,080</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">22,329</td><td style="text-align: left"> </td></tr>
<tr id="xdx_400_eus-gaap--GoodwillImpairmentLoss_pn3n3_msILATPzOAU_zd05i8QWIbei" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Impairment</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><p style="margin: 0">28,861</p></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><p style="margin: 0"><span style="-sec-ix-hidden: xdx2ixbrl1328">—</span></p></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><p style="margin: 0">28,861</p></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><p style="margin: 0"><span style="-sec-ix-hidden: xdx2ixbrl1330">—</span></p></td><td style="text-align: left"> </td></tr>
<tr id="xdx_40A_eus-gaap--RestructuringCosts_pn3n3_msILATPzOAU_ze1e3sppD6B8" style="vertical-align: bottom; background-color: White">
<td>Restructuring</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">712</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1333">—</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,771</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1335">—</span></td><td style="text-align: left"> </td></tr>
<tr id="xdx_409_eus-gaap--DepreciationDepletionAndAmortization_pn3n3_msILATPzOAU_zO1U8Kuvb9g7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Depreciation and amortization</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,556</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,132</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,969</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,126</td><td style="text-align: left"> </td></tr>
<tr id="xdx_40C_eus-gaap--InterestExpense_pn3n3_msILATPzOAU_zqZvvArmD2z2" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Interest expense, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,080</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1343">—</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,071</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td></tr>
<tr id="xdx_409_eus-gaap--OtherNonoperatingIncome_iN_pn3n3_di_maILATPzOAU_ziD2t3uPQjj8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Other income</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right"><p style="margin: 0">(270</p></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right"><p style="margin: 0"><span style="-sec-ix-hidden: xdx2ixbrl1348">—</span></p></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">(270</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right"><p style="margin: 0"><span style="-sec-ix-hidden: xdx2ixbrl1350">—</span></p></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr id="xdx_403_eus-gaap--IncomeLossAttributableToParent_iT_pn3n3_mtILATPzOAU_znk43o9K9wd9" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Loss before income taxes</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(38,578</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,767</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(42,691</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(7,716</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup> </sup></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0B_zkImDtypnkwa">(1)</sup></span></td><td style="text-align: justify"><span id="xdx_F1D_zWak710iBZm7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Excludes depreciation
and amortization expense</span></td>
</tr></table>
<p id="xdx_8A8_zhODAckMfSG5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets
and liabilities are not separately analyzed or reported to the CODM and are not used to assist in decisions surrounding resource allocation
and assessment of segment performance. As such, an analysis of segment assets and liabilities has not been included in this financial
information.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_89F_eus-gaap--ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock_zot0l65fLWN1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table disaggregates total revenue by product and services for each segment:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B1_zTFYj11ALF3d" style="display: none">SCHEDULE OF DISAGGREGATION OF REVENUE BY PRODUCTS AND SERVICES FOR EACH SEGMENT</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_499_20220401__20220630_zKvtUpq0MzZ1" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49D_20210401__20210630_zfKe0vQjgxXc" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_494_20220101__20220630_zC3U7Ragkqe4" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_494_20210101__20210630_z38omY5PQK63" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Three Months Ended<br/> June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Six Months Ended<br/> June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>B2B:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--PlatformAndContentFeesMember__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToBusinessB2BMember_zv8ABEyCttk1" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt; width: 44%; text-align: left">Platform and content license fees</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">10,518</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">9,325</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">21,220</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">18,509</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_40C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--DevelopmentServicesAndOtherMember__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToBusinessB2BMember_zNic2OOraFW8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Development services and other</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">3,632</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">1,043</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">6,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">4,665</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--BusinessToBusinessB2BMember_zpe7S3pxWfKa" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Total B2B revenue</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left">$</td><td style="border-bottom: Black 0.5pt solid; text-align: right">14,150</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left">$</td><td style="border-bottom: Black 0.5pt solid; text-align: right">10,368</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left">$</td><td style="border-bottom: Black 0.5pt solid; text-align: right">27,220</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left">$</td><td style="border-bottom: Black 0.5pt solid; text-align: right">23,174</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>B2C:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember__srt--ProductOrServiceAxis__custom--SportsMember_zSIadd2D5u1a" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt">Sportsbook</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">9,076</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">12,757</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">20,260</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">19,908</td><td style="text-align: left"> </td></tr>
<tr id="xdx_40E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember__srt--ProductOrServiceAxis__us-gaap--CasinoMember_zPenS7A3fSG2" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt">Casino</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,252</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,512</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">23,831</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,983</td><td style="text-align: left"> </td></tr>
<tr id="xdx_407_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember__srt--ProductOrServiceAxis__custom--PokerMember_zGt8WznwrMg7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; padding-bottom: 1.5pt">Poker</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">489</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">713</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">1,150</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">1,403</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr id="xdx_402_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember_zFx5XqN1JYB8" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Total B2C revenue</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">20,817</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">23,982</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">45,241</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">38,294</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr id="xdx_401_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zhBQNwI9r4Id" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 30pt; text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">34,967</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">34,350</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">72,461</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">61,468</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p id="xdx_8AB_zzXaEFIPKwt8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_891_eus-gaap--DisaggregationOfRevenueTableTextBlock_hsrt--MajorCustomersAxis__custom--CustomerMember_zkZErkOWTy3a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Revenue
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">by location of the customer for the three and six months
ended June 30, 2022 and 2021 is as follows:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8BD_zlPMsVP0t4k2" style="display: none">SCHEDULE OF REVENUE BY LOCATION OF THE CUSTOMER</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_499_20220401__20220630_zBB13H8JAJnc" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_499_20210401__20210630_zcHQJWw7iaAb" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_494_20220101__20220630_z0di6j5iytke" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_492_20210101__20210630_zNrBmc4KYNz2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Three Months Ended<br/> June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Six Months Ended<br/> June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr id="xdx_406_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--StatementGeographicalAxis__country--US_zQYNSctDyT09" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 44%; text-align: left">United States</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">11,720</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">8,330</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">23,211</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">19,079</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--StatementGeographicalAxis__srt--EuropeMember_zuBqH7nxjxn3" style="vertical-align: bottom; background-color: White">
<td>Europe</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,205</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,193</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">22,769</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">25,257</td><td style="text-align: left"> </td></tr>
<tr id="xdx_404_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--StatementGeographicalAxis__srt--LatinAmericaMember_zGSojuz95fs2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Latin America</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,193</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,254</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">23,418</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13,857</td><td style="text-align: left"> </td></tr>
<tr id="xdx_402_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--StatementGeographicalAxis__custom--RestOfTheWorldMember_zGsKlcAFiu4g" style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1.5pt">Rest of the world</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">1,849</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">1,573</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">3,063</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">3,275</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr id="xdx_40A_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_z4kAJGKrNBNf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">34,967</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">34,350</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">72,461</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">61,468</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p id="xdx_8A2_z7v4ylT3KeEb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_893_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_gL3SOSRIBSTB-BLZV_zTROM4y4jfUc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summarized
financial information by reportable segments for the three months ended June 30, 2022 and 2021 is as follows:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B4_znrIisYNN59j" style="display: none">SCHEDULE OF FINANCIAL INFORMATION FOR REPORTABLE SEGMENTS</span> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_498_20220401__20220630__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToBusinessB2BMember_zPaqyeVkXYA7" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_492_20220401__20220630__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember_znjcWuiyLLb6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_492_20220401__20220630_z2n6ZZleUeD3" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49A_20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToBusinessB2BMember_zRrUtl3bS2M7" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_497_20210401__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember_zJbkpkgaPrSb" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49D_20210401__20210630_z4lCpfsRqaW" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="22" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Three Months Ended June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_maOILEDzH3F_ztWsYWA1tPld" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%">Revenue</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">14,150</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">20,817</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">34,967</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">10,368</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">23,982</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">34,350</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_40F_eus-gaap--CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization_pn3n3_msOILEDzH3F_zGxJ3hKTC8N" style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of revenue<sup id="xdx_F4A_zL8Uj5rMaxy">(1)</sup></span></td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">2,939</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">7,524</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">10,463</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">2,307</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">8,049</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">10,356</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr id="xdx_40C_ecustom--OperatingIncomeLossExcludingDepreciationAndAmortization_pn3n3_mtOILEDzH3F_zCFnXcS5DY3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Segment gross profit</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">11,211</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">13,293</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">24,504</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">8,061</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">15,933</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">23,994</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup> </sup></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0A_zhRtwGTaXg09">(1)</sup></span></td><td style="text-align: justify"><span id="xdx_F1B_zYe9ZWAZJjxi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Excludes depreciation
and amortization expense</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summarized
financial information by reportable segments for the six months ended June 30, 2022 and 2021 is as follows:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" id="xdx_30A_134_zido6oRSALwi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SCHEDULE OF FINANCIAL INFORMATION FOR REPORTABLE SEGMENTS (Details)">
<tr style="display: none; vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_491_20220101__20220630__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToBusinessB2BMember_zKnHvXcNAWAf" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_498_20220101__20220630__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember_zpQy7sJ9Pjdb" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_490_20220101__20220630_zgbq2Z4YSMy8" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49D_20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToBusinessB2BMember_z0KsDJKUtCzc" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49F_20210101__20210630__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember_zCkA3YEHxNN7" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_494_20210101__20210630_zjONykchfwm8" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="22" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Six Months Ended June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr id="xdx_407_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zmzsfRH0X0xh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%">Revenue</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">27,220</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">45,241</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">72,461</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">23,174</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">38,294</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">61,468</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_400_eus-gaap--CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization_pn3n3_msOILEDzbmp_zDKTx4I4ruMb" style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of revenue<sup>(1)</sup></span></td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">6,842</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">15,321</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">22,163</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">5,049</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">14,026</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">19,075</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr id="xdx_406_ecustom--OperatingIncomeLossExcludingDepreciationAndAmortization_pn3n3_mtOILEDzbmp_zSyY0d0taotl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Segment gross profit</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">20,378</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">29,920</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">50,298</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">18,125</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">24,268</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">42,393</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
14150000
20817000
34967000
10368000
23982000
34350000
2939000
7524000
10463000
2307000
8049000
10356000
11211000
13293000
24504000
8061000
15933000
23994000
0.220
0.114
27220000
45241000
72461000
23174000
38294000
61468000
6842000
15321000
22163000
5049000
14026000
19075000
20378000
29920000
50298000
18125000
24268000
42393000
0.192
0.129
<p id="xdx_893_eus-gaap--ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock_zlxk6qodgB68" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents a reconciliation of segment gross profit to the consolidated loss before income taxes for the six months ended
June 30, 2022 and 2021:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BC_zkvTTcoQBI77" style="display: none">RECONCILIATION OF CONSOLIDATED SEGMENT PROFIT TO CONSOLIDATED INCOME (LOSS) BEFORE INCOME TAXES</span> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_499_20220401__20220630_za4ZirZ4MF72" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_491_20210401__20210630_zWLj1YVrXO2j" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_499_20220101__20220630_zkedB9lQog28" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_495_20210101__20210630_zAW0mjE9G869" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Three Months Ended<br/> June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Six Months Ended<br/> June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr id="xdx_40A_ecustom--SegmentGrossProfit_pn3n3_maILATPzOAU_zA2dPOniHKQ2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 44%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Segment gross profit <sup id="xdx_F41_zIRQXrFh0Vjj">(1)</sup></span></td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">24,504</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">23,994</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">50,298</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">42,393</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_403_eus-gaap--SellingAndMarketingExpense_pn3n3_msILATPzOAU_zGQMFZV9LhRh" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Sales and marketing</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,267</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,480</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13,365</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,581</td><td style="text-align: left"> </td></tr>
<tr id="xdx_405_ecustom--ProductAndTechnologyExpense_pn3n3_msILATPzOAU_zP3rb6evQVA3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Product and technology</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,188</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,829</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,142</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,072</td><td style="text-align: left"> </td></tr>
<tr id="xdx_40E_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_msILATPzOAU_zkwsM6tjGWYb" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General and administrative<sup id="xdx_F4F_zxuCAdLZb8Xl">(1)</sup></span></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13,688</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">12,320</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">23,080</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">22,329</td><td style="text-align: left"> </td></tr>
<tr id="xdx_400_eus-gaap--GoodwillImpairmentLoss_pn3n3_msILATPzOAU_zd05i8QWIbei" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Impairment</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><p style="margin: 0">28,861</p></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><p style="margin: 0"><span style="-sec-ix-hidden: xdx2ixbrl1328">—</span></p></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><p style="margin: 0">28,861</p></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><p style="margin: 0"><span style="-sec-ix-hidden: xdx2ixbrl1330">—</span></p></td><td style="text-align: left"> </td></tr>
<tr id="xdx_40A_eus-gaap--RestructuringCosts_pn3n3_msILATPzOAU_ze1e3sppD6B8" style="vertical-align: bottom; background-color: White">
<td>Restructuring</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">712</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1333">—</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,771</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1335">—</span></td><td style="text-align: left"> </td></tr>
<tr id="xdx_409_eus-gaap--DepreciationDepletionAndAmortization_pn3n3_msILATPzOAU_zO1U8Kuvb9g7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Depreciation and amortization</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,556</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,132</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,969</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,126</td><td style="text-align: left"> </td></tr>
<tr id="xdx_40C_eus-gaap--InterestExpense_pn3n3_msILATPzOAU_zqZvvArmD2z2" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Interest expense, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,080</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1343">—</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,071</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td></tr>
<tr id="xdx_409_eus-gaap--OtherNonoperatingIncome_iN_pn3n3_di_maILATPzOAU_ziD2t3uPQjj8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Other income</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right"><p style="margin: 0">(270</p></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right"><p style="margin: 0"><span style="-sec-ix-hidden: xdx2ixbrl1348">—</span></p></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">(270</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right"><p style="margin: 0"><span style="-sec-ix-hidden: xdx2ixbrl1350">—</span></p></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr id="xdx_403_eus-gaap--IncomeLossAttributableToParent_iT_pn3n3_mtILATPzOAU_znk43o9K9wd9" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Loss before income taxes</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(38,578</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,767</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(42,691</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(7,716</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup> </sup></span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0B_zkImDtypnkwa">(1)</sup></span></td><td style="text-align: justify"><span id="xdx_F1D_zWak710iBZm7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Excludes depreciation
and amortization expense</span></td>
</tr></table>
24504000
23994000
50298000
42393000
7267000
5480000
13365000
9581000
5188000
4829000
14142000
10072000
13688000
12320000
23080000
22329000
28861000
28861000
712000
1771000
6556000
4132000
10969000
8126000
1080000
1071000
1000
270000
270000
-38578000
-2767000
-42691000
-7716000
<p id="xdx_89F_eus-gaap--ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock_zot0l65fLWN1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table disaggregates total revenue by product and services for each segment:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B1_zTFYj11ALF3d" style="display: none">SCHEDULE OF DISAGGREGATION OF REVENUE BY PRODUCTS AND SERVICES FOR EACH SEGMENT</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_499_20220401__20220630_zKvtUpq0MzZ1" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_49D_20210401__20210630_zfKe0vQjgxXc" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_494_20220101__20220630_zC3U7Ragkqe4" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_494_20210101__20210630_z38omY5PQK63" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Three Months Ended<br/> June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Six Months Ended<br/> June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>B2B:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--PlatformAndContentFeesMember__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToBusinessB2BMember_zv8ABEyCttk1" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt; width: 44%; text-align: left">Platform and content license fees</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">10,518</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">9,325</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">21,220</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">18,509</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_40C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--DevelopmentServicesAndOtherMember__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToBusinessB2BMember_zNic2OOraFW8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Development services and other</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">3,632</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">1,043</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">6,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">4,665</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--BusinessToBusinessB2BMember_zpe7S3pxWfKa" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Total B2B revenue</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left">$</td><td style="border-bottom: Black 0.5pt solid; text-align: right">14,150</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left">$</td><td style="border-bottom: Black 0.5pt solid; text-align: right">10,368</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left">$</td><td style="border-bottom: Black 0.5pt solid; text-align: right">27,220</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left">$</td><td style="border-bottom: Black 0.5pt solid; text-align: right">23,174</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>B2C:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember__srt--ProductOrServiceAxis__custom--SportsMember_zSIadd2D5u1a" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt">Sportsbook</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">9,076</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">12,757</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">20,260</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">19,908</td><td style="text-align: left"> </td></tr>
<tr id="xdx_40E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember__srt--ProductOrServiceAxis__us-gaap--CasinoMember_zPenS7A3fSG2" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt">Casino</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,252</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,512</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">23,831</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,983</td><td style="text-align: left"> </td></tr>
<tr id="xdx_407_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember__srt--ProductOrServiceAxis__custom--PokerMember_zGt8WznwrMg7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; padding-bottom: 1.5pt">Poker</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">489</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">713</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">1,150</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">1,403</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr id="xdx_402_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember_zFx5XqN1JYB8" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Total B2C revenue</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">20,817</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">23,982</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">45,241</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">38,294</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr id="xdx_401_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zhBQNwI9r4Id" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 30pt; text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">34,967</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">34,350</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">72,461</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">61,468</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
10518000
9325000
21220000
18509000
3632000
1043000
6000000
4665000
14150000
10368000
27220000
23174000
9076000
12757000
20260000
19908000
11252000
10512000
23831000
16983000
489000
713000
1150000
1403000
20817000
23982000
45241000
38294000
34967000
34350000
72461000
61468000
<p id="xdx_891_eus-gaap--DisaggregationOfRevenueTableTextBlock_hsrt--MajorCustomersAxis__custom--CustomerMember_zkZErkOWTy3a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Revenue
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">by location of the customer for the three and six months
ended June 30, 2022 and 2021 is as follows:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8BD_zlPMsVP0t4k2" style="display: none">SCHEDULE OF REVENUE BY LOCATION OF THE CUSTOMER</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_499_20220401__20220630_zBB13H8JAJnc" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_499_20210401__20210630_zcHQJWw7iaAb" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_494_20220101__20220630_z0di6j5iytke" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" id="xdx_492_20210101__20210630_zNrBmc4KYNz2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Three Months Ended<br/> June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Six Months Ended<br/> June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr id="xdx_406_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--StatementGeographicalAxis__country--US_zQYNSctDyT09" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 44%; text-align: left">United States</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">11,720</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">8,330</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">23,211</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">19,079</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--StatementGeographicalAxis__srt--EuropeMember_zuBqH7nxjxn3" style="vertical-align: bottom; background-color: White">
<td>Europe</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,205</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14,193</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">22,769</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">25,257</td><td style="text-align: left"> </td></tr>
<tr id="xdx_404_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--StatementGeographicalAxis__srt--LatinAmericaMember_zGSojuz95fs2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Latin America</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,193</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,254</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">23,418</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">13,857</td><td style="text-align: left"> </td></tr>
<tr id="xdx_402_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--StatementGeographicalAxis__custom--RestOfTheWorldMember_zGsKlcAFiu4g" style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1.5pt">Rest of the world</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">1,849</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">1,573</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">3,063</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">3,275</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr id="xdx_40A_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_z4kAJGKrNBNf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">34,967</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">34,350</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">72,461</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">61,468</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
11720000
8330000
23211000
19079000
10205000
14193000
22769000
25257000
11193000
10254000
23418000
13857000
1849000
1573000
3063000
3275000
34967000
34350000
72461000
61468000
<p id="xdx_80E_eus-gaap--IncomeTaxDisclosureTextBlock_zbxkbIeJBn5e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
15 — <span id="xdx_82F_zhqgRuch9qQa">INCOME TAXES</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company’s effective income tax rate was <span id="xdx_908_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20220401__20220630_zC7g4fTxsuR4" title="Effective income tax rate">0.6</span>% and <span id="xdx_901_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20210401__20210630_zDtqspZdknQ6" title="Effective income tax rate">(35.9)</span>% for the three months ended June 30, 2022 and 2021, respectively, and <span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20220101__20220630_zZnk2BkANoE8" title="Effective income tax rate">(0.4)</span>%
and <span id="xdx_909_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20210101__20210630_z9ocZmMFlj87" title="Effective income tax rate">(21.4)</span>% for the six months ended June 30, 2022 and 2021, respectively.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
country of domicile is Bermuda, which effectively has a <span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20220101__20220630_zk3jCG75hRLl" title="Statutory tax rate">0</span>% statutory tax rate as it does not impose taxes on profits, income, dividends,
or capital gains. The difference between this <span id="xdx_905_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20220401__20220630__srt--StatementGeographicalAxis__country--BM_ziBT8VscOBZ2" title="Effective income tax rate"><span id="xdx_909_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20220101__20220630__srt--StatementGeographicalAxis__country--BM_zfs7EtPxGm6i" title="Effective income tax rate"><span id="xdx_908_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20210401__20210630__srt--StatementGeographicalAxis__country--BM_zdd0zu46grp9" title="Effective income tax rate"><span id="xdx_903_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20210101__20210630__srt--StatementGeographicalAxis__country--BM_znaySbtsegv3" title="Effective income tax rate">0</span></span></span></span>% tax rate and the effective income tax rate for the three and six months ended June 30,
2022 and 2021 was due primarily to a mix of earnings in foreign jurisdictions that are subject to current tax, taking into account foreign
loss carryforwards in certain jurisdictions that are not expected to be recognized, and limitations on the deductibility of U.S. compensation
under Internal Revenue Code Section 162(m).</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
0.006
-0.359
-0.004
-0.214
0
0
0
0
0
<p id="xdx_80A_ecustom--RestructuringDisclosureTextBlock_znR3QYQWrfob" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
16 — <span id="xdx_82F_zAkbgiMQNP26">RESTRUCTURING</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2022, we implemented a strategic reduction of our existing worldwide global workforce to simplify and streamline our organization
and strengthen the overall competitiveness of our B2B segment. As a result of this initiative, we incurred $<span id="xdx_903_eus-gaap--RestructuringCharges_pn5n6_c20220401__20220630_zAXC9fJJcPZ3" title="Restructuring charges">0.7</span> million and $<span id="xdx_908_eus-gaap--RestructuringCharges_pn5n6_c20220101__20220630_zcRn8orH4Q06" title="Restructuring charges">1.8</span> million
in restructuring charges related to this plan during the three and six months ended June 30, 2022, respectively, which are primarily
related to employee severance pay and related costs. As of June 30, 2022, the Company had completed its restructuring plan and there
were no unpaid restructuring charges.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>
700000
1800000
<p id="xdx_80E_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zf4XEUNcoJwd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
17 — <span id="xdx_828_z4EjwAshrdX3">COMMITMENTS AND CONTINGENCIES</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Legal
Proceedings</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may be subject to legal actions and claims arising from contracts or other matters from time to time in the ordinary course of
business. Management is not aware of any pending or threatened litigation, which are considered other than routine legal proceedings.
The Company believes the ultimate disposition or resolution of its routine legal proceedings will not have a material adverse effect
on its financial position, results of operations or liquidity.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Content
Licensing Agreements</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the second quarter of 2021, the Company entered into Content Licensing Agreements (the “Agreements”) with two
third-party gaming content providers (“Content Providers”) specializing in developing and licensing interactive games.
The Agreements grant the Company exclusive rights to use and distribute the online gaming content in North America. Each of the
Content Providers is committed to developing a minimum number of games for the Company’s exclusive use over the five-year
term, subject to extensions, of the respective Agreement. In exchange, the Company is required to pay fixed fees, totaling $<span id="xdx_90E_eus-gaap--ContractualObligation_iI_pn5n6_c20210630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember_znK7dq58P0xk" title="Payment of contractual obligation for year five">48.5</span>
million, of which $<span id="xdx_903_ecustom--PaymentOfContractualObligation_iI_pn5n6_c20210630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember__srt--StatementScenarioAxis__custom--ExecutionMember_zvoLARsLuRF5" title="Payment of contractual obligation">8.5</span>
million were due upon execution of the Agreements, and the remaining fixed fees are paid systematically over the initial five-year
terms. Additional payments could be required if the Company’s total revenue generated from the licensed content exceed certain
stipulated annual and cumulative thresholds during the contract term. Under the terms of the Agreements, the Content Providers are to remit the cash flows
from the online gaming content with its existing customers to the Company during the exclusivity period.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 27, 2022, the Company served a termination notice, for cause, to a Content Provider as certain conditions precedent associated
with the completion of contractual obligations had not been satisfied by the agreed upon period in 2021. In accordance with the agreement,
termination for cause results in a return of the initial payment of $<span id="xdx_90B_ecustom--ReturnOnInitialPayment_iI_pn5n6_c20220127__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember_zycQpedvpofe" title="Initial payment">3.5</span> million. In response to the Company’s termination notice,
the Content Provider responded in February 2022 alleging the Content Provider had met its contractual obligations, thereby obligating
the Company to make an additional $<span id="xdx_90E_eus-gaap--ContractualObligation_iI_pn5n6_c20220127__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember_zHDiAudWMA5j" title="Contractual obligation">3.0</span> million payment. In March, the Content Provider served the Company a demand letter notifying the
Company of its alleged material breach of the agreement, and disputing the validity of the termination. On April 25, 2022, the Content
Provider served formal notice of termination of the agreement, reaffirming the $<span id="xdx_90E_eus-gaap--ContractualObligation_iI_pn6n6_c20220425__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember_zJhC33gNvwYi" title="Contractual obligation">3.0</span> million obligation. The Company asserts that all
contractual obligations to the Content Provider have been relieved as a result of the Company’s termination notice and will vigorously
defend any claims made by the Content Provider. The Company further recognized an impairment loss related to the initial payment of $<span id="xdx_905_eus-gaap--ImpairmentOfInvestments_pn5n6_c20210101__20211231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember_zD6DaYWgFvvh" title="Impairment loss">3.5</span>
million in the condensed statement of operations for the year ended December 31, 2021.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"/>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On April 5, 2022, the
Agreement with the remaining Content Provider was amended and restated. Prior to the amendment, the Company accounted for the
hosting arrangement as a service contract and expensed service fees of $<span id="xdx_90F_eus-gaap--CostOfRevenue_pn5n6_c20220101__20220630__srt--ProductOrServiceAxis__us-gaap--ServiceMember_z29SqttfPK61" title="Service fees">1.5</span>
million to cost of revenue in the condensed consolidated statement of operations for the six months ended June 30, 2022. In
accordance with the restated arrangement, the Company amended certain commercial terms, which included obtaining the contractual
right to lease the remote gaming servers, taking possession of the related software, and obtaining a service contract from the
Content Provider for the duration of the arrangement. The total fixed fees remaining under the amended arrangement totaled $<span id="xdx_90F_eus-gaap--PaymentsToAcquireBusinessesGross_pn5n6_c20220404__20220405_zI1PBGrsG9Q9" title="Payment to acquire business">25.0 </span>million,
of which $<span id="xdx_902_ecustom--PaymentOfContractualObligation_iI_pn5n6_c20220630_zCAzlQpoQZL7">5.5</span> million was paid
during the six months ended June 30, 2022 with the remaining $<span id="xdx_90E_ecustom--CostRelatedToServiceFeesRemaining_pn5n6_c20220401__20221231__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyTwoMember__srt--StatementScenarioAxis__srt--ScenarioForecastMember_zZv8dgDuSMn8" title="Cost of remaining service fees">4.5 </span>million
due in 2022, and $<span id="xdx_902_ecustom--CostRelatedToServiceFees_pn5n6_c20220401__20221231__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyThreeThroughTwoThousandTwentyFiveMember__srt--StatementScenarioAxis__srt--ScenarioForecastMember_zrZqGzNXQG16" title="Cost related to service fees">5.0 </span>million
in each of the years 2023 through 2025. Fixed fee payments are presented in the condensed consolidated statements of cash flows as
payments for content licensing arrangements within cash flows from investing activities. Additional payments could be required if
the Company’s total revenue generated from the arrangement exceed certain stipulated annual and cumulative thresholds during
the contract term.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"/>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The amended and
restated Agreement is accounted for as a business combination. The consideration transferred in exchange for the identifiable
intangible assets is comprised of the present value of the Company’s total expected fixed payments under the Agreement, the
net assets recognized under the original agreement, as well as a contingent consideration. The contingent consideration represents additional amounts which the Company expects to pay to the Content Provider if the Company’s total revenue generated from the
arrangement exceeds certain stipulated annual and cumulative thresholds during the contract
term. The fair value of the contingent liability is determined using Level 3 inputs, since estimating the fair value of this
contingent liability requires the use of significant and subjective inputs that may and are likely to change over the duration of
the liability with related changes in internally generated anticipated games revenue as well as external market factors. The
contingent consideration was valued using a Monte Carlo simulation based on management’s anticipated annual games revenue
forecasts. The fair value of the contingent consideration was initially recognized upon execution of the amendment to the Agreement
and is recorded within content licensing liabilities within the condensed consolidated balance sheet at June 30, 2022. Refer to
Note 4 – Acquisition for further detail.</p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"> </p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">At June 30, 2022 the present
value of the remaining fixed fee payments remaining under the agreement of $<span id="xdx_902_ecustom--PresentValueOfRemainingFixedFeePayments_pn5n6_c20220101__20220630__us-gaap--TypeOfArrangementAxis__custom--ContentLicensingAgreementsMember_zVJ27XOmfoO9" title="Present value of remaining fixed fee payments">14.8</span> million and the contingent content liability of $<span id="xdx_906_eus-gaap--BusinessCombinationContingentConsiderationLiability_iI_pn5n6_c20220630__us-gaap--TypeOfArrangementAxis__custom--ContentLicensingAgreementsMember_zMz4ax4w1EJh" title="Contingent content liability">4.4</span>
million are recorded in content licensing liabilities in the condensed consolidated balance sheet. During the three and six months ended
June 30, 2022 the Company recognized imputed interest expense of $<span id="xdx_90C_eus-gaap--InterestExpense_pn5n6_c20220101__20220630__us-gaap--TypeOfArrangementAxis__custom--ContentLicensingAgreementsMember_zHefbPACzzad" title="Interest expense">0.4</span> million related to the content licensing liabilities in other loss, net.
in the condensed consolidated statement of operations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Chile
VAT </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coolbet’s
B2C casino and sports-betting platform is accessible in Chile. Since June 1, 2020, foreign digital service suppliers that provide services
to individuals in Chile have been required to register for value-added tax (“VAT”) purposes. On September 20, 2021, the Company
submitted an inquiry to the Chilean Tax Administration (“CTA”) for clarification on the basis to apply VAT. In December 2021,
the CTA issued a general resolution as a response to another iGaming platform operator stating the Tax Administration’s position
that fees paid by users for entertainment services provided through online gaming and betting platforms are subject to VAT in Chile.
The CTA clarified its interpretation that the VAT tax rate of <span id="xdx_908_ecustom--ValueAddedTaxRate_pid_dp_uPure_c20220101__20220630__us-gaap--IncomeTaxAuthorityNameAxis__custom--ChileanTaxAdministrationMember_zGST6S9NCl1" title="Value added tax rate">19</span>% shall be applied to “fees paid by the users”, specifically
gross customer deposits on the iGaming platform. This was further reiterated by the CTA in June 2022 through a public response to an
unnamed ruling request on the matter.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 13, 2022, the CTA issued a resolution stating that unregistered foreign digital service providers will be subject to 19% withholding
on payments through enforcement to issuers of credit cards, debit cards, and other forms of payment, effective August 1, 2022. On June
1, 2022 the CTA issued the first non-compliant list of unregistered foreign digital services providers to enact enforcement of this withholding; Coolbet was not named on this list. As of June 30, 2022 and through the date of filing, the Company has not received formal notification
of any VAT liability due to the CTA.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comprehensive
legislation for online gambling was filed in draft form to Chile’s Chamber of Deputies on March 7, 2022, which would allow for
an unlimited number of licenses to be granted by Chile’s national casino gaming authority and establish a tax with a rate of <span id="xdx_901_ecustom--ValueAddedTaxRate_pid_dp_uPure_c20220306__20220307__us-gaap--IncomeTaxAuthorityNameAxis__custom--ChileanTaxAdministrationMember_zezWXItWLyD3" title="Value added tax rate">20</span>%
applied over the gross income of an online betting platform. Registration as a licensee under the proposed legislation would require
operators to establish legal entities within Chile and would restrict foreign service providers from operating within the country.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the obligation being established by the governing law, a liability appears to be probable. However, the Company believes the application
of VAT on gross customer deposits, as clarified by the CTA, does not represent a reasonable application of the law to the economic substance
of the Company’s services. VAT calculated as currently contemplated would result in liabilities far in excess of actual earned
revenues and would result in a material loss to the Company. The Company intends to engage outside counsel to formally approach the CTA
on behalf of the Company in the second half of 2022 to attempt to agree upon a more reasonable application of the VAT law, taking into
account the Company’s specific facts and circumstances. If any agreement is reached with the CTA, it is possible that the application
would be applied retroactively to Coolbet’s Chilean activity as of June 1, 2020. As no formal discussions with the CTA occurred,
and no agreement on a different application has been reached, as of June 30, 2022 the Company has determined that a liability is not
reasonably estimable as of June 30, 2022. However, if the Company and the CTA are able to agree on an application other than deposits,
this could result in a material loss when considering the retroactive application.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p>
48500000
8500000
3500000
3000000.0
3000000.0
3500000
1500000
25000000.0
5500000
4500000
5000000.0
14800000
4400000
400000
0.19
0.20